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The Financial Sector

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The Dow is up 4 points, and two Dow stocks are up over $1, and one is down more than $1. The Nasdaq is a little more exciting, with 4 stocks up more than a buck, and only one down more than $1. As this dull day drones on, lets see what some of the financial sectors are up to.

S&P Banks Index Daily Chart

The S&P Banks Index (BIX.X) continues to consolidate just below resistance at 680, but can't quite crack that level. By most measures the index is oversold and due to pull back. If it finally does, the 50-dma and 5-month up trend should support should offer the first wave of support. Next up is the 200-day, and 38.2% retracement at 630.

S&P Insurance Index Daily Chart

After dipping below 741, the Insurance Index (IUX.X) tried a brief rally. Now that the bounce has ended, IUX has gone into consolidation mode at 724. The MACD looks like it wants to roll up and push the index higher, but moving averages looks like the want to push it lower. We shall see which one wins.

Jeffrey Canavan
Assistant Analyst
www.premierinvestor.net

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