Associated Banc-Corp

ASB is exhibiting early Stage 3 distribution following an Active Blow-Off Top reversal on high volume. The medium-term bias is bearish as price failed to sustain new highs and EMAs are flattening, while the short-term pullback into the 9/21 EMA support zone amid extreme overbought exhaustion suggests patience. We will trim into shallow rallies toward overhead resistance around the recent peak before committing.

• ↑Q1 loans +2% QoQ ($600M), C&I balances +39% ($540M)
• ↑Annualized checking households +2.2%; core deposits +4.5% YoY ($1.3B)
• ↓Negative profitability score indicates margin compression