3 replies to this topic

[tsharp]

The BKX is the banking index… last week I showed how its momentum indicator line was on the verge of dropping through its UTL at the +100 support level…

That happened this past week, and now by my standard of definition for a bear market, the BKX – banking sector – just entered into its bear market.

 

 

 

 

 

Today I will be looking at the six largest banks in the US - all of which have entered into their respective bear markets:

1. Bank of America – BAC
2. JP Morgan – JPM
3. Citigroup – C
4. Wells Fargo –  WFC
5. Goldman Sachs – GS
6. Morgan Stanley – MS

If interested you can read the rest of the article here:  Link

[PrintFaster]

Funny how each of these banks put out research notes a month ago predicting last week's collapse.

 

Forecasting their own demise.  Very unusual, or possibly a bear trap and they did it on purpose to sell down the tape only to run the market up to new highs after wards.

 

We shall see soon enough.

[redfoliage2]

If the market is unable to continue the Friday's bounce then expect SPX to go below 2700 this week as some Wall street analysts are seeing another 5% down..............

Edited by redfoliage2, 14 October 2018 - 05:21 PM.

[fib_1618]

I'll throw this one up as well...this is the advance/decline line of 240 financial related issues (banks, brokers, insurance etc.) along with the XLF (which has 68 components).

 

Like many of the other breadth charts I've posted over the last week or so, there was plenty of time position oneself before last week's "crash like" event took place.

 

Fib