US FINANCIALS: First Citizens Bancshare 3Q35

• RES 3: 97.796 - 1.618 proj of the Sep 3 - 12 - 15 price swing
• RES 2: 96.685 - 1.000 proj of the Sep 3 - 12 - 15 price swing 
• RES 1: 96.615 - High Sep 12  
• PRICE: 96.545 @ 19:14 BST Sep 23
• SUP 1: 96.435/95.900 - Low Sep 3 / Low Jan 14  
• SUP 2: 95.760 - Low 14 Nov ‘24
• SUP 3: 95.480 - Low Jan 11 2023 and a major support 

Aussie 3-yr futures continue to trade above their recent lows. The short-term resistance to watch is 96.615, the Sep 12 high. Clearance of this level would signal scope for a stronger short-term recovery and pave the way for a climb towards 96.685, a Fibonacci projection. On the downside, first support to watch is unchanged at 96.505, the Sep 15 low. Key short-term support has been defined at 96.435, the Sep 3 low.

Mixed SOFR/Treasury options segued to better low delta calls and call spreads Tuesday, buyer TYZ5 114 calls adding to +116k on Monday. Underlying futures firmer, curves flatter, projected rate cut pricing near early morning levels (*): Oct'25 at -22.7bp (-22.9bp), Dec'25 at -43.3bp (-42.9bp), Jan'26 at -54.5bp (-53.9bp), Mar'26 at -66.5bp (-66.1bp).

• SOFR Options:
  • -6,000 0QX5 95.87 puts, .25
  • +20,000 SFRZ5 96.37/96.50/96.62 call flys, 2.5-2.75 ref 96.33
  • +30,000 SFRH6 97.25 calls 3.0 vs. 96.55/0.10%
  • -20,000 SFRH6 96.75/97.00 call spds 4.5 vs. 96.545
  • +5,000 SFRZ5 97.00 calls, 0.75 ref 96.335/0.05%
  • +5,000 SFRF6 96.25/96.37 put spds .25 over 0QF6 96.37/96.62 put spds
  • 2,000 SFRZ5 96.31/96.50/96.68 call trees ref 96.325
  • 5,000 SFRZ5 96.00 puts, 1.0 ref 96.325
  • 4,500 SFRZ5 96.50 calls, 3.0 ref 96.32
  • 2,000 SFRZ5 96.25 puts, 6.0 last
  • 1,000 SFRZ5 95.93/96.06/96.18 put flys ref 96.325
  • +2,000 SFRZ5 96.25 puts, 6.0
• Treasury Options:
  • 2,000 TUV5 104.37 puts, 9 - total volume over 21,500
  • over 3,800 TUX5 104.25/104.37/104.5/104.62 put condors
  • 2,000 USZ5 117/119 call spds vs. 112 puts ref 116-22
  • 5,000 TYV5 112.75/113.25 2x1 put spds, 22.0 re
  • -5,000 TYX5 111.5/114 strangles, 27
  • 6,550 USV5/USX5 118/121 call spd spd
  • +50,000 TYZ5 114 calls, 31 vs. 112-25/0.29%
  • 5,000 TYV5 112.75/113.5 put spds ref 112-25
  • 2,200 FVX5 109.25 puts, 22 ref 109-12.75
  • 1,300 TYX5 112 put vs. 113/114 call spds ref 112-25.5
  • 4,800 Wednesday wkly 5Y 109.25 puts, 1 exp tomorrow
  • 17,000 TYZ5 113/114.5 1x2 call spds vs. 111.5/112.5 2x1 put spds (2x1 iron condor, pays 2)
  • 2,400 TYV5 112/112.25 put spds ref 112-25
  • 2,000 TYX5 113 calls vs. TYZ5 113/114 call spds, 14 net/Dec bought over
  • 3,000 TYV 113/113.5 call spds 7 vs. 112-29.5/0.08%
  • 1,000 TUV5 104.25 puts, 2.5 ref 104-08.5
  • +1,300 TYX5 111 puts, 8

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance 
• RES 2: 0.8769 High Jul 28 and the bull trigger 
• RES 1: 0.8746 High Sep  
• PRICE: 0.8739 @ 19:51 BST Sep 23
• SUP 1: 0.8650/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

Recent weakness in EURGBP has been corrective and last week’s recovery confirmed the end of the latest corrective phase. Support to watch lies at 0.8597, the Aug 14 low. Clearance of this level would cancel a bull theme and reinstate a recent bearish threat. For bulls, the resumption of gains opens the key resistance and the bull trigger is at 0.8769, the Jul 28 high. First support is 0.8650, the 50-day EMA.