Close to a Tipping Point

On a day like today it is easy to focus on a few standouts, such as the rallies in biotech ONVO (a much-improved biotech) and the bounce back in NFLX (still a chart with tons of issues). 

But the glaring weakness is coming from a sector most traders often overlook--The insurers. 

Headlined by industry titans such as AIG MET PRU, the KIE sector ETF, below on the weekly timeframe, looks close to a major tipping point with the highlighted potential top becoming more ominous by the day. 

Overlaying this weekly chart with the daily chart bear flags of AIG MET PRU, all three of which are threatening breakdowns to test or breach the Brexit lows, I suspect the insurance industry will become much more visible into the back half of 2016 given the uniquely bearish setup across various timeframes.