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I recently wrote about an interesting pattern forming in the Russell 2000 Index and thought I’d draw your attention to another index forming a similar pattern.

The banks have now formed a choppy head and shoulders pattern below a neckline at the 40 level. The downtrend that began in early in the year is also coming into focus again a current levels.

A breakthrough above these key levels would be a very bullish development for the stock market.

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