S&P Bank ETF (KBE) Price Analysis
There had been a lot of discussion earlier in the week, that should the banks hold above support, that would be a sign of rotation within the market, a feature of ongoing bull markets. However, it's clear now that the sell-off has been widespread and yesterday the banks broke support with confidence. None of this is to say that we are in a long-term bear market, I maintain it's far too early to be saying that, however, it's another sign that we should remain defensive in the US markets and this sector should offer up some good short opportunities.
Next support ~40.5 - 41.
Any sustained move back in to the topping pattern would make me take a more neutral stance again.
nice one.
Cheers! Could be set for some interesting markets!!
agree, lower lows and lower highs will tell us that the trend is down, indeed I can't help thinking there will be another bank(s) failure/chaos in the pipeline