bearish
Weekly Stock Bullfinder - Week of 3/13
SUMMARY
- After breaking above the bear market trend line resistance area, last week’s banking sector contagion fears, spotlighted by Silicon Valley Bank’s (SVB) collapse, pushed the S&P 500 back below its 200 day moving average on high volume.
- Startup-focused lender SVB Financial Group is the largest US bank failure since 2008 and was the 16th biggest in the U.S. at the end of last year with about $209 billion in assets.
- Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008.
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