Chart of the Day - Monday, December 4, 2023

Today's Chart of the Day was shared by Larry Thompson (@HostileCharts). The Regional Bank ETF ($KRE) rose +1.39% to a three-month high today while the broader market was down. Regional Banks have been dragging on the Russell 2000 all year, but Larry points out that $KRE is attempting to break out of an 8-month base. It's approaching resistance from the August highs, around $49, and RSI is overbought for the first time in over a year. Clearing $49 would open the door for a rally to the 2022 lows, around $56. $KRE could go from $49 to $56 pretty quickly due to the lack of price memory between these two levels.