Bank Index

The Bank Index (BKX) has retreated back down to near term support at 52ish.

Given the leveraged, financially centric nature of our economic system, the banks often provide a useful 'tell' on general market direction.

The BKX has already broken thru its 50 day moving average. Should the index break decisively thru support, some market participants may regard this as a sign that the tenor of the tape is changing.

position in SPX