BB&T (BBT - Get Report) has a positive weekly chart that is now overbought. M&T Bank (MTB - Get Report) is a performance laggard but has a positive weekly chart. PNC Financial (PNC - Get Report) is the biggest laggard but has a positive weekly chart. SunTrust (STI - Get Report) has a positive weekly chart and is just 4.5% below its multiyear intraday high. U.S. Bancorp (USB - Get Report) has a positive weekly chart that is now overbought.

BB&T and SunTrust are in bull market territory 27.9% and 41% above their Feb. 11 lows, respectively.

M&T, PNC and U.S. Bancorp are up between 16% and 19% since there Feb. 11 lows. M&T and PNC are also in correction territory 12.4% and 10.5% below their July 23, 2015 intraday highs, respectively.

These banks are likely benefiting from three categories of lending. The Quarterly Banking Profile for the second quarter of 2016 was released by the Federal Deposit Insurance Corporation and here are three loan categories not shown in the table I provided on Thursday.

According to FDIC data, "loans to individuals" increased by a solid 6.5% year over year in the second quarter to $1,515 trillion. These are likely tied to the prime rate, currently at 3.5%. Each 0.25% hike in the federal funds rate will be passed through to each individual.

"Credit card" debt rose by 6.4% year over year in the second quarter to $745.9 billion. My concern about this debt is how much is at a 0% teaser rate for nine to 15 months, only to rise to 24.9% or higher soon. This rate shock could cause a wave of credit card defaults.

"Commercial & industrial loans" rose by 7.4% year over year in the second quarter to $1.932 trillion which includes a growing exposure to noncurrent loans to the energy sector.

With Nymex crude oil stuck between a low of $39.19 on Aug. 5 and a high of $49.36 on Aug. 19 as my annual pivot of $44.07 remains the magnet for 2016. This will lead to an increase in noncurrent loans to oil and gas producers, and continue the increase in "reserves for losses".

Here's a scorecard for the five regional banks.

 

Here's the daily for BB&T Corp.

Courtesy of MetaStock Xenith

BB&T had a close of $38.32 on Thursday, up 1.3% year to date and 8.5% below its multiyear high of $41.90 set on July 23, 2015. The stock is 27.9% above its 2016 low of $29.95 set on Feb. 11.

The horizontal lines are the Fibonacci retracements from the July 23, 2015, high to the Feb. 11 low. The stock traded as low as $32.85 on June 27, which was just above the 23.6% retracement of $32.77. From this post-Brexit low, the stock moved above its 38.2% retracement of $34.52 on June 30, then moved above its 50% retracement of $35.93 on July 14 and has been above its 61.8% retracement of $37.33 since Aug. 15.

Investors looking to buy the stock should consider doing so on weakness to $34.64 and $33.15, which are key levels on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $42.03, which is a key level on technical charts until the end of 2016.

Here's the daily chart for M&T Bank Corp.

Courtesy of MetaStock Xenith

M&T Bank had a close of $117.32 on Thursday, down 3.2% year to date and in correction territory 12.4% below its multiyear high of $134.00 set on July 23, 2015. The stock is up 17.2% from its 2016 low of $100.08 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 23, 2015, high to the Feb. 11 low. The post-Brexit June 27 low of $108.04 held the 23.6% retracement of $108.08. The stock quickly moved above its 38.2% retracement of $113.04 on June 29, then above its 50% retracement of $117.04 on June 30. This retracement level has been a magnet since than with a return to the 38.2% retracement between July 21 and Aug. 3. This stock remains below its Dec. 31 low of $121.18.

Investors looking to buy the stock on weakness to $111.89, which is a key level on technical charts until the end of 2016. A lower value level is $107.93 in September.

Investors looking to reduce holdings should consider selling strength to $118.49, which is a key level on technical charts until the end of September.

Here's the daily chart for PNC Financial.

Courtesy of MetaStock Xenith

PNC Financial had a close of $89.99 on Thursday, down 5.6% year to date and in correction territory 10.5% below its multiyear high of $100.52 set on July 23, 2015. The stock is up 15.9% from its 2016 low of $77.87 set on Feb. 11. In fact, a slightly lower low of $77.40 was set on June 27.

The daily chart shows the Fibonacci retracements from the July 23, 2015 high to the Feb. 11 low. The June 27 post-Brexit low of $77.40 was just below the Feb. 11 low. The stock recaptured its 23.6% retracement of $83.06 on July 14. The test of its 38.2% retracement was tested at $86.40 on Aug. 5. The stock has been above its 50% retracement of $89.10 since Aug. 31, but is well below its Dec. 31 low of $95.20.

Investors looking to buy the stock should consider doing so on weakness to $76.75 and $76.11, which are key levels on technical charts until the end of 2016, and the end of September, respectively. Another key level for September should be a magnet at $88.19.

Investors looking to reduce holdings should consider selling strength to $103.96, which is a key level on technical charts until the end of 2016.

Here's the daily chart for SunTrust.

Courtesy of MetaStock Xenith

SunTrust had a close of $43.79 on Thursday, up just 2.2% year to date and is 4.5% below its multiyear high of $45.84 set on July 17, 2015. The stock is up 41% from its 2016 low of $31.07 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 17, 2015 high to the Feb. 11 low. The stock was below the 50% retracement of $38.46 at its June 27 post-Brexit low of $37.71. The stock has been above its 61.8% retracement of $40.20 since July 7.

Investors looking to buy the stock should consider doing so on weakness to $40.69 and $37.81, which are key levels on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $52.82, which is a key level on technical charts until the end of 2016.

Here's the daily chart for U.S. Bancorp.

Courtesy of MetaStock Xenith

U.S. Bancorp had a close of $44.03 on Thursday, up 3.2% year to date and 4.8% below its multiyear high of $46.26 set on July 16, 2015. The stock is 18.8% above from its 2016 low of $37.07 set on Feb. 11.

The daily chart shows the Fibonacci retracements from the July 16, 2015 high to the Feb. 11 low. The stock traded as low as $38.48 on June 28, but a day after this post-Brexit low the stock was above its 23.6% retracement of $39.24. The stock moved above its 38.2% retracement of $40.59 on July 12 and then was above its 50% retracement of $41.67 on July 15. The stock has been above its 61.8% retracement of $42.76 since Aug. 15.

Investors looking to buy the stock should consider doing so on weakness to $40.85 and $40.77, which are key levels on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $48.62, which is a key level on technical charts until the end of 2016.

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