NEW YORK ( TheStreet) -- When I analyze regional banks, I focus on the 24 banks in the PHLX KBW Banking Index (BKX), which may have peaked at $50.69 on March 19. This index includes the four banks considered "too big to fail" -- JP Morgan (JPM - Get Report), Bank of America (BAC - Get Report), Citigroup (C - Get Report) and Wells Fargo (WFC - Get Report).The BKX is up 55.7% since the October 2011 low and is up 24.1% year to date. Looking at the weekly chart for BKX we show that technical momentum (12x3x3 weekly slow Stochastic) reading is declining with BKX above its 200-week simple moving average at $46.00, which is a neutral configuration. My monthly, annual and quarterly value levels are $46.09, $42.98 and $41.10 with a weekly risky level at $51.30.
Regional Banks -- More Stress Ahead
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