Here's a follow up to a previous posting 'US Banks - the party poopers'
Goldmans is obviously busy doing God's work again. The forming triangle pattern failed and there has been a clear break to the upside. Both those targets are active and I have no meaningful targets to the downside at this time.
BAC on the other hand continues to show the signs of a bank teetering on the edge. This is a 0.5x3 closing P&F - no signs of a reversal to the upside at present (may show in the 0.25x3 but need to check).
This 0.25x3 closing chart on Citigroup is a bit muddled. Going back to last year it can be seen that there was clear resistance at $4 which finally got taken out at the fourth attempt by the bulls but since then there has been further resistance at $5 and the shares have since stayed in a range between $3.25 and $4.75. That most recent upside target of $9.5 is as yet unactivated. Would need to see a close above $5.25 to make it active.
Can't really make a call either way on JPM at the moment although suffice to say the shares have had a strong move to the upside in recent weeks. We need to see the current column of X's reverse before being able to give an unactivated upside target. To the downside, those price objectives of $32.75 and $31.25 remain in play.
BKX often gets a mention. Short term support currently at 45.5. This index has clearly lagged the broader market -will it be the party pooper that eventually joins the party? A move above 48.5 would certainly give it a chance.
And this weekly bullish percent index on the SPX Financials Sector is quite revealing. It shows the percent of stocks in the sector giving a new P&F 'buy' signal. Broader market near or at 2 year high? This sector showing 'only' 54% of stocks giving a new P&F buy signal? The recent action suggests it could move higher but definitely worth keeping an eye on.
Goldmans is obviously busy doing God's work again. The forming triangle pattern failed and there has been a clear break to the upside. Both those targets are active and I have no meaningful targets to the downside at this time.
BAC on the other hand continues to show the signs of a bank teetering on the edge. This is a 0.5x3 closing P&F - no signs of a reversal to the upside at present (may show in the 0.25x3 but need to check).
This 0.25x3 closing chart on Citigroup is a bit muddled. Going back to last year it can be seen that there was clear resistance at $4 which finally got taken out at the fourth attempt by the bulls but since then there has been further resistance at $5 and the shares have since stayed in a range between $3.25 and $4.75. That most recent upside target of $9.5 is as yet unactivated. Would need to see a close above $5.25 to make it active.
Can't really make a call either way on JPM at the moment although suffice to say the shares have had a strong move to the upside in recent weeks. We need to see the current column of X's reverse before being able to give an unactivated upside target. To the downside, those price objectives of $32.75 and $31.25 remain in play. 
BKX often gets a mention. Short term support currently at 45.5. This index has clearly lagged the broader market -will it be the party pooper that eventually joins the party? A move above 48.5 would certainly give it a chance.
And this weekly bullish percent index on the SPX Financials Sector is quite revealing. It shows the percent of stocks in the sector giving a new P&F 'buy' signal. Broader market near or at 2 year high? This sector showing 'only' 54% of stocks giving a new P&F buy signal? The recent action suggests it could move higher but definitely worth keeping an eye on.
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