$XLF Financials failing at resistance

The XLF ETF which tracks the financial sector of the U.S market has been battling to break resistance at $37 and the 50 day moving average. With the push lower in yields, fundamentally this is generally quite negative for banks and financial firms as this substantially decreases their profit margins.

We could potentially retest the bottom of the range at $35.00 and if that breaks then $33 could be in site which is around the 200 day moving average.