Regional banks’ stocks witnessed a rebound, leading to an improvement in overall market sentiment during a broad-based recovery. The stock prices of $KRE and $KBE increased by 6.29% and 5.49% respectively, following significant gains in $PACW (82%) and $WAL (49%), which were further boosted by short-covering activity. While $QQQE +1.6% and $IWM +2.4% reclaimed their respective 10-MA, it is worth to note that indexes also rejected their declining 20-MA in the final trading hour.
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6/5/2023 Market Diary
1. Regional banks’ stocks witnessed a rebound, leading to improvement in overall market sentiment during a broad-based recovery.
2. $KRE +6.29% $KBE +5.49%, following significant gains in $PACW +82% and $WAL +49%, which were further boosted by… pic.twitter.com/FwXt7fToeC
— Jeff Sun, CFTe (@jeffsuntrading) May 6, 2023
