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Equities Roundup: SPX Above Resistance, Financials Lagging

  • US stocks holding modestly higher in the second half, SPX Eminis trading at 4077.25 above resistance of 4073.75 (Mar 22 high) after finishing above the 50-day EMA of 4021.12 in the prior session.
  • A clear break of 4073.75 would strengthen bullish conditions and signal scope for a climb towards the next key resistance level of 4119.50, the Mar 6 high.
  • On the downside, key short-term support lies at 3937.00, the Mar 24 low. A break of this support would be bearish. Initial support lies at 4005.39, the 20-day EMA.
  • Current sector leaders are Real Estate, Information Technology and Consumer Discretionary sector shares outperforming. After rebounding the last couple sessions, Financial sector shares, particularly regional banks are trading weaker on the day
  • KBW Bank index (BKX) is trading near midday low at 81.21 (-1.11) - all index components are trading weaker in the second half, M&T Bank (MTB), PNC Financial Services (PNC) and Northern Trust (NTRS) shares underperforming.
  • Making headlines: The White House has published a fact sheet urging, "Regulators to reverse Trump Administration weakening of common-sense safeguards and supervision for large regional banks."
  • Statement: "[Biden] is committed to 'continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.'"

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