Banks Outperfomed the S&P 500 :CMA, MI, FITB

Published on Tuesday, 31 August 2010 16:46 Written by Christopher Lynn

New York, August 31st (TradersHuddle.com) - The KBW Bank Index closed higher at $43.45, which represents 1.09% from its previous close. The bank index had a pretty much broad rally with 22 index components on the plus side.

Comerica (NYSE:CMA) was the top performer of the banking index, closing at $34.41 representing 2.9%. versus the previous trading session. Shares of Comerica, the financial services holding company based in Dallas, Texas have defined support at $33.11 and resistance at $39.73.

Marshall & Ilsley (NYSE:MI) was also among the top performers, closing at $6.55 representing 2.66% from its previous close. Marshall & Ilsley, the Wisconsin based diversified financial services firm has calculated support and resistance levels at $5.98 and $6.59 respectively. The other top performer was Fifth Third (NASDAQ:FITB), which traded at $11.04 representing 1.75% from the previous trading session.

The bank's worst performers include Synovus (NYSE:SNV) that closed at $2.06 or -1.44% from the previous close. Shares of Synovus, the financial services holding company based in Coumbus Georgia have defined support at $1.98 and resistance at $2.50. Also among the worst performers was Commerce Bancshares (NASDAQ:CBSH), which is currently trading at $35.73 representing -0.06% from the previous trading session.

Today, the banks outperformed the broad market index S&P 500.