Chart of the Day - Tuesday, May 2, 2023

Today’s Chart of the Day was shared by Alphonso Depablos (@AlfCharts). The Regional Bank ETF ($KRE) made another flush lower today, dropping 6.27%. All 145 bank stocks in this ETF closed lower, with $PACW and $WAL leading the decline. After today's drop, $KRE is officially down more than 50% from its January 2022 highs. Alfonso points out that price is resolving lower from a bearish pennant. The September 2020 lows could potentially act as support, but that's another -10% lower from here. Even then, you're catching a falling knife.