KRE Regional Banks ETF – May 12, 2023

Last post on KRE: https://bartscharts.com/2023/04/30/kre-regional-banks-etf-april-30-2023/

Supposedly … who knows what is true these days .. 1000’s of banks are underwater. OK … whatever.

Here’s when we look at the CHART and we ask should we BUY or SELL or DO NOTHING.

KRE sliced thru the first “potential support” and now we approach, what I think, is the KEY to the KRE. Here’s why:

  • 58.76 – if you look at the purple measured moves you will see that EVERY major swing down has been 58.76%. I’ve used the “close” in 2008 as I’m not sure if that is a good print or not .. either way, that measured move nails EVERY LOW
  • 1.618 projection lands … right at the 58.76 correction.
  • .707 (square root of 2 = 1.4142 and 1/1.4142 = .707) just a little above this level
  • Long term LOG trend line right at .. all the above
  • Note the VOLUME – is that a capitulation spike in selling volume?
  • RSI sitting at the crucial support level for the ENTIRE bullish move since 2009

Nobody in their right mind is looking to BUY the banks but, then again, I can guarantee you NOBODY was looking to buy in March 2009. Maybe there was someone? Perhaps … me?

DATE STAMPED 3 MR 2009. (March 3, 2009)

Here’s why:

So … watch the THRUST coming into this level, maybe wait for a signal reversal candle (bullish).

What I can say is IF we blast thru this level (certainly “feels” like we should) then, yeah, a lot of banks are looking at some tough times and 28 and then 21 are the next targets.

Good weekend to all – B

Banking Index – April 24, 2023

Last post on the Banking Index: https://wordpress.com/post/bartscharts.com/21122

Well, guess you can say “here we go” or “lets get it on” (cue UFC John McCarthy) …

Banking index has complete the ABCD from the low and the “scary” times … it’s all good, correct? Well, guess we will just have to wait and see.

Next stop: 66-68 or lower. Guess we’ll just have to wait and see, right?

Longer term targets below …

note, the next chart is LOG SCALE

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