Late Equities Roundup: Two Day Rally Off April Lows Into Month End

Stocks look to extend late session highs Friday, adding to Thursday's largest one-day rally since January 6 (+77.75 vs. +86.75). At the moment, DJIA up 221.63 points (0.66%) at 33983.68; S&P E-Mini Future up 28.5 points (0.69%) at 4175; Nasdaq up 61.3 points (0.5%) at 12188.54.

• There appeared to be no particular headline or catalyst for the support other than a reluctance to sell into the bounce off Wednesday's low for the month (SPX 4070.25) going into moth end. That, and generally positive quarterly earnings announced in the latest cycle.
• Friday's move higher exposes key resistance and the bull trigger at 4198.25, the Apr 18 high. Clearance of this level would confirm a resumption of the uptrend that started Mar 13 and open 4244.00, the Feb 2 high.
• On the downside, key short-term support has been defined at 4068.75, the Apr 26 low. A break would be bearish.
• Meanwhile, the Federal Reserve issued it's supervisory report on Silicone Valley Bank Friday, laying blame on the banks board of directors and management but is also critical of its own supervisors that the Fed says did not appreciate the extent of SVB vulnerabilities and did not take sufficient steps to ensure the bank fixed those problems quickly enough.