Keep an Eye on the Banks?

By: Marty Chenard | Fri, Sep 16, 2016
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The economy and a strong Banking background go hand in hand. How could you have a strong economy with the Banks in big trouble?

And so, with that correlation, we will look at the Banking Index today.

This morning, we posted the Banking Index chart (the $BKX).

When you look at it ... First, look at the pricing bars and note how the pricing made a lower high in November-December of 2015, and then a lower/low in January-February of this year. Since June-July (of this year) the Banking Index has made a higher-high and has risen above its down trending channel ... a plus.

The odds are high that this is the beginning of some longer term up trending action.  While that is a plus, note the upper resistance (horizontal) lines that it will soon face. It may be after the November elections, but when it happens, it will be a formidable test to face.

Banking Index Daily Chart

 


 

Marty Chenard

Author: Marty Chenard

Marty Chenard
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Marty Chenard is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools and stock market models. As a result, he was out of the market two weeks before the 1987 Crash in the most recent Bear Market he faxed his Members in March 2000 telling them all to SELL. He is an advanced technical analyst and not an investment advisor, nor a securities broker.

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