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Regional Bank ETF (KRE) and Financial ETF (XLF) have reflected a ton of relative strength over the past 60 days, when compared to the S&P 500-(see lower left 60-day performance chart)
In the chart above KRE looks to have hit last years highs as its bearish rising wedge was coming to an end. Today KRE is breaking support of the rising wedge at (3) in the chart above.
Banks have been a leader since the first of December 2011 and have helped pull the broad market higher! Positive Momentum in the broad market reamins in control at this time!!!
Keep an eye on KRE as it breaks support, to see if it causes the broad market to slip lower or lose positive momentum.