Pre-opening Comments for Tuesday February 27th
U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points at 8:35 AM EST.
Index futures were unchanged following release of the U.S. January Durable Goods Orders report at 8:30 AM EST. Consensus was a drop of 5.0% versus a downwardly revised -0.3% in December. Actual was a drop of 6.1%. Excluding transportation orders, consensus was an increase of 0.2% versus a gain of 0.6% in December. Actual was a decline of 0.3%
Zoom Video Communications advanced $6.92 to $70.04 after reporting higher than consensus fourth quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0011-9.png "clip_image001[1]")
Unity Software dropped $4.32 to $28.67 after reporting a higher than consensus quarterly loss.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0021-11.png "clip_image002[1]")
Bank of Montreal is expected to open lower after reporting fiscal first quarter earnings below consensus.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0031-8.png "clip_image003[1]")
Viking Therapeutics soared $23.52 to $62.00 after the company announced positive results from a Phase 2 trial of its weight-loss drug
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0041-11.png "clip_image004[1]")
Technical Notes
Consumer Discretionary SPDRs $XLY moved above $182.19 extending an intermediate uptrend.
Micron $MU a NASDAQ 100 stock moved above $90.04 extending an intermediate uptrend.
Copart $CPRT a NASDAQ 100 stock moved above $51.53 to an all-time high extending an intermediate uptrend.
Workday $WDAY a NASDAQ 100 stock moved above $307.81 to an all-time high extending an intermediate uptrend. After the close, the stock dropped $17.17 to $292.00 after reporting less than consensus quarterly results.
Imperial Oil $IMO.TO a TSX 60 stock moved above Cdn$84.57 to an all-time high extending an intermediate uptrend.
George Weston $WN.TO a TSX 60 stock moved above Cdn$181.43 to an all-time high extending an intermediate uptrend.
Brookfield Infrastructure $BIP a TSX 60 stock moved below US$29.59 and $29.54 setting an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.26th 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.26th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.26th 2024
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.60 to 62.80. It remains Overbought. Daily data has turned down.
The long term Barometer dropped 3.20 to 73.40. It remains Overbought. Daily data has turned down.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.00 to 53.78. It remains Neutral. Daily data has turned down.
The long term Barometer dropped 2.22 to 57.33. 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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February 27th, 2024 at 11:03 am
IMO – Making new highs. It had a quite large short position as of Feb 15th.
February 27th, 2024 at 11:55 am
G&M reported last week that BMO hit the top 20 by % increase in shorts as of Feb 15th. BNS went the other way with the top 20 decreased in the short position. Quite the movement of each one after reporting Q1 this morning. RY had the highest % increase in the short position and TD had the highest decrease in the short position reported. It will be interesting to see if they follow what happened today.
February 27th, 2024 at 12:44 pm
CCO looks to be reversing near the 200 day MA. It’s a little early but I think after a 22% peak to trough decline this not a bad entry point. URA is doing the same bounce off support.