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The SPDR S&P Regional Bank ETF (KRE) was one of the first ETFs to find higher ground in the first leg of this recent rally. Although it has been showing weakness to the market over the past several days, KRE has been consolidating in a tight range. This type of basing action is exactly with strong ETFs do prior to another move higher. On Tuesday, KRE undercut support and formed a distinct reversal candle and given today’s positive price action, it appears ready for a move higher. A surge above the three day high at $26.72 could provide a buy entry trigger for KRE.

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