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Retracing Losses But Energy and Banks Still Weigh Heavily

US STOCKS
  • The S&P E-mini continues to chip away at its earlier slide in a greater retracement than that seen in Treasury’s paring of gains, although at 4133 is still down -1.3%.
  • Energy (-4.3%) leads the declines with WTI holding -5% on the day, followed by financials (-2.6%) which continue to be pinned lower by banks despite a small intraday recovery (SPX banks -3.6%, broader KBW index -5.0%). PACW remains of note, still -23% despite earlier trimming of -40% declines.
  • The day’s low of 4105.75 punched through support at the 20-day EMA of 4135.41, opening 4068.75 (Apr 26 low), whilst yesterday’s high of 4206.75 (May 1 high) continued to offer resistance.
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