Chart of the Day - Monday, July 17, 2023

Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt). Peter points out that the Regional Bank ETF ($KRE) is carving out a potential bottom after forming an inverted head & shoulders pattern over the past four months. Price is testing the neckline around $45 as it attempts to break out of this bullish pattern. Ironically, the crash in Regional Banks started with a head & shoulders top earlier this year, and it could end with a head & shoulder bottom.