Major Banks Sitting on 50-day EMA

All the major Canadian banks, which mostly move in sync, with this morning plunge are all sitting at their 50-day exponential moving average. It will be interesting to see if that holds, though it may take the rest of this week to find out.

My bet is that this line holds for at least the short term, or at least is held at this spring's lows. My expectation is that earnings releases in the second half of August will justify higher share prices. This, of course, is no assurance that the market will agree with me!