Momentum Is Building For SPDR S&P Bank ETF
Dragonfly Capital | Apr 30, 2019 08:02AM ET
Many of you know that I have taken a strong interest in FinTech over the last 2 years, and I am teaching classes in the subject with the help of many friends. From this I am seeing first hand how the Banking and Finance space is being forced to evolve and innovate, as well as the false attempts by incumbents to deflect the disruptors.
Despite this wave though, banks are still banks, making loans and providing the grease to the economy. And the chart of the SPDR S&P Banking ETF (NYSE:KBE), has been showing some life. Shown below it rose with the market off of a December bottom, but had stalled in February and pulled back. The pullback stopped at the October low, a reminder that an Inverse Head and Shoulders pattern could be setting up.
For now, the price touched the February high Monday. It is already over the 200-day SMA and is rising. Momentum is building and bullish on both the RSI and MACD. A push over 46 would not only give a new 6-month high, but signal a break out with a continuation target to 51. That would be a new all-time high.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.