Much has been said that everything must be fine because the US Banks are holding up just fine. The Banking Index $BKX made new 52 week lows on Monday so that changes the narrative considerably in my mind. From the chart below, we can see it is actually more severe as this level has been the major support for the past two years and we currently sit at levels reached in July of 2013. Both 2014 and 2015 had index lows at this level in Mid-January. A few of the big banks report this week including JPM.