The Pivotal Perspective has been all over the move in financials, noting that they looked among best new entries before the jump (check featured posts). 11/9 Daily SPY comment proclaimed them new sector leader (I view IWM small caps as a "main index). 

How high can they go? Here's a full chart workup.

First, let's choose which financial ETF/index to view. The most common seem to be XLF, IYF, KRE and the IWM index. These are all slightly different. Thus far it looks like the index is giving the clearest signals so I'll use that today, though the trading vehicle that matches this is IYF. 

Longer term gains likely, near term digestion and consolidation bit more likely; for now the level to watch is YR2 / Q4R3 combo. If that looks like resistance and TLT reclaims Q4S3 then I still think that hedge idea could work. But given that we are heading into year end, and everyone wanting to be long banks, I don't think financials will drop too much. 

Nothing wrong with this launch. I'm sure Wall St will be cheering for this to reach 2007 highs at some point. 

When we add the Fib grid we see the significance of this breakout, which is also clearing key 61% resistance from 2007 high to 2009 low. RSI not yet overbought. That 255 level is history. 

Power move outside weekly BB and above RSI 70. This will digest at some point to let time catch up with price. 

Picture perfect move from YS2 to YP, down to YS1, YP support, fast move to YR2. 

11/4 low bang on YP; 11/14 high on YR2. Maybe the fastest move from YP to YR2 I can recall. RSI peak of 85 is awesome.