Pre-opening Comments for Thursday February 16^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 36 points in pre-opening trade.

Equity index futures moved lower following release of the Producer Price reports and the Philly Fed report released at 8:30 AM EST. January Producer Price Index was expected to increase 0.4% versus a drop of 0.5% in December. Actual was an increase of 0.7%. On a year-over-year basis, January Producer Price Index is expected to increase 5.4% versus a gain of 6.2% in December. Actual was an increase of 6.0%. Excluding food and energy prices, January PPI is expected to increase 0.3% versus a gain of 0.1% in December. Actual was an increase of 0.5% . On a year-over-year basis, January core PPI is expected to increase 4.9% versus a gain of 5.5% in December. Actual was an increase of 5.4%.

February Philly Fed Manufacturing Index was expected to drop 6.7 versus a drop of 8.9 in January. Actual was a drop of 24.3.

Twilio advanced $8.20 to $74.25 after announcing a share repurchase program and a round of employee layoffs.

Cisco added $1.60 to $49.96 after reporting higher than consensus fiscal second quarter results. The company also offered positive guidance.

Shopify dropped $5.21 to US$48.18 after the company issued quarterly guidance below consensus.

 

EquityClock’s Daily Comment

Headline reads “Abnormally mild temperatures and evolving seasonality is providing a rather manipulated view of the economic fundamentals heading through the winter”.

http://www.equityclock.com/2023/02/15/stock-market-outlook-for-february-16-2023/

 

Technical Notes

Canadian Information/Technology iShares $XIT.TO moved above Cdn$40.53 extending an intermediate uptrend.

Analog Devices $ADI a NASDAQ 100 stock moved above $187.66 to an all-time high extending an intermediate uptrend.

Take Two $TTWO moved above $115.33 extending an intermediate uptrend.

General Electric $GE an S&P 100 stock moved above $83.99 extending an intermediate uptrend.

Seagen $SGEN a NASDAQ 100 stock moved above $141.43 extending an intermediate uptrend.

Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved below $161.05 extending an intermediate downtrend.

Incyte $INCY a NASDAQ 100 stock moved below intermediate support at $78.28.

Bausch Health $BHC.TO a TSX 60 stock moved above Cdn$11.77 extending an intermediate uptrend.

Canadian gold stocks are under technical pressure with lower gold prices. Kinross Gold moved below Cdn$5.27 and US$3.96 setting an intermediate downtrend. Yamana Gold moved below intermediate support at Cdn$7.27.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Feb.15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

5 Growth Stocks Ready To Explode! | Tom Bowley | Your Daily Five (02.15.23)

https://www.youtube.com/watch?v=Us5PvgrvI30

 

Is There More Upside | Greg Schnell, CMT | Market Buzz (02.15.23)

https://www.youtube.com/watch?v=s6s63bIrfWE

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.20 to 69.00. It remains Overbought.

The long term Barometer added 0.40 to 72.20. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.12 to 65.25. It remains Overbought.

The long term Barometer slipped 1.27 to 66.95. 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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