In our last blog, we projected that the bank stocks would fall in the direction of cycle regardless of their earnings report. They did fall after earnings report. BAC is the weakest and MS is the strongest in the group of BAC, C, JPM, GS and MS. The banks are making money, but the market didn’t care.
Today’s intraday weakness that let the index to take out a prior low @ 2264.06. This action made the prior high @2282.10 a swing high. Most likely this swing high is also a bear top for the 3rd daily cycle, which is also the weekly beta cycle high if this high @ 2282.10 is not violated by Jan 19, 2017. This swing high occurred in the daily bear top timing band.
