Pre-opening Comments for Tuesday March 12^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points at 8:35 AM EDT.

Index futures added 7 points following release of the February U.S. Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.3% in January. Actual was an increase of 0.4%. On a year-over-year basis, consensus was an increase of 3.1% versus a 3.1% increase in January. Actual was an increase of 3.2%. Excluding food and energy, consensus was an increase of 0.3% versus a 0.4% increase in January. Actual was an increase of 0.4%. On a year-over-year basis, consensus for February core CPI was an increase of 3.7% versus a 3.9% increase in January. Actual was an increase of 3.8%.

Oracle gained $12.37 to $126.50 after reporting higher than consensus fiscal third quarter earnings.

Acadia Pharma dropped $3.48 to $20.65 after its new schizophrenia drug failed to meet goals set in a late test trial.

Casey’s General Stores dropped $2.77 to $295.99 after fiscal third quarter earnings unexpectedly declined.

Technical Notes

eBay $EBAY a NASDAQ 100 stock moved above $50.76 extending an intermediate uptrend.

Altria $MO an S&P 100 stock moved above $42.08 resuming an intermediate uptrend.

Eli Lilly $LLY an S&P 100 stock moved below intermediate support at $733.24

VALE $VALE one of the world’s largest base metals producer moved below $13.77 extending an intermediate downtrend.

IDEXX $IDXX a NASDAQ 100 stock moved below $545.69 completing a double top pattern.

Agnico-Eagle $AEM.TO a TSX 60 stock moved above Cdn$74.34 resuming an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 11^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 11^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 11^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Next CATA Meeting

Next Canadian Association for Technical Analysis meeting is held tonight at 8:00 PM EDT. Speaker on Zoom is Matt Caruso. Everyone is welcome. Not a member of CATA. Connect at

CATA Meeting – March 12 – Matt Caruso – Events – Canadian Association for Technical Analysis (clubexpress.com)

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.80 to 80.60. It remains Overbought.

The long term Barometer gained 2.60 to 82.20. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.33 to 65.78. It remains Overbought.

The long term Barometer dropped 0.89 to 68.00. 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

More from the network: Stock Market Outlook for December 4, 2023 Stock Market Outlook for December 1, 2023 Stock Market Outlook for November 30, 2023 Stock Market Outlook for November 29, 2023 Stock Market Outlook for November 28, 2023