Bank Index Could Be Creating Large Bearish Pattern, Says Joe Friday

by Kimble Charting

Are Banks going to end the month with a large bearish pattern just below dual resistance? Possible, yet the month is far from over!

This chart looks at the Bank Index (BKX) on a monthly basis.

The rally this month took it up to test its 61% retracement level and old support as new resistance at (1). Upon hitting this level, a large reversal could be taking place at (2).

Joe Friday Just The Facts Ma’am; Where the bank index ends the month, could send a very important message to the broad markets.

 

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