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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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Tuesday, March 21, 2023

KBW Bank Index Looks Shaky

As the U.S. Fed and Treasury Secretary try to assure Americans and the global investment community that their banking industry is secure, the price action on the following monthly comparison chart of the KBW Bank Index (BKX) with the KRE Regional Banking ETF depicts shakiness and incredible weakness, especially during the month of March.

Several regional banks within the KRE ETF have failed, so far, as described in my recent posts here and here. No doubt, we'll see more.

BKX has had great difficulty, since the 2008/09 Financial Crisis, gaining sustained momentum to hold onto gains made above 80.00, and to steadily increase its value...convincingly.

In fact, its current price of 83.65 is considerably lower than that set at its high, immediately preceding the Financial Crisis (121.16 in February 2007). 

Furthermore, it plunged below 121.16 in April 2022 and has been trading lower, ever since...so, it's been weak for a year, now...as has KRE.

Longer-term major support sits at 60.00.

A break and hold below 80.00 could see a retest of 60.00, or lower, in short order.

Sellers are currently in charge of this index, as well as KRE, on this timeframe.

Keep an eye on these two for reaction (immediate and longer-term) to the upcoming FOMC interest rate announcement and Fed Chairman press conference on Wednesday.