WFC once again is testing resistance at 34.40-34.59. This resistance was noted in this post a couple of weeks ago. These resistance levels are important since they are long-term resistance. But looking at the short-term we can see that these levels have prevented any breakout of WFC. Each time WFC gets to these levels WFC reverses and moves back towards it uptrend line.
Just how important are these resistance levels, here is a weekly 5 year chart. You can see how important these levels are. A break of these levels would mean a break of 3 years of resistance for WFC.
If WFC breaks and closes above 34.59 it would be very bullish for this stock and bullish for XLF since WFC is the largest asset in the ETF. But till this resistance level breaks this resistance level must be respected.