The Banking Index (the BKX) is still showing a very high risk profile, especially after the approved Brexit vote.

Last Monday we said: "The market will be about the Brexit vote this week, so be very careful."

The downside pressure has increased with the CRSI coming in at a negative -8.04 last Friday. The Fed will try to mitigate the market's downside pressure today and tomorrow, so we could see some whipsawing. (Tuesday could be an important day on the VIX, so keep an eye on it.)