NEW YORK (TheStreet) -- Even though the Federal Reserve upgraded its description of U.S. economic growth to "solid" from "moderate" in its statement on Wednesday, there are plenty of reasons why the economy may not be a strong as the central bank said.

Consider what's going on in some key sectors of the stock market.

You cannot have a bull market for stocks and solid economic growth, for instance, with a correction in stocks of large banks, including the four "too big to fail" money center banks.

The KBW Bank Index (BKX) ($66.68) had a gain of 7.2% in 2014 and set its 2014 intraday high of $75.61 on Dec. 29. This index is in "correction mode" with a year-to-date loss of 11% and is 13% below the 2014 high. The index is below its 50-day and 200-day simple moving averages at $71.80 and $70.70, respectively.

The weekly chart for the banking index is negative with its key weekly moving average at $70.13. The 200-week simple moving average is a key level to hold on weakness at $56.54. Note that the weekly chart shows the banking index below the 50% Fibonacci Retracement of the Crash of 2008.

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Weekly Chart Courtesy of MetaStock Xenith

You also cannot have a bull market for stocks and solid economic growth with steep declines in major energy stocks.

Crude oil set a new low for the move on Wednesday at $44.08 per barrel.

There are two energy giants in the Dow Jones Industrial Average. Here are their performance statistics and profiles.

Chevron (CVX) - Get Chevron Corporation Report ($103.71) had a loss of 10% in 2014 and set its 2014 intraday high of $135.10 on July 24. The stock has a year-to-date loss of 8.2% and is 30% below the 2014 high. The stock is below its 50-day and 200-day simple moving averages at $109.93 and $120.69, respectively.

The weekly chart for Chevron is negative with the stock below its key weekly moving average at $108.61 and below its 200-week simple moving average at $113.05.

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Weekly Chart Courtesy of MetaStock Xenith

Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report ($87.95) had a loss of 8.6% in 2014 and set its 2014 intraday high of $104.76 on July 29. The stock has a year-to-date loss of 5.1% and is 19% below the 2014 high. The stock is below its 50-day and 200-day simple moving averages at $92.04 and $97.28, respectively.

The weekly chart for Exxon is negative with the stock below its key weekly moving average at $91.34 and below its 200-week simple moving average at $89.06.


Weekly Chart Courtesy of MetaStock Xenith

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A clear market warning has been provided with the decline in long-term U.S. Treasurys as the yield on the 30-Year bond set an all-time low at 2.273% on Wednesday.

Investing in the iShares 20+ Year Treasury Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report has been a winning strategy since the beginning of 2014, and its rise is a sign of growing concern about the U.S. economy and stock market.

The Bond ETF ($136.77) had a gain of 24% in 2014 and set its all-time intraday high of $137.41 on Wednesday. The ETF has a year-to-date gain of 7.9%. The ETF is above its 50-day and 200-day simple moving averages at $126.40 and $117.78, respectively.

The weekly chart for the bond ETF is positive but overbought with its key weekly moving average at $130.00 and its 200-week simple moving average at $114.26.


Weekly Chart Courtesy of MetaStock Xenith

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.