Whether you think it’s just a fabled summer rally or call it smart money building positions on fundamentally cheap stocks, July has been a hot month for the stock market.  That’s the good news.  The bad news is, for the most part, equity indices still gets antsy when approaching key resistance levels.

While technology has carried the NASDAQ to an all-time high, and helped the S&P, other sectors remain a drag.

With financials being such a large component of the S&P 500, many were hoping this morning’s round of earnings’ releases would provide a spark.

Right now, that isn’t the case, but there are still conference calls and brokerage ratings updates to come.

The KBE banking ETF has been breaking down and nearing a critical support point. 

Top holdings include:

• #1 WFC -3.0% at the open
• #3 C -1.8% at the open
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Next week, we move back to technology earnings.  But today’s disappointing financials will be a drag on early trading.