Watch the Banking Index ($BKX) ...
On a number of past occasions we have mentioned that a healthy economy cannot move forward without the banking system being healthy.
That is why we are publishing the Banking Index chart today as seen below.
When you look at the price chart, you will notice a bright red support line and that is an important pivot point where the index was at yesterday's close.
There is some hope when you look at the 30 RSI part of the chart as it was still positive and close to a support line. The not so good indicators are the Accelerator which is weakening and the Timing indicator which is positive buy showing a discernable drop in its rate of acceleration, so keep an eye on this index today and next week.