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Marty Chenard

Marty Chenard

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…

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Keep an Eye on the Banks?

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

 

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