Yesterday, the market saw a massive selloff of over 2% at market lows for the SPY and the NDX. However, the rebound at the end of the day was promising, though not enough to change sentiment. What this means is that the selloff came from the hot CPI print, so inflation ain’t going away. On this week’s edition of StockCharts TV‘s Halftime, Pete discusses the overbought nature of the markets using the bullish percent index.
One key sector that Pete is concerned about is the regional banking sector. He reviews the $KRE ETF and its relationship to the banking index. If things continue to unfold like we saw in the $NYCB news a week ago, Pete is calling for rough sledding in this sector. His overview of the market is that the uptrend is intact, but that doesn’t mean we can’t see a lower pullback, which Pete calls a buying opportunity.
This video originally premiered on February 14, 2024. You can watch on our dedicated Halftime by Chaikin Analytics page on StockCharts TV.
You can view all previously recorded episodes of Halftime by Chaikin Analytics with Pete Carmasino at this link.