Continued Selling

The markets have continued the selling from last week and now the intermediate term has become bearish with the break of the 20 day moving average. The XLF gave a two day Island Top formation on Oct.14-15 and the financials have sold off from there. The image below is of the SPY and is a composite of four time frames: Weekly, Daily, 4 Hours and 1 Hour. The trend is indicated by the color of the background in the respective time frame. Click on image to enlarge.