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Bank Stocks Testing Critically Important Price Support

Published 10/31/2023, 03:13 AM

For the first time in his tenure as JPMorgan Chase (NYSE:JPM) president, Jamie Dimon sold some shares on Friday.

Does he know something that we should know? Are bank stocks in trouble??

Well, it’s time to look at the banks, below is a “weekly” chart of the KBW Bank.

BKX Bank Index-Weekly Chart

As you can see, BKX is testing important dual support at (1). This support is comprised of the recent lows and uptrend channel support.

Looks like this support is mission-critical for JPMorgan Chase stock and all banks alike. In my humble opinion, stock market bulls need to keep an eye on this. Stay tuned.

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