Bank Stock Sell Signals - 06232023

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Good morning, everyone, and welcome to Friday Morning.
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It's Stephen Whiteside here from
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theuptrend.com. Now, back in March, we had the big decline in regional banks, and
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that put downward pressure on financial sectors in markets around the world.
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Since then, the market has been mostly
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focused on the nice, bright, shiny objects in the tech sector.
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Those big caps tech stocks such as NVIDIA are still holding up fairly well.
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That's holding up the Nasdaq 100, which dipped into the channel yesterday.
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So we may see a sell signal in the Nasdaq
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100 on Friday with a close below 358.97 for the triple Q's.
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Now, regional banks made the big decline in March, seemed to stabilize, then
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continue to trade lower in May, and they've come back in June.
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But that has come to an end.
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So in the month of June, we ran back up to
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previous resistance and started to pull back.
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I guess the big $64,000 question is, will
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we hold the lows from May or will we continue lower?
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Now, if we go back a month, we started to
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break out above a downtrend line, and our target would have been the Fly Paper
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channel, which was continuing to move lower daily.
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And then here's the current chart.
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We moved up to the Fly Paper channel,
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started to pull back, and now we're breaking down below an uptrend line.
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And so that is a bearish sign.
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So we're looking to see if we can move back down to test the recent lows.
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Looking at US bank stocks, the major banks are back on sell signals right now.
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Canadian Financials, Canadian banks,
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you'll notice that we recently put in a lower high, so that's a very bearish sign
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ran up to fill an open gap and started to pull back.
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Looking at Canadian banks.
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Bank of Nova Scotia, CIBC National Bank,
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Royal Bank, and now the TD Bank, which is also now back on a sell signal.
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What's holding up? The Bank of Montreal did trade through the
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lower channel line yesterday, but did not close below it.
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So looking for a close below 117
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.05 on Friday to give us a sell signal for the bank of Montreal.
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Looking at us.
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Banks, and we're looking at the major ones here.
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Bank of America, bank of New York, citigroup.
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JPMorgan, wells Fargo.
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All back on sell signals.
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We also have Goldman Sachs, which is on its third day of a sell signal.
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So not a pretty picture here.
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Let's finish off this morning's
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presentation, taking a look at credit card stocks.
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And American Express is more of a bank
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than a credit card company, but it is back on a sell signal.
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We've got Capital One on a sell signal now.
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Discovery, Mastercard and Visa are still on buy signals, so looks like the credit
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card companies are holding up much better than the banks at the present time.
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Okay, folks, that is all for this morning's presentation.
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Have a great day.
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Next time you'll hear my voice is later this morning.

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