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SPDR S&P Bank ETF

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SPY KBE Bank stocks are about to get recked. "Trump will demand banks cap credit card interest rates at 10%"

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.