Pre-opening Comments for Wednesday March 29^th

U.S. equity index futures moved higher in overnight trade. S&P 500 futures were up 32 points at 8:30 AM EDT.

The Canadian Dollar was virtually unchanged at US73.51 cents following release of the Canadian budget at 4:00 PM EDT yesterday.

Micron added $1.25 to $60.53 after JP Morgan raised its target price from $65 to $75.

Lulu lemon advanced $40.04 to $360.35 after reporting higher than consensus fiscal fourth quarter revenues and earnings. The company also offered positive first quarter guidance.

Carnival Corp. advanced $0.22 to $9.55 after the stock was upgraded by Susquehanna and Wells Fargo.

Microsoft added $2.32 to$277.55 after KeyBanc Capital raised its target price from $270 to $316.

 

EquityClock’s Daily Comment

Headline reads “The potential of a head-and-shoulders bottoming pattern for Chinese internet stocks suggests that the worst for prices in this industry may have past”.

http://www.equityclock.com/2023/03/28/stock-market-outlook-for-march-29-2023/

Technical Notes

CGI Group $GIB, a TSX 60 stock moved above US$94.00 to an all-time high extending an intermediate uptrend.

Metro $MRU.TO, a TSX 60 stock moved above intermediate resistance at $71.94

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 28^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 28^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 28^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive Seasonal ratings: www.equityclock.com

 

Links offered by valued providers

Internet Stocks Providing Leadership | Tom Bowley | Trading Places (03.28.23)

Internet Stocks Providing Leadership | Tom Bowley | Trading Places (03.28.23) – YouTube

 

Big Move Brewing For S&P | Leslie Jouflas, CMT | March 28, 2023

Big Move Brewing For S&P | Leslie Jouflas, CMT | March 28, 2023 – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.60 to 26.20. It remains Oversold. Evidence of a bottom on March 15^th continues to grow.

The long term Barometer added 1.60 to 47.20. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.85 to 35.04. It remains Oversold. Evidence of a bottom on March 16^th continues to grow.

The long term Barometer was unchanged at 55.55. It remains Neutral.

 

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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