SPDR S&P Bank ETF forum
SPY 4/5/2023 Market Diary
1. Market sustained further losses following an unanimous decision by the FOMC to further increase the fed fund rate by +0.25%.
2. Comments made by Fed Chair Powell failed to ease concerns over ongoing banking crisis. Banking groups
KRE and KBE declined further by -1.8% and -1.6%, 3. Several regional banks experienced significant losses after hours, PPACW -52%,
WAL -22%, , indicating that banking crisis is far from resolved.SPY 3/5/2023 Market Diary
1. Banking groups
KRE (-6.3%) and KBE (-5.2%) hit a new 52-week low, rejecting its declining 10 & 20-MA & breaking down from a bearish flag that had been highlighted for over five weeks.2.
RSP -1.5%, with intraday action undercutting all four major moving averages in a single attempt. Hallmark of a weakness.3. Largest number of new lows printed from all three exchanges since March 13th (541).
4. Bitcoin related names exhibiting relative strength.