The relative strength chart for Bank of New York Mellon (BK) within the SIA S&P 500 reminds us of just how fast sentiment toward a sector can change, in this case, financial services. BK spent the last nine months of 2022 stuck in the red zone but started to work its way back up the rankings starting in September. In January it climbed into the yellow zone and by February it had returned to the green zone for the first time in nearly a year.
Since peaking on March 9th, however, BK has quickly tumbled back down the rankings, falling back into the Yellow Neutral Zone, Currently in 45th place after falling 11 spots on Friday, BK has dropped 24 positions in the last month and it is currently 8 spots away from a return to the red zone.
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