The big keep getting bigger. According to data from the Federal Deposit Insurance Corporation, Wells Fargo (WFC - Get Report) has become the second largest of the "too big to fail" banks we all worried about before the Great Recession.

The FDIC's Quarterly Banking Profile for the first quarter of 2016 found total assets in the banking system grew by 2% in the first quarter to $16.29 trillion led by an increase of 3.2% for the money center banks including Wells, Bank of America (BAC - Get Report) , Citigroup (C - Get Report)  and JPMorgan Chase  (JPM - Get Report) . These banks control $6.87 trillion in assets, a worrisome 42.2% of the total assets.

The banking regulators seem to be ignoring these big banks, or at least not encouraging them to shrink.

When the New York Fed published its Primary Dealer List on April 18, Wells Fargo was added. That means all four of the big banks are now primary dealers, putting their firms' capital at risk to underwrite U.S. debt and conduct market-making activities. This seems to conflict with the Volcker Rule intended to limit proprietary trading.

JPMorgan remains the largest money center bank with $2.16 trillion in assets at the end of the first quarter, up 4.6% sequentially and down 3.9% year over year. This bank controls 13.2% of the total assets in the banking system down from 14.2% a year ago.

Wells Fargo has $1.69 trillion in total assets at the end of the first quarter, up 3.6% sequentially and up 6.1% year over year. This bank controls 10.4% of the total assets in the banking system.

Bank of America slips into third place with $1.68 trillion in total assets at the end of the first quarter, up 0.9% sequentially and up 3.1% year over year. This bank controls 10.3% of the total assets in the banking system.

Citigroup increased total assets in the first quarter by 3.3% to $1.3 trillion and is up just 0.4% year over year. This bank controls 8.2% of the total assets in the banking system.

Wells Fargo and Citigroup are holdings in Jim Cramer's Action Alerts PLUS portfolio. In a recent note he and Research Director Jack Mohr said the prospect for higher interest rates "still helps widen the spread between what banks charge on loans and what they charge on deposits, thus lifting margins and boosting earnings power." They said Wells "has differentiated itself by developing a more diversified business model that serves as a partial hedge against low rates."

Citi, meanwhile, "is the most undervalued big-bank stock (trading at a 30% discount to tangible book value) given its solid regulatory standing, something that cannot be overlooked, especially ahead of the Fed's stress tests in the coming weeks," according to Cramer and Mohr.

WFC and C are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells WFC or C? Learn more now.

Here's a scorecard for the four "too big to fail" banks, followed by daily and weekly charts for the individual banks.

 

Here's the daily chart for Bank of America.

 

Courtesy of MetaStock Xenith

Bank of America closed $14.52 on Monday, down 13.7% year to date and in bear market territory 21.4% below its multiyear high of $18.48 set on July 22, 2015. The stock is up 32.1% from its 2016 low of $10.99 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 22 high to the Feb.11 low. The rebound to its 2016 high of $15.30 on April 27 was below its 200-day simple moving average then at $15.57 and below its 61.8% retracement of $15.62. From this high the stock declined to and held its 38.2% retracement of $13.86 on May 6. The stock then rebounded once again to $15.15 into May 25, but again failed below its 200-day simple moving average, then at $15.21.

Today the stock is below its 50% retracement of $14.74 and is between its 50-day simple moving average of $14.20 and its 200-day SMA of $15.11. The stock is well below its price gap lower from the Dec. 31 low of $16.83.

Here's the weekly chart for Bank of America.

 

Courtesy of MetaStock Xenith

The weekly chart for Bank of America is neutral with the stock between its key weekly moving average of $14.34 and its 200-week simple moving average of $14.68. The weekly momentum reading is virtually flat with a projected reading of 72.46.

Investors looking to buy the stock should consider doing so on weakness to the $13.86, which is the 38.2% retracement.

My proprietary analytics suggest that $14.39 and $14.50 will be magnets for the remainder of June.

Investors looking to reduce holdings should consider selling strength to $15.62, which is the 61.8% retracement.

Here's the daily chart for Citigroup.

Courtesy of MetaStock Xenith

Citigroup had a close of $45.74 on Monday, down 11.6% year to date and in bear market territory 25% below its multiyear high of $60.95 set on July 23, 2015. The stock is up 32.5% from its 2016 low of $34.52 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 23 high to the Feb.11 low. The rebound from the low held its 23.6% retracement of $40.75 between March 9 and April 11, then strength failed at its 50% retracement of $47.72. The 38.2% retracement has been a magnet since then at $44.60.

Today the stock is between its 50-day simple moving average of $44.58 and its 200-day simple moving average of $47.47. The stock is well below its price gap lower from the Dec. 31 low of $51.75.

Here's the weekly chart for Citigroup.

 

Courtesy of MetaStock Xenith

The weekly chart for Citibank is neutral with the stock between its key weekly moving average of $44.97 and its 200-week simple moving average of $48.13. The weekly momentum reading has been moving sideways and is projected to be 73.02 this week.

Investors looking to buy the stock should consider doing so on weakness to $44.08, which is a key level on technical charts until the end of June.

Investors looking to reduce holdings should consider selling strength to $51.21, which is another key level on technical charts until the end of June.

Here's the daily chart for JPMorgan Chase.

 

Courtesy of MetaStock Xenith

JPMorgan closed at $65.28 on Monday, down just 1.1% year to date and is 7.5% below its all-time high of $70.61 set on July 23, 2015. The stock is up 24.3% from its 2016 low of $52.50 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 23 high to the Aug. 24 low of $50.07. The rebound from the low held its 23.6% retracement of $54.89 between Jan. 20 and Feb. 24, then failed at its 50% retracement of $60.31 between March 4 and March 23. The 38.2% retracement of $57.89 then held on April 7. Strength then took the stock to and above its 61.8% retracement of $62.74 beginning on April 14.

The stock set its 2016 high of $66.20 on May 25, which filled the gap to the Dec. 31 low of $66.00. The stock is now above its 50-day and 200-day simple moving averages of $62.24 and $62.04, respectively.

Here's the weekly chart for JPMorgan.

 

Courtesy of MetaStock Xenith

The weekly chart for JP Morgan is positive but overbought with the stock above its key weekly moving average of $63.34 and above its 200-week simple moving average of $56.57. The weekly momentum reading is projected to rise to 83.55 this week up from 81.25 on June 3, becoming more overbought above the 80.00 threshold.

Investors looking to buy the stock should consider doing so on weakness to $62.45 and $55.45, which are key levels on technical charts until the end of June and the end of 2016, respectively.

The $64.75 and $65.26 levels should be magnets until the end of June.

Investors looking to reduce holdings should consider selling strength to $68.94, which is a key level on technical charts until the end of this week.

Here's the daily chart for Wells Fargo.

 

Courtesy of MetaStock Xenith

Wells Fargo had a close of $50.49 on Monday, down 7.1% year to date and in correction territory 13.1% below its all-time high of $58.07 set on July 23, 2015. The stock is up 13.5% from its 2016 low of $44.50 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 23 high to the Feb.11 low. The stock has been trading under the influence of the 23.6% retracement of $47.86 and the 38.2% retracement of $49.95 between Feb. 16 and May 18. The 2016 high of $51.41 was set on April 27 and stayed below its 50% retracement of $51.63.

Today the stock is between its 50-day simple moving average of $49.22 and its 200-day simple moving average of $51.21. The stock is well below its price gap lower from the Dec. 31 low of 54.22.

Here's the weekly chart for Wells Fargo.

 

Courtesy of MetaStock Xenith

The weekly chart for Wells Fargo is positive with the stock above its key weekly moving average of $49.72 and above its 200-week simple moving average of $47.12. The weekly momentum reading is projected to 67.42 this week up from at 60.53 on June 3.

Investors looking to buy the stock should consider doing so on weakness to $49.40, which is a key level on technical charts until the end of 2016.

The $50.99 level should be a magnet through June.

Investors looking to reduce holdings should consider selling strength to $55.22 and $58.51, which are key levels on technical charts until the end of June.

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