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Equities Roundup: Banks Bounce

US STOCKS
  • US stocks climbing off early session lows in early afternoon trade: Dow Industrials (33,520.05 +34.10) outperforming SPX Eminis (4122.0 -10.0) and Nasdaq (12,031.11 -56.85)
  • Financials sector lead by banks bouncing after recent data reported by FHLB shows drop in lending to $37B in last week of March from $304B prior, "an early sign that the banking crisis has started to subside," Bbg reports.
  • Industrials and Energy sectors outperforming while Communication Services and Information Technology sectors lagging (Google, META and Match all weaker).
  • For a technical point of view, S&P E-minis maintains a bullish tone after the index recently breached resistance at 4119.50, the Mar 6 high, reinforcing a bullish theme.
  • The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key M/T resistance. Firm support lies at 4039.75, the 50-day EMA.

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