March 20, 2023 16:23 GMT
ESA Helped Off Session Highs By FRC Slide
- The S&P E-mini sits ~30pts off session highs with a move that started before but has been helped by First Republic sliding to a new intraday all-time low (latest -37%).
- The FRC declines follow WSJ headlines that major US banks are looking to convert some or all of their $30B deposits into a capital infusion with JPM’s Dimon leading the efforts. A sale or outside capital injection is also being considered.
- At 3962 it remains well off session lows of 3897.25 and with support meaningfully lower at 3839.25 (Mar 13 low).