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Equities Roundup: Highs for Week, Big Banks Seek Options for FRC

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  • Support for US equities is gaining momentum heading into midday, front month S&P futures marking new session high of 3975.0 - best level since last Thursday before news of Silicone Valley Bank's collapse hit (in-turn spurring reversal in rate hike expectations ahead next week's FOMC with rate cuts priced in by mid-year).
  • Leading gainers are Communication Services, IT, Consumer Discretionary and Financial sectors.
  • Main trigger for current rally is WSJ article re: JP Morgan, Citi, BofA, Well Fargo working on options to support First Republic Bank (FRC). FRC assailed this week after Silicone Valley Bank collapse last Friday, FRC trading off lows to near 25.0 at the moment (52W low of 17.53.
  • European banks bouncing as well, STOXX Bank index up over 1%, as late Wed's news SNB will backstop Credit Suisse gains momentum. Recent headlines re: right-wing populist Swiss People's Party (SVP) opposing the state guarantee for Credit Suisse does not hold much weight as it does not have ability to veto decisions.
  • From a technical standpoint, short-term gains are still considered corrective. Price last week cleared a key short-term support at 3960.75, Mar 2 low to confirm a resumption of the bear cycle that has been in place since Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4031.46, the 50-day EMA.
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  • Support for US equities is gaining momentum heading into midday, front month S&P futures marking new session high of 3975.0 - best level since last Thursday before news of Silicone Valley Bank's collapse hit (in-turn spurring reversal in rate hike expectations ahead next week's FOMC with rate cuts priced in by mid-year).
  • Leading gainers are Communication Services, IT, Consumer Discretionary and Financial sectors.
  • Main trigger for current rally is WSJ article re: JP Morgan, Citi, BofA, Well Fargo working on options to support First Republic Bank (FRC). FRC assailed this week after Silicone Valley Bank collapse last Friday, FRC trading off lows to near 25.0 at the moment (52W low of 17.53.
  • European banks bouncing as well, STOXX Bank index up over 1%, as late Wed's news SNB will backstop Credit Suisse gains momentum. Recent headlines re: right-wing populist Swiss People's Party (SVP) opposing the state guarantee for Credit Suisse does not hold much weight as it does not have ability to veto decisions.
  • From a technical standpoint, short-term gains are still considered corrective. Price last week cleared a key short-term support at 3960.75, Mar 2 low to confirm a resumption of the bear cycle that has been in place since Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4031.46, the 50-day EMA.