Today’s Chart of the Day was shared by Cam Hui (@HumbleStudent). The Regional Bank Index ($KRX) closed at its lowest level in more than two years today. Cam points out that $KRX is violating support from the 2015/2016 highs. After sliding more than 20% in March, you'd think Regional Banks would at least get a dead cat bounce, but they just can't seem to rally. While Banks were blowing up left and right in March, the S&P 500 managed to gain 3.5% thanks to the strength from Mega Cap Tech stocks. Banks are not heavily weighted in the S&P 500 but they are an important bellwether for the broader market and the economy. The fact that Regional Banks are resolving lower here is a problem for the bulls.
Chart of the Day - Tuesday, April 25th, 2023
April 25, 2023
