Banks Underperfomed the S&P 500 :BAC, SNV, ZION

Published on Monday, 06 February 2012 16:46 Written by Gerard Lerod

New York, February 6th (TradersHuddle.com) - The KBW Bank Index closed lower at $44.7, which represents -0.78% from its previous close. The bank index had a negative day with only 6 index components closing higher.

Bank of America (NYSE:BAC) was the top performer of the banking index, closing at $7.97 representing 1.66%. versus the previous trading session. Shares of Bank of America, the largest U.S. lender have defined support at $7.02 and resistance at $7.50.

Synovus (NYSE:SNV) was also among the top performers, closing at $1.89 representing 0.53% from its previous close. Synovus, the financial services holding company based in Coumbus Georgia has calculated support and resistance levels at $1.65 and $1.81 respectively. The other top performer was Zion (NASDAQ:ZION), which traded at $18.07 representing 0.22% from the previous trading session.

The bank's worst performers include Capital One (NYSE:COF) that closed at $47.9 or -2.84% from the previous close. Shares of Capital One, the diversified bank and credit card issuer have defined support at $44.65 and resistance at $49.63. Also among the worst performers was PNC Financial (NYSE:PNC), which is currently trading at $61.03 representing -1.88% from the previous trading session.

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