The SPDR S&P Regional Banking ETF (NYSEARCA:KRE) topped out on December 17, 2019 at $59.38 a share. Since that peak in the ETF, the KRE has falling below it’s important 50-day moving average. This recent decline below this key moving average puts the ETF in weak technical position on the charts. Traders should also note that the 200-day moving average is around the $54.00 area, but price looks be consolidating above that support area indicating further declines are likely. The next major support area for KRE will be around the $51.00 level. This support level is where the stock was defended early October 2019. It should serve as major support again when retested.
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