BUZZ-US Financials ETF still range-bound

** Financial Select Sector SPDR Fund has so far failed to decisively exit its year-long trading range; still essentially confined in a triangular pattern

** Financials have seen sharp 9 pct rally from post-Brexit low, but still only S&P 500 sector with negative YTD return, off 2.1 pct

** In wake of late Jun low, XLF rallied to challenge upper boundary of pattern, as well as late May high ($23.93). Chart: http://tmsnrt.rs/2b0nSOZ

** However, ETF peaked with major bank earnings, failed to exceed $23.93; pressure coming in again with 40-WMA (now $22.90), and $21.32 Brexit low at risk

** Support line from 2009 low (now $20.45) seen as key to maintaining bullish prospects given its resilience over the past year

** Thrust above $23.93 should trigger run to $24.97, then summer 2015 peak ($25.62) and major Fibo barrier ($25.82)

** Even (Taiwan OTC: 6436.TWO - news) with further weakness, US financials still look to outperform their European counterparts

** XLF - iShares MSCI Europe Financials ETF spread now $7.57, biased to widen to $9.50 area

** Largest XLF holdings by pct TNA end-Jun include: Berkshire Hathaway (Sao Paolo: BERK34F.SA - news) , JP Morgan Chase and Wells Fargo

** HSBC Holdings (HKSE: 0005.HK - news) , Allianz (Hanover: ALVN.HA - news) , and Banco Santander EUFN largest exposures (Other OTC: UBGXF - news)