Pre-opening comments for Friday March 22^nd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:35 AM EDT

The Canadian Dollar was unchanged at US 73.71 following release of Canada’s January Retail Sales report at 8:30 AM EDT. Consensus called for a drop of 0.4% versus a gain of 0.9% in December. Actual was a drop of 0.3%.

Lululemon dropped $42.34 to $436.50 after forecasting lower than consensus fiscal first quarter revenues.

FedEx gained $29.57 to $294.42 after reporting higher than consensus fiscal third quarter earnings. In addition, the company announced a $5 billion share repurchase program.

Nike dropped $5.71 to $95.11 after offering guidance below consensus.

Tesla dropped $5.82 to $167.00 after announcing a reduction of scheduled car production in China.

Technical Notes

U.S. financial stocks led the list of upside intermediate breakouts yesterday. They included Bank of America above $36.96, Bank of New York Mellon above $56.42, Goldman Sachs above $397.52, Morgan Stanley above $93.24 and Charles Schwab above $71.11.

Canadian Banks also were notably higher. Royal Bank moved above Cdn$136.66 to an all-time high extending an intermediate uptrend.

General Motors $GM an S&P 100 stock moved above $43.04 extending an intermediate uptrend.

Canadian National Railway $CNR.TO a TSX 60 stock moved above Cdn$177.52 to an all-time high extending an intermediate uptrend.

Couche Tard $ATD.TO a TSX 60 stock moved below support at Cdn$78.56.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 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 March 21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Stocks SOAR on FED News: Tom Bowley

https://www.youtube.com/watch?v=R72CFjS27ZE&t=168s

 

The Top Candlestick Pattern For Entries: Joe Rabil

https://www.youtube.com/watch?v=ndi5838I15g&t=136s

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.00 to 80.80. It remains Overbought.

The long term Barometer added 0.60 to 82.20. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.77 to 73.21. It remains Overbought.

The long term Barometer added 0.32 to 70.98. 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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