Entering main support area $BKX, $GDXJ, $XLF
Banks are holding well recently, compared to overall market, but still impulsing down
The selloff has been fairly steep in this index as we now trading below the descending channel. We are very oversold here, so let's look for a re-entry back into the channel and see if we can hit channel resistance before we get another consolidating sell-off. Here's the weekly snapshot: We can see we are close to the EMA200 and will probably need to retest...
Financials tend to lead the markets but this isn't set in stone. With that said, fin indx near 52 low under 10MA with good vol. close eye.
The bank index is getting a lot attention...lots of sellers are getting in on the action, trade with caution on this one !
I am not one to like the earnings reaction at all with the banks but there is signs prices are trying to move hire. Now we had an incredible earnings week, so this little up tick could be deceiving. I would of muck preferred a squeeze off support here. Since, we don't see that, very difficult to call a long. This is also a start for a new month. My market...
I use this index to monitor the U.S. banking sector A solid break below 101.39 would suggest retest of 89.13. Alternatively, we can also count pink wave 5 as 3, but looking at the Fibonacci relationships between each sub wave, i think this pink labeling is a high confident count. some interesting facts: wave 3 equals to approx 2.618 times the length of...
Looking at the big picture for the Financials, one have to wonder if they are not building a very powerful Third of Third wave that would propel the index to serious new high in a very short period of time. Long term forecast can be tricky but nevertheless any Ellioticians looking at that chart cannot deny its potential. In other words, the chart sports the right...
Seems the party is over for BKX since march, a leading sector for the stock market, now 4% away from its high while the party is still on for Dow, SP & Nasdaq; careful, music will soon stop...gl & gt