Remember, this ETF consists of some 50 regional banks and each stock weighs less than 3%. It serves as an excellent barometer for the group overall. Unfortunately, KRE continues to show relative weakness. Chart 8 shows the ETF surging to 19 last week, but falling back sharply the last four days. Perhaps it is just a test of the early July low. Perhaps not. The trend since May remains down - no question about it. A break above the July high is needed to fully reverse this downtrend. Moreover, the price relative has been trending lower since April and moved to a new low this week. KRE remains an underperformer and this is negative for the overall market. Maybe JP Morgan Chase and Goldman Sachs are healthy, but this ETF does not look healthy right now.