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Showing posts with label Banks confirm the next leg lower in the SP 500. Show all posts
Showing posts with label Banks confirm the next leg lower in the SP 500. Show all posts

Tuesday, October 4, 2011

Banks confirm the next leg lower in S&P 500

S&P 500 has triggered a bigger Shoulder/Head/Shoulder top for a decline to the 813 area.
The major banking stocks has all confirmed the break lower ( see the charts below).

Bank of America - Breaking lower - target at 2.53.


Citi Corp. - Break below important support, which has opened for the next leg lower towards

9.7 - 9.9 area.


Goldman Sachs - Headed for next support at 75 but we could easily see the 2008 low at 47.41 again.


JP Morgan - Could find some support in this area, but I'm looking for a move towards the 2009 low at near 15.00


Morgan Stanley - Here to we are headed towards the 2008 low at 6.71.