First Merchants Corporation

Stage 3 · Topping · week 6

As of Oct 22, 2026, First Merchants is in Stage 3, the topping phase, now in week 6 (since Sep 17, 2026). It closed at $40.83, 8.9% below its 52-week high and above its 200-day average, which is rising.

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. More about the company

$40.83

+2.18% today

$2.6B · Mid cap

Market Neutral — Building

Pro read

Pro

Our read

Topping: the uptrend is tiring

Setup score

—

Momentum

Steady

Edge

—

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Stage Cycle Timeline2023-08-16 → 2026-10-22

S2 23w

S2 15w

S2 17w

2023-08-162026-10-22

S1S2S3S4Setup score (0–10, dashed line at 5)

S1 6w → S4 8w → S1 2w → S2 12w → S3 9w → S2 5w → S3 5w → S2 12w → S3 3w → S2 23w → S3 3w → S4 9w → S1 8w → S2 4w → S3 4w → S4 8w → S1 4w → S2 15w → S3 2w → S2 17w → S3 5w current

Total tracked: 165 weeks across 21 stage runs.

FRME among Banks - Regional254th of 319 by relative strength

All 319 →

Stocks in Banks - Regional ranked by relative strength, with stage and one-month change
#	Stock	Stage	RS	1M
1	OPHCOptimumBank Holdings, Inc.	Stage 2 · wk 38	96	−1.0%
2	MSBIMidland States Bancorp, Inc.	Stage 2 · wk 43	95	+1.8%
3	CMTVCommunity Bancorp.	Stage 2 · wk 72	94	+11.5%
4	VBNKVersaBank	Stage 2 · wk 25	94	−0.9%
5	AMALAmalgamated Financial Corp.	Stage 3 · wk 2	94	+8.1%
6	BOTJBank of the James Financial Group, Inc.	Stage 2 · wk 58	93	+9.0%
7	ATLOAmes National Corporation	Stage 2 · wk 68	92	+9.5%
8	RBKBRhinebeck Bancorp, Inc.	Stage 2 · wk 38	92	+0.9%
…254	FRMEFirst Merchants Corporation	Stage 3 · wk 6	66	+2.0%

vs 52W High

-8.9%

$33.72 lo$44.83 hi

8.9% below 52W high, weakening from peak

The stock is rolling over from its 52-week high. In Stage 3 distribution, new long positions carry high risk.

Stage Maturity

Week 6

1w13w26w

Week 6, distribution

How long this stock has been in Stage 3 distribution. Longer tops often precede deeper Stage 4 declines.

vs 200 DMA

1.9%

200 DMA: $40.09 · rising

Stock is losing its 200 DMA. Once lost, it confirms Stage 4 risk. This is a major red flag for existing holders.

Rel Volume

1.08x

vs 50-day avg

Volume spikes on down days during Stage 3 signal distribution, with institutions exiting. Stage analysis reads that as a warning against new long positions.

Trend Health

↓

Short-term trend rolling over

Two reads of momentum. The arrow shows the direction of the short-term trend: rising (↑ or ↗), flat (→) or rolling over (↓). The ⇈ mark appears when our trend model reads the move as gaining speed on top of the longer trend. Strongest when both agree.

+2.0%

-4.6%

+4.7%

YTD

+11.9%

+14.8%

Scan Membership

Breakout Watch

Latest: 2024-11-04

9 appearances in last 60 days. First seen: 2019-09-16.

A stock that keeps qualifying week after week does so because its Stage 2 structure keeps holding. Staying power in the scan says more about the trend than any single appearance.

Recent Stage Timeline

2026-10-22S3

Wk 6 · Vol 1.08x

2026-10-21S3

Wk 5 · Vol 0.60x

2026-10-20S3

Wk 5 · Vol 0.93x

2026-10-19S3

Wk 5 · Vol 0.61x

2026-10-16S3

Wk 5 · Vol 0.98x

2026-10-15S3

Wk 5 · Vol 0.77x

2026-10-14S3

Wk 4 · Vol 1.00x

2026-10-13S3

Wk 4 · Vol 0.68x

2026-10-12S3

Wk 4 · Vol 0.63x

2026-10-09S3

Wk 4 · Vol 0.98x

2026-10-08S3

Wk 4 · Vol 1.29x

2026-10-07S3

Wk 3 · Vol 1.61x

Moving averages & range

50 DMA

$40.75

200 DMA

$40.09

52W High

$44.83

52W Low

$33.72

5D Low

$39.38

Resistance levels (recent highs)

20d High

$40.83

60d High

$43.32

120d High

$44.83

250d High

$44.83

Next resistance

+6.1%

to 60d High

P/E (TTM)

13.1

Forward 9.1

Earnings Growth (YoY)

-28.7%

Revenue +2.8%

ROE

+7.4%

Profit margin +29.0%

Dividend Yield

3.70%

P/B 0.9

First Merchants: quick answers

What stage is First Merchants in?

As of Oct 22, 2026, First Merchants (FRME) is in Stage 3, the topping phase. It entered Stage 3 on Sep 17, 2026 and is in week 6. What the four stages mean

Is First Merchants in an uptrend?

Its uptrend has stalled. First Merchants is in Stage 3, the topping phase that follows an advance. It trades 1.9% above its 200-day average, which is rising.

How far is First Merchants from its 52-week high?

First Merchants closed at $40.83 on Oct 22, 2026, 8.9% below its 52-week high of $44.83. Its 52-week low is $33.72.

How has First Merchants performed over the past year?

As of Oct 22, 2026, First Merchants is up 14.8% over the past year and up 11.9% so far in 2026.

Which sector and industry is First Merchants in?

First Merchants is in the Banks - Regional industry, part of the Financials sector.

About this companyFinancials· Banks - Regional

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

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All analytics based on EOD data. Data as of 2026-10-22. Past data patterns are not indicative of future results. This page is a data analytics tool only.