U.S. regional banks look ready to make a short-term bottom Friday as a sign of seller exhaustion emerges after four consecutive sessions of losses in bank...
U.S. regional banks might be making a short-term bottom on Friday as seller exhaustion appears to have emerged following four consecutive sessions of losses in bank shares, according to Mark Newton, head of technical strategy at Fundstrat.
The SPDR S&P Regional Banking ETF KRE was on pace for a 10.7% loss this week after the seizure of First Republic Bank and its subsequent takeover by JPMorgan Chase JPM failed to arrest a slide in U.S. regional-bank stocks. Newton cites DeMark Indicators, a technical analysis tool that uses TD Combo and TD Sequential to compare the most recent maximum and minimum share prices to the previous period’s equivalent prices, to measure the demand of the underlying asset, and to anticipate potential turning points in the market.
“This downside exhaustion happening Friday is coinciding with near-term oversold signals on KRE, and is thought to lead to an oversold rally in the group,” Newton wrote.
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