Whilst US equity indexes began the week on a somewhat mixed note, there was notable weakness in financials. Bank of America (BAC), broke a fractional new cycle high of $23.26, but then swung significantly lower, settling -2.0% @ $22.63. Near term outlook offers weakness to the mid $21s.
Suffice to add, today's bearish engulfing candle was a strong indicator that we've seen a short term peak... and headed lower for at least a few days.
This Wednesday the FOMC will raise rates.. as the market expects. Indeed, much of the climb in BAC from the $16s to $23s has been because the market is pricing in a Dec' rate hike.
As noted many times, first big target is the $25/26 zone. Having already seen the $23s, and assuming broader market upside in 2017 of around 20%... the $30 threshold is now a valid target for late 2017/early 2018.