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Chart Of The Day - Here we go again (banks)
Nothing good happens below the 200-day moving average...
Regional Banks: they say nothing good happens below the 200-day moving average (especially when it’s downward sloping), and if you want a timely reminder on that just take a look at the price action in regional banks.
After a solid rally off the lows (nice trading bounce), regional banks are turning down again from what is likely to be a formidable overhead resistance zone for the foreseeable future.
Interestingly though US bank CDS pricing remains anchored at the bottom end of the range, which suggests a degree of complacency… or perhaps well-placed faith(?) that the Fed will bail out the banks come what may.
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