We all know how important the banking sector is to the general health of the stock market and the economy overall. As CitiCorp just announced 11,000 layoffs, we see how true this can be. That said, I’d like to show you a chart on the KBW Bank Index to see how we are reaching a point of decision. Banking stocks peaked back in the years from 2005 to 2007 as the real estate market and the high fees it was generating was reaching it’s peak. From the 120 level, this Index plunged almost 90 percent into the 17 area back in 2009. The Index has since recovered and over the past 16 months or so, the price action has been clearly consolidating in a wedge. We have reached that decision point, folks. Remember, keep an eye on the important sectors as well as the general indices to get an idea of possible market action. Hat tip to our friends at ChartoftheDay.com.