Sector early indicator? Yes, Banks often are.

The Banking sector, a sub-sector of the Financial sector - here represented by NASDAQ Bank Index (BANK , in green) - often acts as an early indicator against the broader market (here represented by the DJIA in gray, and the NASDAQ in black)... falling from peaks: as early as from 1998, in Feb 2007, steadily declining from Jan 2011, continuing underperformance from July 2018, and in Dec 2019.