Wednesday, October 7th. - Stock Trends, Charts, and Commentary (***If you see last week's Wednesday Update: Click Here)
Are we out of the woods yet?
The answer is not quite yet. Progress was being made, but there is still a lot of struggling going on.
We have been saying that the economy will not be able to thrive to the upside if the Banking Index can't begin showing some solid strength.
Below, we posted a chart of the Banking Index and here is what it is showing:
1. That the Index has had two support breaches and no resistance breaches. (This is not a good thing to see unless it changes soon.)
2. The Banking Index and its Relative Strength Index are both still in a technical down trend.
3. On the short term, the Banking Index is making some progress, but there is a lot of progress that needs to be made to change its longer term technical down trending.
So, the bottom line is that while short term progress is being made, there is a lot more work to be done and the risk levels remain elevated.
*** (Feel free to share this page with a friend or colleague.) Click on the link below if you would like to send a page link of today's update to a friend or colleague.
You can become a Free StockTiming Member in less than 10 seconds ...
and receive important, free Stock Market email updates every Morning ...
To become a Free Member, simply enter your information and click on the "Free" button. You willreceive Daily Updates and Alert Notices every morning before the market opens. On other occasions, you will also be sent special links to important stock market information and/or studies.
Quick and Easy StockTiming.com Free Member Sign Up