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Late Bounce, Dow Leading, Regional Banks Firming

US STOCKS
  • No obvious headline trigger to support move, but converse to earlier excuse cited for sell-off, US$ strength is cooling slightly. Front month SPX Emini futures at 4163.0, DJIA +21 at approximately 33,907.
  • Communication services sector still underperforming, but off lows. Financials gaining with regional banks trading stronger: MTB +nearly 7%, Citizens Financial Grp and Zions Bancorp both +2.7%.
  • Despite the earlier 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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