The Canadian Technician

A Multicontinent review of the Banking sector -HoHoHo

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

Let's check the dashboards for the banking sector to see if things are improving yet.

Here is the Canadian Financial sector

$SPTFS Weekly 122111

The MACD has a histogram just pushing above the zero line. That's promising. The Full sto's are trying to come out of oversold. That is usually a good entry. There has also been really strong volume for the last 3 weeks coming into Christmas. That's interesting. Still just below the 10 week MA.


Here is the Cdn Banking dashboard.

Dashboard CDN Banks 122111

 CIBC, Royal and TD are above the 10 week.

Here are the US Banks

XLF 122111

You can see a few of the US banks are pointing higher. USB and WFC are pointing higher. C and JPM are building bases. BAC is still pointing down. 4 out of 5  are not bad.

Euro Banks 1 122111

Couple of these European banks are setting up rising bases.

Euro Banks 2 122111

Well, it looks like banks are firming up. Maybe we can see some rallies into earnings. Today was a nice reversal to push higher off a difficult open.

As an aside, I find it really interesting how the Nasdaq had such a weak NAHL line. Amazingly, Oracle comes out with the first major earnings call miss in a while.. Definitely some weakness showing up in tech.

Here is a link to the breadth charts.

Breadth

Good Trading,

 

 

Greg Schnell, CMT

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More