One way to see when this might be breaking out or breaking down is to watch the centre of the storm.
In no particular order,
Barcley's.
BNP Paribas is one of the main French banks under pressure.
Deutsche Bank is from Germany (Obviously!)
Lastly, 2 Swiss banks at the centre of the continent.
Just to be clear, Germany and France are part of the Financial Euro, But England and Switzerland maintained their own currencies. At this point all these charts look the same. The reason is all of these banks backed each others soveriegn bond assets with CDS (Credit Default Swaps). The world is worried about a domino effect where one takes down another.
They are trying to rally on all these plan rumours. When they do break out, it should be quick. Keep it in mind before you buy the financials. The Canadian bank charts don't look much different. It really is a global banking network. The Canadian banks are behaving like European banks.
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Good Trading,
Greg Schnell, CMT
