Regional Banks Looking Really Bad

Image Source: Pexels

Something about those regional banks selling off that doesn’t look right

Anybody else seeing this?

• Zions (ZION) -13.5%
• Western Alliance (WAL) -11.3%
• Great Sothern (GSBC) -9.6%
• Truist Financial (TFC) -5.5%
• Regions Financial (RF) -6.1%

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Has all the feelings of the March ’23 sell-off when the banks came crashing down and the Fed had to create a new program to bail them out (BTFP anybody?)

You’re also seeing an increasing amount of weakness in the big banks as well, despite pretty solid earnings, with Bank of America (BAC), Citigroup (C), WellsFargo (WFC), and JPMorgan Chase (JPM) all selling off over -3.5%.

Needless to say this is a sector to watch, with the Financial Sector (XLF) also rolling over and breaking below key support.

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Anytime the financials start to roll over that should be a major concern for you as a trader, because rarely do you see the stock market hold up with the financials start falling apart.

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