Pre-opening Comments for Friday March 17th
U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points at 8:30 AM EDT.
FedEx advanced $23.55 to $227.60 after reporting higher than consensus fiscal third quarter earnings. The company also raised guidance for the fourth quarter.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0011-11.png "clip_image001[1]")
Groupon dropped $0.32 to $4.58 after reporting lower than consensus fourth quarter revenues and a larger than consensus fourth quarter loss.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0021-11.png "clip_image002[1]")
U.S. Steel advanced $1.18 to $25.70 after raising first quarter guidance.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0031-8.png "clip_image003[1]")
First Republic Bank dropped $5.67 to $28.60 despite arranging a $30 billion financial rescue package.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0041-5.png "clip_image004[1]")
EquityClock’s Daily Comment
Head line reads “Despite the decline in the past week, the path of initial jobless claims is still reminiscent of what is typical at the start of economic recessions”.
http://www.equityclock.com/2023/03/16/stock-market-outlook-for-march-17-2023/
Technical Notes
TSX Composite Index briefly moved below intermediate support at 19,159.58
Microsoft $MSFT a Dow Jones Industrial Average stock moved above $276.07 extending an intermediate uptrend.
Regeneron $REGN a NASDAQ 100 stock moved below $733.33 completing a double top pattern.
Soybean ETN $SOYB moved below $27.29 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 16th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 16th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 16th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Ideas For Your Potential Buy List | Larry Tentarelli | Your Daily Five (03.16.23)
Ideas For Your Potential Buy List | Larry Tentarelli | Your Daily Five (03.16.23) – YouTube
Wall Street Is Accumulating Growth Stocks | Tom Bowley | Trading Places (03.15.23)
Wall Street Is Accumulating Growth Stocks | Tom Bowley | Trading Places (03.15.23) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.20 to 24.40. It remains Oversold.
The long term Barometer added 4.00 to 44.60. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer added 1.70 to 28.51. It remains Oversold.
The long term Barometer added 4.26 to 52.34. 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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March 17th, 2023 at 2:28 pm
Still_Learning
Your suggestion of WPM.to has done well!!!!!!!!!!!!
https://stockcharts.com/h-sc/ui?s=WPM.TO&p=D&yr=2&mn=0&dy=0&id=p10899882606&a=1370759490
March 17th, 2023 at 4:15 pm
Yeah, thanks Ron, except I didn’t take my own suggestion. My system was giving me buy signals on WPM and ABX but I’m quite leary of gold and related stocks.
Instead I jumped at some CM, thinking the Can. banks were way oversold with the SVB news of last Mon. I’m in the black on CM but by much …yet!
March 17th, 2023 at 5:46 pm
Ana,
NTR
Just catching up on the week’s posts. Good to see you back on this site. Sorry to hear about your broken knee. That sounds like the worst kind of injury. I hope you heal quickly. If I am recalling correctly, you were looking after your mother? Was this before your move to Saskatchewan?
I am with you on the political spectrum but I tend to avoid political debates since they can get so belligerent.
Hope you can post every so often.
March 17th, 2023 at 5:47 pm
Ron/BC
Thanks for the charts you posted recently. I hope you took your own suggestion on gold stocks. I did not. Like Still Learning, I am quite leery of them after having been burnt numerous times. But I did buy more ZWB for the income.
March 17th, 2023 at 6:47 pm
Still_Learning
Well inspite of being impressed with the WPM.to chart and how it was outperforming all other precious metal stocks I didn’t buy it either. I guess I’m just paranoid and always expecting some hot shot to bad mouth whatever I bought. Looking back over the last year I’m glad I was paranoid about buying stocks. My GICs in my TFSAs have been my best moves for awhile now along with buying and selling a couple of condos over the last few years. I used to subscribe to an old timer stock guru called Joe Granville long ago and I recall his favourite saying, “IF IT’S OBVIOUS, IT’S OBVIOUSLY WRONG.”. That stuck with me and has saved me a lot of money over the years in many ways.
https://stockcharts.com/h-sc/ui?s=CM.TO&p=D&yr=2&mn=0&dy=0&id=p33776920220&a=682925877
March 17th, 2023 at 6:58 pm
Paula
No I didn’t take my own advise and buy precious metal stocks. I really don’t like to see the markets soar like and eagle and then plunge like a shot duck. Doesn’t build a lot of confidence. Might as well flip a coin.
I agree, ANA needs to comment here now and again. She was talking about the Prairie winters are not for the faint of heart but when I and my family came to Victoria we were surprised at just how cold a rainy day can be here with the wind blowing. You can’t really dress for it either like the dry cold in the prairies. That cold and wet goes right through you here. And the sky is often pure grey with no blue like you see in the prairies. It can get quite depressing here especially when it rains non stop for days on end. But there isn’t much snow most of the time. Here is ZEB.to. Not much of a selloff inspite of all the news about bank stocks.
https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=3&mn=0&dy=0&id=p26374381889&a=1055739122
March 17th, 2023 at 7:56 pm
Paula
This is the chart I was going to post.
https://stockcharts.com/h-sc/ui?s=ZWB.TO&p=D&yr=2&mn=0&dy=0&id=p75008882679&a=1055022940
March 18th, 2023 at 6:07 pm
This week West Texas Intermediate ($WTIC) dropped below a tight trading range it has been in for the last four months.
https://schrts.co/fHrZWxng
March 19th, 2023 at 5:45 pm
Catching up on this weeks posts here after some time. Hope everyone is doing well.
FishFat, thanks for #8 Oil chart. Just goes to show that price is king and not always reflection of fundamentals. I think ‘dont fall in love with stocks’ is one of Ron/BC’s quotes and how true it is.
March 19th, 2023 at 6:38 pm
Ron/BC,
Thanks for the ZWB chart and the ZEB for that matter.
FishFat and Vik,
$WTIC is down below $70 USD. Isn’t that where Biden said they would start buying to replenish the Strategic Petroleum Reserve (SPR)? Will be interesting to see if that happens.
March 19th, 2023 at 7:06 pm
Ron/BC
Regarding Post #1
Is that a cup and handle formation on your chart, starting the cup in April 2022?
If it is, then I expect a fast movement upward.
March 19th, 2023 at 7:57 pm
Paula
Regarding post #3.
Wow, you have a great memory! Yes, I am looking after my mother in Saskatchewan.
I hear you on the political debates! I try not to focus too much on politics, as it quickly leads me to a negative place.
Thank you for the well wishes to heal my knee. I am sure it will heal! Unfortunately, I think that my break is from my rushing around too much and not paying enough attention to my age!
I love to read your posts, Paula! I hope you and your family are well.
March 19th, 2023 at 10:15 pm
#8 FishFat,
Thank you for your chart of $WTIC, however, my shorter indicators indicate that $WTIC will rebound to around $80 to $83 prior to another decline.
March 19th, 2023 at 11:04 pm
Ana
WPM.to on post #1 “could be seen as a Cup and Handle” but that is a very short handle. I’ve never been a fan of that H&S pattern as it’s often just part of another pattern being so long in time to develop. But clearing that recent high would be wildly bullish regardless. I was very impressed with WPM.to with it outperforming GLD, XGD.to and SLV and a variety of other precious metal symbols. So more new highs just might be a ticket to much higher prices. It is overbought but that never stopped a freight train before either. Markets are up in night trading but I’ve never found any reason to expect follow through into the next day.
P.S. I was feeling sorry for myself lately as I’m not 100% from my hip replacement yet after 5 months until I read your comments about what you have to go through for a trashed knee. I don’t feel sorry for myself anymore,thanks.
https://stockcharts.com/h-sc/ui?s=WPM.TO&p=D&yr=2&mn=0&dy=0&id=p55401809225&a=1370759490
https://stockcharts.com/freecharts/seasonality.php?symbol=WPM.TO