What is important about the Banking Index?

For one, the economy cannot continue in a positive direction if the Banks are going South or if they are in trouble.

If  you look at today's chart, you will see a descending channel that started last July. The key about this channel is that it is in a down trend, AND it is now testing the upper channel's resistance line. Obviously, a break to the upside would be a positive, or a breaking to the downside would be a negative.   

We are now at a decision point for the Banking Index, so the action during the next few days will be critical, and that is why it will be important to monitor it carefully.