Pre-opening Comments for Thursday February 22^nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 64 points at 8:35 AM EST.

The Canadian Dollar was unchanged at US74.11 cents following release of Canada’s December Retail Sales report at 8:30 AM EST. Consensus was an increase of 0.8% versus a decline of 0.2% in November. Actual was an increase of 0.9%. Excluding auto sales, consensus was an increase of 0.7% versus unchanged in November. Actual was an increase of 0.6%.

Nvidia advanced $47.28 to $722.00 after reporting higher than consensus fourth quarter revenues and earnings.

Etsy dropped $3.13 to $74.00 after reporting less than consensus fourth quarter earnings.

Mosaic added $0.46 to $30.96 after reporting higher than consensus fourth quarter revenues.

Synopsys advanced $20.43 to $564.00 after reporting higher than consensus fiscal first quarter earnings. The company also offered positive second quarter guidance.

 

BNNBloomberg Guest on Market Call today at Noon

Hap Sneddon from CastleMoore is the guest analyst

 

Technical Notes

IBM $IBM a Dow Jones Industrial Average stock moved below $180.98 completing a double top pattern.

Okta $OKTA a NASDAQ 100 stock moved below $79.61 completing a double top pattern.

Check Point $CHKP a NASDAQ 100 stock moved below intermediate support at $155.57.

ANSYS $ANSS a NASDAQ 100 stock moved below $322.24 setting an intermediate downtrend.

TSX Energy iShares $XEG.TO moved above Cdn$16.26 resuming an intermediate uptrend.

ARC Resources $ARX.TO a major Canadian “gassy” stock moved above Cdn$22.46 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for Feb.21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Next CATA Meeting

Next Canadian Association for Technical Analysis meeting is offered at 8:00 PM EST this evening. Presenter on Zoom is David Cox. Everyone is welcome. Not a member of CATA? Contact

CATA Meeting – Feb 22 – David Cox – Events – Canadian Association for Technical Analysis (clubexpress.com).

 

Links offered by valued providers

Titanic Syndrome Indicator Issues a WARNING! David Keller

Titanic Syndrome Indicator Issues a WARNING! – YouTube

 

The U.S. dollar has moved too much against other currencies: Taylor

The U.S. dollar has moved too much against other currencies: Taylor – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.40 to 64.40. It remains Overbought.

The long term Barometer added 3.20 to 74.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 2.67 to 60.44. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer dropped 2.22 to 56.00. 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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