There's Trouble Brewing For Regional Banks—find Out Why From Nick Santiago On 9/18/23!
Source:
https://www.spreaker.com/user/appeal2/nick-526
1. Weak start for the markets to begin the week. Last week was a very choppy and volatile options expiration and today much slower.
2. The regional banks are on my radar today. The important Regional Bank ETF (KRE) is trading lower by 1.7% and this pattern is signaling a decline down to the $41.00 area. That support level better hold or else this is going to signal another round of problems on the horizon. The 2023 low for the KRE was at $34.52 so at this time this is just a retrace pattern, but the $41.00 level will be important.
3. The auto workers strike is still going on today. Either way, Ford (F) looks weak on the charts and so does GM. I have Ford ultimately going to $9.00 which could be a good stop to buy the shares. I have GM going to $26.50. and that could be a good bargain as well.
4. Gold is flat this morning. it made a decent comeback last Friday climbing back to its 20-day moving average and remaining above the important 200-day moving average. This keeps gold in a position to fight another day.
The DXY is flat today and this will often affect the gold action.
5. Bitcoin is catching a very good pop today. The popular crypto is trading higher by about 3.0%. The pattern on the weekly chart will be important by the end of the we
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