It seems like the recent banking crisis is so last week. And while it kinda was just a couple weeks ago it appears there are signs of the sector that got decimated is quietly setting up a recovery attempt.

In the morning scans we noticed some of the smaller bank stocks are showing signs of life again. First Citizen Bancshares (FCNCA) started the rebound buy scooping up SVB assets. That could be written off as an anomaly but we are seeing other signs that confirm there may be a bottom and reversal here.

Simmons First National Corporation (SFNC) popped up on the radar this morning with a chart showing the bleeding had slowed enough that a recovery was possible.

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Definitely not a solid green light yet but showing signs of getting ready for a bigger move upward. Just yesterday we talked about ways to take a somewhat safer approach to these types of moves by using ETFs to diversify. (You can read it here) In this case the ETF (KRE) tracks small and midsize banks and it is a great candidate for this type of play.

In fact, KRE is showing a more defined bullish crossover in the MACD at the bottom of the chart.

The greenlight we are looking for is when the price makes a clear move above the 10 day moving average after that bullish crossover.

This looks like it is ready to give us that signal.

We will keep an eye on it and update you.

Keep learning and trade wisely,

John Boyer


Market Wealth Daily