Tech Talk for Tuesday March 7th 2023

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Pre-opening Comments for Tuesday March 7th

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.

Traders are waiting for testimony on U.S. monetary policy in front of the U.S. Senate Banking Committee by Federal Reserve Chairman Jerome Powell starting at 10:00 AM EST.

Dick’s Sporting Goods added $6.66 to $138.80 after reporting higher than consensus fourth quarter revenues and earnings.

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Meta added $2.45 to $187.40 after the company announced plans to further reduce its employee count.

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BlackBerry dropped $0.19 to US$3.80 after the company guided 2023 revenues below consensus.

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Apple added $0.33 to $154.16 after Goldman Sachs reiterated a Buy rating.

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EquityClock’s Daily Comment

Headline reads “The price of your morning $JO may be poised decline as Coffee futures enter their weakest time of the year and as price rolls over from its declining 50-week moving average”.

http://www.equityclock.com/2023/03/06/stock-market-outlook-for-march-7-2023/

 

Technical Notes

Industrial SPDRs $XLI moved above $103.99 extending an intermediate uptrend.

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MercadoLibre $MELI a NASDAQ 100 stock moved above $1,250.48 extending an intermediate uptrend.

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Trader’s Corner

Note changes in seasonal ratings. They have been coordinated with EquityClock’s ratings indicating periods of Positive seasonal strength when available. Sectors not rated as Positive have been given a Neutral rating.

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 6th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 6th 2023

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 6th 2023

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 3.00 to 50.80. It remains Neutral.

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The long term Barometer dropped 2.60 to 62.60. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 5.11 to 54.89. It remains Neutral.

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The long term Barometer dropped 1.28 to 65.11. 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




2 Responses to “Tech Talk for Tuesday March 7th 2023”

  1. Ron/BC Says:

    Get ready for an interest rate hike. Might see some higher GIC rates to invest in. At least the TREND for interest rates is HIGHER. AND the interest earned is tax free. Just like a sold condo that you lived in. Yum,yum………..

  2. Philip Says:

    Even for good season months, the money is going to GIC.

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