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Banks dip below their 50-day moving average for first time since Aug. 3

The exchange-traded fund (ETFs) that tracks big and regional banks fell below its 50-day moving averages for the first time since Aug. 3, underscoring continued weakness in the sector.

The SPDR S&P Bank ETF dipped below its 50-day level of 32.84, and was last trading near 32.77.

Citi was one of the biggest losers in the ETF, falling more than 2 percent, its worst day since July 5. The stock has already traded close to its 30-day average volume of about 16.6 million shares, with more than 22.5 million shares changing hands by the market close.

Deutsche Bank hit a fresh all-time intraday low of $11.23 per share on Monday and last traded about 7 percent lower. More than 20 million shares were traded on Monday, well above its 30-day average volume of about 4.8 million shares.

The SPDR S&P Regional Bank ETF also slid below its 50-day level of 41.34, last trading near 41.28.

The financials are the only sector in the S&P 500 that is negative year to date, falling about 1.5 percent so far this year.

The regional bank ETF has dropped about 1.5 percent over the same period, while the bank ETF has shed 3 percent.

— CNBC's Gina Francolla contributed to this report.