First quarter 2018 earnings kick off with the large money center banks that led the market rally in 2017. Ahead of earnings, institutional selling dominate the demand patterns of JP Morgan, Wells Fargo and Citigroup

Despite two recent negative spikes in JP Morgan, the overall pattern is neutral (blue) heading into Friday’s report. The negative spikes are notable however indicating a near-term pattern of institutional selling prior to its Q1 report.

The demand pattern of Wells Fargo is dominated by a negative spike at 1 weighing on its shares ahead of earnings. The overall demand pattern of Wells Fargo is negative (red) indicating a supply imbalance and net institutional selling.  

Shares of Citigroup have been plagued by institutional selling activity since October of 2017 that has stunted its stock performance in 2018. Despite a small positive spike following the negative spike at 1, the overall trajectory of the demand lines has moved from flat to negative over the past four months.