Techs? Sure...But Watch the Banks and Crude Oil as Well Today
- The stock market keeps rolling along quite nicely. We do need to highlight, however, that the Russell 2000 might have a tough time breaking its key resistance level if the regional banks see more weakness. They are heavily weighted in this small-cap index…and the KRE regional bank ETF is looking sketchy on a technical basis. (Yes, “sketchy” IS an official term in the technical analysis textbooks. Or at least, it should be.)
- Crude oil is getting very close to its all-important $80 resistance level, so if it breaks above it in any meaningful way, it’s going to be very bullish for the commodity...and the energy stocks.
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