Banking Index Puts in a Bottom?

The S&P Banking Index created a bottoming tail candle today on the Daily Charts at 161.8% fib support. We will need to watch tomorrows close to confirm this possible reversal signal. If we do reverse over the next couple of days, watch carefully as the descending trendline may act as resistance as the banks try to turn things around. The banks may need to create a double bottom before a sustained rally can develop.

S&P Banking Index: 1 Year / Daily



S&P Banking Index: 10 Year / Monthly