Pre-opening Comments for Thursday March 7^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points at 8:30 AM EST.

European Central Bank announced at 8:15 AM EST an extension of its lending rate to major banks at 4.50%.

Victoria’s Secret dropped $4.42 to $21.20 after forecasting fiscal first quarter revenues below consensus.

Big Lots dropped $0.34 to $4.69 after reporting a widening fourth quarter loss.

Ciena dropped $6.05 to $55.91 after reporting a revenue decline in its fiscal first quarter.

Kroger added $2.51 to $53.00.after reporting higher than consensus fourth quarter revenues.

 

Technical Notes

Consumer Staples SPDRs $XLP moved above $75.31 extending an intermediate uptrend.

Palladium ETN $PALL moved above $91.62 completing a short term reverse Head & Shoulders pattern

IBM $IBM a Dow Jones Industrial Average stock moved above $195.12 to an all-time high extending an intermediate uptrend.

Wells Fargo $WFC an S&P 100 stock moved above $56.98 to an all-time high extending an intermediate uptrend.

Bristol-Myers $BMY an S&P 100 stock moved above $52.84 completing a double bottom pattern.

Vertex Pharma $VRTX a NASDAQ 100 stock moved below $410.80 completing a double top pattern

Tesla $TSLA a NASDAQ 100 stock moved below $175.01 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 6^th 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 March 6^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 6^th 2024

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.60 to 73.60. It remains Overbought.

The long term Barometer added 2.20 to 77.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 7.11 to 62.22. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer added 1.78 to 64.89. 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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