JPM kicked into high gear Friday with some great numbers. It continues to be the best chart in the US bank space.
Goldman Sachs and Morgan Stanley also had nice moves. We'll see if they hold up as they release their earnings today.
Morgan Stanley is the same way.
However, Wells Fargo saw a lack of love.
The important thing to watch this week is the follow-through. Can the KBE and KRE charts make higher highs and close the week at them? This will be a major inflection point on those charts should they break out here.
The broker dealers have a breakout all set up. Can they follow through?
The Industrial Commodities didn't have a great week. Oil was the only good space in commodities. Marijuana stocks continue to let go.
I covered the commodities in depth on the Market Roundup video. I also highlighted the bank stocks and pointed out the different chart patterns through the industry. In addition, the world markets were mixed but mostly higher. You can find the video on the StockCharts Youtube page.
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).