Battered Bank Index Tests Major Technical Level for Third Time
BMO Strategist Says Selloff Is 'Emotional' and Provides an Opportunity
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Bank stocks are headed for the worst day of the year thanks to yields tumbling at a rate last seen after the Brexit vote. But thing’s may not get much worse from here, according to chart watchers.
The KBW Bank Index (BKX), down as much as 4.1 percent today, has fallen to its 200-day moving average at around $105. The index has already bounced off this technical level twice since early April -- a good sign for those that are looking to buy on the dip.