Banks – at support zone

CRUCIAL support level for the banks!

here’s the last post on the Banks: https://bartscharts.com/2018/12/26/very-important-level-on-the-banks/

note, we are pretty much at the important support zone … can go down into 53 and still have a support zone alive. remember banks lead us down and lead us up .. support here and a bounce should relieve pressure on our equities.

STOXX – ugh

I’ve been following STOXX for a friend overseas and I truly hope that he and his family and friends are OK w/ all this craziness going on …hat tip, friend.

here’s the link to the STOXX posts on my site: https://bartscharts.com/?s=stoxx

net-net, my friend contacted me a couple years ago and asked about European Banks and, in particular, the STOXX. it was hard to email him back because what I saw – which unfortunately was proven to be correct was a multi-year triangle that had been forming since 2009. it’s ramifications? well, the STOXX WOULD go to new lows and, more than likely, ACCELERATE the move lower because … that’s the nature of moves out of triangle. in my world of using crayons, I have no idea, nor do I care ‘what’ caused the market move one way or the other. there are ALWAYS a thousand reasons. for me, it’s a pattern that helps one manage risk and help one determine how much $$$ to risk and then pull the trigger.

Here’s the updated STOXX chart:

I went back and captured the daily chart showing the target zone … two years ago, chart below:

very important level on the Banks!

03/18/20 – last time I posed on the banks you can see this level held and then rallied nicely. it never made a new high. now, take a peak below as we can see a nice support zone that has appeared around 53-57. the 1.618 extension is the low of the day today. the ‘low’ might be in …banks lead us up and lead us down. I see this as a ‘bounce’ but one that is needed …

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