FINANCIALS: JP Morgan (JPM) - Q1 25 Earnings

• RES 4: 6178.75 High Dec 6 ‘24 and key resistance   
• RES 3: 6166.50 High Jan 19
• RES 2: 5963.30 50-day EMA
• RES 1: 5757.75/5880.10 High Mar 10 / 20-day EMA                 
• PRICE: 4618.50 @ 13:47 GMT Mar 13  
• SUP 1: 5534.00 Low Mar 11                 
• SUP 2: 5523.00 Low Sep 11 2024
• SUP 3: 5499.25 Low Sep 9 2024
• SUP 4: 5444.55 76.4% retracement of the Aug 5 - Dec 6 ‘24 bull leg          

A bear threat in S&P E-Minis remains present and fresh cycle lows this week reinforce current conditions. MA studies are in a bear-mode set-up and this highlights a dominant downtrend and bearish market sentiment. Sights are set on the next important support at 5499.25, the Sep 9 2024 low. Note that the short-term trend condition is oversold, a corrective bounce would allow this set-up to unwind. Firm resistance to watch is 5963.30, the 50-day EMA.

• CORZ5 is holding 5 of an initial 7-tick sell-off on the back of the BoC statement, reversing the steady rally seen in the forty five minutes ahead of the BoC announcement.
• 2Y GoC yields have climbed 3.5bps since the release vs-1bp for Tsys, which limits the day’s slide in the Can-US 2y yield differential to -3.5bp on the day at -145bps.
• There wasn’t much guidance expected after being dropped in the January statement, although a more two-sided line likely supports the reaction: “Governing Council will proceed carefully with any further changes to our policy rate given the need to assess both the upward pressures on inflation from higher costs and the downward pressures from weaker demand”.

• Date $MM Issuer (Priced *, Launch #)
• 03/12 $1B OMERS Finance 5Y SOFR+69a
• 03/12 $750M PBF Holding 5NC2
• 03/12 $500M Equitable Holdings WNG 30NC10 7%
• 03/12 $Benchmark AES 7Y +175a
• 03/12 $Benchmark CGI Inc 5Y +120
• 03/12 $Benchmark NetApp Inc 7Y +155a, 10Y +165a
• 03/12 $Benchmark SoCal Edison 5Y +145a, 30Y +185a
• 03/12 $Benchmark Stellantis 3Y +175a, 5Y +200a, 10Y +240a
• 03/12 $Benchmark Canadian Pacific Railway 5Y +100a, 10Y +120a
• 03/12 $Benchmark Amco Flexibles NA 3Y +110a, 5Y +130a, 10Y +150a
  • $$27.65B Priced Tuesday, $33.05B/wk