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Equities Roundup

US STOCKS
  • Stocks extending session highs after paring support in late morning trade. DJIA up 206.08 points (0.61%) at 34032.73; S&P E-Mini Future up 23 points (0.55%) at 4176.75; Nasdaq up 22.5 points (0.2%) at 12164.77.
  • Trading desks couldn't cite any particular headline or catalyst for the support other than a reluctance to sell into the bounce off Wednesday's low for the month (SPX 4070.25).
  • Month end allocation could be an ongoing factor after the SPX index enjoyed the largest one day rally since January 6 (+77.75 vs. +86.75) yesterday.
  • Eminis are near key resistance in early afternoon trade: 4198.25 High Apr 18, where clearance of this level would confirm a resumption of the uptrend that started Mar 13.
  • On the downside, key short-term support has been defined at 4068.75, the Apr 26 low. A move below this level would highlight a short-term bearish reversal instead
  • Meanwhile, the Federal Reserve issued it's supervisory report on Silicone Valley Bank Friday, laying blame on the banks board of directors and management but is also critical of its own supervisors that the Fed says did not appreciate the extent of SVB vulnerabilities and did not take sufficient steps to ensure the bank fixed those problems quickly enough.
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