Banks Kick Off Q3 Earnings Season with Earnings Beat
Comment
Banks kicked off earnings season last week. JPMorgan Chase (JPM.us), Citigroup (C.us) and Wells Fargo (WFC.us) beat earnings estimates. They posted better than anticipated net interest income, with lending outpacing payments to depositors. Also contributing to earnings was better business from capital markets.
Wells Fargo increased its loan reserve for commercial real estate (CRE).
Other banks such as Goldman Sachs (GS.us), Bank of America (BAC.us) and others are due to report this week.
US.BANKS Technical Analysis
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1. We do note Friday's candle has a long selling tail to it.
2. This is because capital rotated into safe-havens due to possible escalation in the Middle East conflict.
3. Nevertheless, FXCM's US.BANKs basket does have potential bullish signals.
4. Its green 5-day EMA has crossed above its orange 10-day EMA (black ellipse).
5. This puts the EMAs into bullish formation.
6. The daily RSI has crossed to the bullish side of 50 (green rectangle).
7. If the EMAs develop angle and separation and the RSI maintains above 50, US.BANK's momentum will be supportive of further price increases.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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