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Equities Roundup: Earnings Cycle Underway

US TSYS
  • Stocks trading weaker (SPX Eminis 4160.75 -3.0), extending lows in the last few minutes as US$ climbs higher (DXY index 102.135 +.583). Generally speaking not a large move as Treasury yields add to Friday's post retail sales beat, 10Y yield marks 3.5851 high +.0722 - March 30 levels.
  • Markets have a lot to keep track of as the latest equity earning cycle gathers momentum. Some notable Bbg headlines from this morning:
    • STATE STREET FALLS 15% AS CUSTODY BANK RESULTS MISS
    • ROBLOX FALLS 13% AT THE OPEN IN BIGGEST DROP SINCE DEC. 15,
    • ALPHABET SHARES FALL 4% AT OPEN, MOST SINCE FEB. 9.
  • While State Street Bank missed, M&T Bank and Charles Schwab narrowly beat expectations. KBW bank index is currently trading -.78 at 82.20, well off initial session low of 80.79.
  • Despite the dip current trend condition in S&P E-minis is unchanged and remains bullish. Price has recently breached 4119.50, Mar 6 high, reinforcing a positive theme. The move higher also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg.
  • This signals scope for an extension to 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4065.03, the 50-day EMA.
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