One sector that will tell the tale of the market is the financial sector. This morning, all of the leading financial stocks are coming under early selling pressure. When the financial stocks decline it is very difficult for the major stock indexes to stage any kind of meaningful bounce. Today, the Financial Select Sector SPDR (ETF) (NYSEARCA:XLF) is trading lower by 0.09 cents to $13.41 a share. 

This morning, all of the leading financial stocks are declining lower. J.P. Morgan Chase & Co (NYSE:JPM) is considered the most important financial stock in the United States. This stock will often lead the major stock market indexes. Today JPM stock is trading lower by 0.39 cents to $43.40 a share. Short term traders should watch for intra-day support around the $43.15 and and $42.64 levels.

This afternoon, all of the large major bank stocks are holding up despite the sharp decline in the major stock indexes. Leading bank stocks such as JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Bank of America Corp (NYSE:BAC), and Wells Fargo & Company (NYSE:WFC) are actually trading positive today by a few pennies.

This morning, all of the leading financial stocks are struggling to catch a bid higher. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) is trading lower by 0.05 cents to $14.85 a share. Traders should watch for intra-day support around the $14.75, and $14.60 levels. The daily chart of the XLF remains in an uptrend and above of the important moving averages.