eMini / Financials / Banking Sector Update

ES did find support at the daily pivot point of 908.50 and has returned to VWAP at 12.50.  If 13.50 (50% retracement of overnight and day range) is sold off, we’ll likely return to lows.  Otherwise, we could easily test the 917-919 area.

The Nasdaq banking index is trying to break up through minor trend line support, with the KBW bank index squeezed between two trendlines and XLV financials ETF running up to its 200 day moving average again.  A break up through these resistance points could spark a broader rally.

banking 6-26-09

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