The banks and brokers have taken different paths down, but are holding up well during this down draft. The banking index (BKX) broke the 2002 low but was supported by the 1:4 Gann angle and the 125% price retrace angle. Currently, price is well above that July low as Jim Cramer predicted.
The brokers (XBD) never cracked the 2002 low. But price has not held up as well in the past month or two. Currently, price is at the 1:1 ascending Gann angle which is usually good support on the first touch.
Charts courtesy of Stockcharts.com
Tags: Financials · Gann Angle Fan · Price RetraceNo Comments
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