Important Update on ... 'Watch the Banking Index ($BKX)'
As we commented last week ... "Central Bankers are being reported as scared now, so caution is a very good thing to exercise at this point". (P.S. Hope you were cautious during the past week)
Today's chart is an update of the Banking Index. The Banking Index closed at 69.02. ts 4 CRSI was approaching an oversold level ... just as the Banking Index reached its lower support level on the posted chart below. Hopefully, that will turn out to be timely today.
While we could see an oversold bounce today, but the bigger concern is that the Accelerator and the Timing Indicators are trending down. So, medium term, there is a lot more work that needs to be done in order to reach a safer condition.