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Equities Break Higher As Resistance Cleared

US STOCKS
  • Having pushed through Friday’s aforementioned high of 4369.50, ESA has quickly gained to a new high of 4378.25 before retreating only modestly.
  • Resistance next sits at the round 4400 and then 4427.19 (1.618 projection of the May 4-19-24 price swing).
  • As opposed to earlier gains which looked in lockstep with intraday Treasury gains, this move looks more in isolation, potentially on those technical factors.
  • Within the SPX, 0.6% gains are led by IT (+1.7%) and consumer discretionary (+1.7%), the former in turn led by semi-conductors although with NVIDIA lagging after last month’s surges.
  • Losses meanwhile are concentrated in energy (-1.4% - unsurprising with WTI’s further slide back notably below $70) and less so utilities/real estate (-0.4%). That said, financials only trading -0.3% mask larger pressures on banks of -0.9%, in turn smaller losses than the KBW index at -1.5% but more in line with its regional version at -1.1%.
  • Recent headline from Barclays helps play into the weaker banks theme already established on the day: *BARCLAYS SEEING US DELINQUENCIES RISING SLIGHTLY ON THE MARGINS - bbg
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