banks, page-28

Banks are near reasonable lows although I think a little more downside is better.

Below is a weekly XJO chart.

The week isn't over so I probably shouldn't prognosticate.

The white dot the week before the high looks like generating a white dot this week. Not infallible but suggests possibilities for a low shortly.

The top indicator is MACD and if the week closed here then the low value would equal the high value last year and often close approximations work.

The bottom indicator (21 week RSI) is at 35 and 30/32 is a good buy and it has never been lower than 30 since 1982 at least.

All the same HK daily seems to have broken down, Shenzen looks about to break a triple bottom, we have broken down on daily MACD and triple exponential average on daily capped the move up today and is always good whether up or down trend.

US put/call seems to suggest an imminent bounce and my SPX trading model is now on a buy again.

I think we have more chance of new lows than the US. Not only from things like put/call but EW could be seen as complete in the US while we and HK etc. would look better with a lowere low.