Pre-opening Comments for Friday March 30^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

Trader interest is expected to focus on response to of the February ISM Non-manufacturing Purchase Managers Index released at 10:00 AM EST. Consensus calls for a drop to 54.5 from 55.2 in January.

Costco dropped $9.75 to $475.94 after the company reported less than consensus quarterly revenues.

Dell slipped $1.17 to $39.00 after the company lowered guidance.

Broadcom added $1.37 to 600.02 after the company reported higher than consensus fiscal first quarter earnings. The company also offered positive guidance.

Procter & Gamble added $1.40 to $140.33 after JP Morgan upgraded the stock from Neutral to Overweight.

 

EquityClock’s Daily Comment

Headline reads “Gasoline product supplied, a gauge of demand, continues to show the strongest percentage increase through the first two months of the year on record, thereby supporting the price of the commodity”.

http://www.equityclock.com/2023/03/02/stock-market-outlook-for-march-3-2023/

 

Don Vialoux on “Wolf on Bay Street”

Don Vialoux is a guest on “Wolf on Bay Street” available on Corus Radio (Radio 640) at 7:00 PM EST tomorrow (Saturday).

 

Technical Notes

Oil & Gas Services ETF $PXJ moved above $5.83 extending an intermediate uptrend

Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $178.84 extending an intermediate uptrend. The company offered positive guidance and announced a $20 billion share repurchase program.

Dollarama $DOL.TO a TSX 60 stock moved below $77.71 extending an intermediate downtrend.

Rogers Communications $RCI.B.TO a TSX 60 stock moved below Cdn$64.10 completing a double top pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 2^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 2^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 2^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Here Comes The Rotation! | Tom Bowley | Trading Places (03.02.23)

Here Comes The Rotation! | Tom Bowley | Trading Places (03.02.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.20 to 45.60. It remains Neutral.

The long term Barometer gained 3.00 to 59.20. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 4.26 to 48.51. It remains Neutral. Trend is down.

The long term Barometer was unchanged at 62.13. It remains Overbought.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed

More from the network: Stock Market Outlook for December 4, 2023 Stock Market Outlook for December 1, 2023 Stock Market Outlook for November 30, 2023 Stock Market Outlook for November 29, 2023 Stock Market Outlook for November 28, 2023