US top banks all but one broke down into new lower for the year last week. This is not a good sign for the US equity markets, which should stay under pressure next week too.
Bank of America was the only bank, which barely held its late August low at 6.01, but is should only be a question of time before this support gives away and the late February 2009 low at 2.53 is in sight.
Citigroup broke its support at 25.30 last week and the next target is at the March 2009 low at 9.70.
The leader of the pack "Goldman Sachs" clearly broke down too and is headed for the lower Pitchfork Support-line near 74, but a return to the late November 2008 low at 47.41 is clearly a possibility.
JP Morgan doesn't look to good either. It will find some support at in the 26 - 27.50 area, but it doesn't look like it will be able to keep the downside in check, so a retest of the early March 2009 low at 14.96 is clearly a possibility.
Finally we have Morgan Stanley, which is headed for next support at 10 followed by the mid-October 2008 low at 6.71. MS does look pretty shaky and its portfolio of risky bets doesn't look good. Therefore MS could be a major risk-candidate this time around.
Bank of America was the only bank, which barely held its late August low at 6.01, but is should only be a question of time before this support gives away and the late February 2009 low at 2.53 is in sight.
Citigroup broke its support at 25.30 last week and the next target is at the March 2009 low at 9.70.
The leader of the pack "Goldman Sachs" clearly broke down too and is headed for the lower Pitchfork Support-line near 74, but a return to the late November 2008 low at 47.41 is clearly a possibility.
JP Morgan doesn't look to good either. It will find some support at in the 26 - 27.50 area, but it doesn't look like it will be able to keep the downside in check, so a retest of the early March 2009 low at 14.96 is clearly a possibility.
Finally we have Morgan Stanley, which is headed for next support at 10 followed by the mid-October 2008 low at 6.71. MS does look pretty shaky and its portfolio of risky bets doesn't look good. Therefore MS could be a major risk-candidate this time around. 
No comments:
Post a Comment