Market turned lower on the final session of the week with $IWM -0.6% largely underperforming, dragged by $KRE -1.73% $KBE -1.63%. The sell off in banking groups were triggered from comments by Treasury Secretary Yellen that more mergers in banking space might be needed. Even so, banking group remains above their respective 20-MA following a robust performance this week. The short term breath remains bullish bias for the week.
Notable group to watch: $KWEB at the verge of a 6 months low breakdown, while $BTCUSD is morphing out a bear flag beneath to its declining 10-MA
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21/5/2023 Market Diary,
1. Market turned lower on the final session of the week with $IWM -0.6% largely underperforming, dragged by $KRE -1.73% $KBE -1.63%.
2. The sell off in banking groups were triggered from comments by Treasury Secretary Yellen that more mergers in banking… pic.twitter.com/ZAnPt7cVep
— Jeff Sun, CFTe (@jeffsuntrading) May 21, 2023
