A favorable setup in ZION.

Today, Zions Bancorp (ZION) made a setup that I have found marks high probability tops (and bottoms, in mirror reverse).  The setup is a higher high on the daily with a lower high on the MACD at the time of a fast EMA cross.  Admittedly, though, this pattern does not typically take 2 months to develop.

Other factors:  commercial real estate exposure, 25% short interest, potential FAZ bottoming pattern, larger cap regionals are extended, geopolitical risk (South Korean torpedo incident), quarter closing out.

I tried getting short about 15-20 minutes before close when the stock tried to break 22 and then covered for broker fees and got short again into the close at 22.21.  Setting stop at 24.20.

Daily Chart (top);  5 min (bottom)