Pre-opening Comments for Wednesday March 8^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

January U.S. Trade released at 8:30 AM EST was expected to increase to a deficit of $69.00 billion from a deficit of $67.40 billion in December. Actual was a deficit of $68.3 billion

Federal Reserve Chairman Powell testifies on monetary policy in front of a House Committee at 10:00 AM EST.

Bank of Canada interest rate for major Canadian Banks released at 10:00 AM EST is expected to remain unchanged at 4.50%.

Crowd Strike added $7.91 to $132.92 after reporting higher than consensus fourth quarter revenues. The company also offered positive guidance.

Casey’s General Stores advanced $6.30 to $216.00 after reporting higher than consensus fiscal third quarter earnings.

Campbell Soup gained $0.87 to $53.00 after reporting higher than consensus fiscal second quarter earnings and revenues. The company also raised guidance.

 

EquityClock’s Daily Comment

Headline reads “Performance of Bank stocks suggesting something concerning for the broader market”.

http://www.equityclock.com/2023/03/07/stock-market-outlook-for-march-8-2023/

Technical Notes

Biogen $BIIB an S&P 100 stock moved below $269.06 completing a double top pattern.

Dupont $DD an S&P 500 stock moved below $71.11 completing a short term Head & Shoulders pattern.

Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$167.21 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 7^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 7^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 7^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 13.00 to 37.80. It changed from Neutral to Oversold on a drop below 40.00. Daily trend is down.

The long term Barometer dropped 5.20 to 57.40. It changed from Overbought to Neutral on a drop below 60.00.

 

TSX Momentum Barometers

The intermediate term Barometer plunged 8.51 to 46.38. It remains Neutral. Daily trend is down.

The long term Barometer dropped 2.98 to 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

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