Bank exchange traded funds were the worst sector in Friday’s stock pullback with shares of Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC) seeing so-called death crosses that could spell further weakness.
Traders closely monitor moving averages to get a sense for where stocks and ETFs are trending. When the 50-day moving average drops below the 200-day average, traders call it a death or bear cross.
Oftentimes the technical indictor is a signal that more losses are on the way.
Goldman Sachs
Bank of America