Credit Suisse = New Lehman?


We have mixed markets around the world after an erratic SPX futures night.

Europe is off the lows. The UK government reversed course and abandoned a plan to scrap the top 45% tax rate. Gilts aren't moving much. Brent prices are up with OPC cuts, and Putin didn't do anything crazy. Ukraine took back some stolen land.

Credit Suisse remains in a news doom loop. Some are saying it's not a Lehman moment. But let's focus on levels first and headlines second.

SPX futures are +25 after they were down 35 last night. We'll see if new flows try and bounce the tape.

There's resistance at 3610-3636. The bears need to reject price there to keep active pressure on.

Now let's go through the major ETF's I'm watching today:

ARKK didn't make new lows on the year. We'll see if that means anything when this market wants to bounce. $37ish is pivot support to watch.

Biotech acts better than most sectors but it’s hard to get excited. Active support is XBI $77.57. Resistance is $82ish.

XLE acted better over the past two sessions as most sectors made new lows on the year. Oil is up this morning on news of an OPEC cut. There's a gap to fill up to $75ish. It’s probably a better sale than add.

XLF is trying to create a lower tight pivot area to resolve at some point. There is lots of talk about CS and comparisons to Lehman or Bear. This sector doesn't act compelling. Watch $30.12 for market clues.

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