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Bank earnings have gotten off to a very good start, with JPM-1.34%  having beaten 3rd Q results and raised key metric in its 2024 guidance. WFC-2.26%  also beat expectations on profit as did BK-2.83% . Many fundamental analysts are calling JPM's net interest income of $23.4 b a "huge beat", even when mgt tempered expectations. BK monthly charts, shown here, exceeded all-time highs and have achieved a huge 2 decade breakout back to new all-time highs which happened back in July. Price is up at 75 and very stretched but could get to 78. BK is one where it would be better to buy weakness in the high $60's. However, entire Financial sector broke out earlier this week and bodes well for outperformance, which at 12.5% of SPX, is important as a tailwind for the market

Big bank shares are paring some of earlier losses and despite a very bad week for Financials, there is some reason for technical hope for stabilization after the Financial sector has reached absolute levels of support per its Ichimoku cloud, while relative charts of Financials are right near prior lows (I'll share this latter chart tonight)- Despite Trading numbers and big stock buybacks being positives for the Banks, the net interest margins along with Loans trailed estimates. I feel like weakness in AXP-2.93%  JPM-1.34%  and BRK/B makes these appealing and these are some of my favorites within the entire Financial space along with the Credit card stocks V-1.62%  and MA-2.31%  - For a complete list of my favorite Financials, see last week's Friday note- 4/5- "Surveying Financials Sector ahead of Bank Earnings next week"-  While the lack of a strong snapback rally over the next month would make me a bit more nervous on the prospects for Financials in back half of 2024, i had raised my technical rating to Overweight last month and feel like this group is apt to show some strength into May. However, Regional banks and Investment brokers right now are more challenging areas within the Financials space. Chart of Invesco's Equal-weighted Financials ETF (RSPF-2.65% ) hitting support, below