Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner.

We are live from Post 9 at the New York Stock Exchange.

This make or break hour begins with relief, lifting bank stocks and the broad indexes as well even as

suspense builds ahead of tomorrow's crucial Fed decision you see regional banks

has a group up nearly 5% of two-day bounce in that sector and that brings us to our talk of the tape.

Is the markets rebound this week showing underlying stability or vulnerability to a nasty

surprise that might come?

Joining us now is Jason Hunter, J.P. Morgan's head of technical strategy. the You know we had a scare the S&P 500 never quite broke down stayed above the

December lows in fact we're trading right now exactly where the index was

the day before Silicon Valley Bank started to melt down.

So the volatility index spiked.

Does that mean that we've absorbed a little mini panic

and it's resilient or do you see risk of the downside ahead?

So on a very near-term basis we've pointed to this 3,950-4,000 area.

And when the market first broke down through that,

you could look at the last two months or so a price action

looked a little bit like a top to move down through those

you know widely followed moving averages in that same area a couple of CTA

type trend following levels in that area had the potential to trigger downside

you know risk to you know to the downside there. The move back

above that now what we've been saying is if you move above 4,000 you'll table

that short-term bearish momentum but bigger picture the thing that got us

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