Regional Banks Disaster In Waiting — Nick Santiago 9-18-23 #526
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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 This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4295686/advertisement
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