It's Got Some Bite to It

As we often preach, moving averages are best used as reference points rather than automatic places to buy or sell.

In the case of financials, using XLF as a proxy, the 50-day moving average (dark blue line on daily chart, below) acted as a place where buyers came with some bite to them today, given the strong bounce. 

Clearly, the market is consolidating, in some cases correcting. But as long as we see rotation like this it is tough to become too bearish, just yet.