Pre-opening Comments for Friday March 24th
U.S. equity index futures were lower this morning. S&P 500 futures were down 34 points at 8:35 AM EDT
Index futures dropped sharply in overnight trade on concerns that Deutsche Bank was experiencing financial distress. Deutsche Bank dropped $1.20 to $8.14 in overnight trade.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0011-14.png "clip_image001[1]")
Index futures were virtually unchanged following release of the February Durable Goods Order report at 8:30 AM EDT. Consensus was an increase of 0.2% versus a decline of 4.5% in January. Actual was a drop of 1.0%. Excluding transportation orders, consensus was an increase of 0.2% versus a decline of 0.8% in January. Actual was unchanged.
Stochastics dropped $4.81 to $36.51 after reporting a larger than consensus fiscal third quarter loss. The company also lowered guidance for its fiscal fourth quarter
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0021-15.png "clip_image002[1]")
Genuine Parts gained $4.69 to $158.98 after Truist upgraded the stock from Hold to Buy.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0031-11.png "clip_image003[1]")
EquityClock’s Daily Comment
Headline reads “Coincident indicators continue to hint that an economic recession is underway”.
http://www.equityclock.com/2023/03/23/stock-market-outlook-for-march-24-2023/
Technical Notes
Goldman Sachs raised its 12 month price target for gold to $2,050/oz from $1,950, describing it as the best hedge against financial risks, and reiterated its bullish view on commodities in general.
Russell 2000 iShares $IWM moved below support at $169.71 extending an intermediate downtrend.
Regeneron $REGN a NASDAQ 100 stock moved above $800.48 to an all-time high extending an intermediate uptrend.
Synopsys $SNPS a NASDAQ 100 stock moved above $379.76 extending an intermediate uptrend.
Exelon $EXC an S&P 100 stock moved below $39.35 setting an intermediate downtrend.
Duke Energy $DUK an S&P 100 stock moved below $91.72 extending an intermediate downtrend.
Lowes Companies $LOW an S&P 100 stock moved below $191.27 setting an intermediate downtrend.
Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved below $150.71 extending an intermediate downtrend.
Wheaton Precious Metals $WPM a TSX 60 stock moved above US$46.43 extending an intermediate uptrend.
Canadian National Railway $CNR.TO a TSX 60 stock moved below Cdn$154.25 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive Seasonal ratings: www.equityclock.com
Links offered by valued providers
Stocks Fail After Fed Meeting | Tom Bowley | Trading Places (03.23.23)
Stocks Fail After Fed Meeting | Tom Bowley | Trading Places (03.23.23) – YouTube
Editor’s Note: Favourable comments on the Semi-conductor sector
A Growth Sector Turns Up | Greg Schnell, CMT | Market Buzz (03.22.23)
A Growth Sector Turns Up | Greg Schnell, CMT | Market Buzz (03.22.23) – YouTube
Editor’s Note: Favourable comments on the Consumer Discretionary sector.
3 Buyable ETF’s & 2 Stocks In A Volatile Market | Mary Ellen McGonagle | (03.23.23)
Editor’s Note: Favourable comments on the NASDAQ Composite Index and Gold
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.00 to 18.80. It remains Oversold.
The long term Barometer dropped 1.80 to 41.40. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 2.43 to 28.63. It remains Oversold.
The long term Barometer slipped 0.21 to 51.28. 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 24th, 2023 at 11:58 am
DB has to be the go to bank for dirty money and particularly for Russian money laundering. Then there is that relationship with the guy who tried to pull off a coup after losing the 2020 election and his relationship with Russian money all kept secret at DB.
https://www.npr.org/2020/02/19/807191309/dark-towers-exposes-chaos-and-corruption-at-the-bank-that-holds-trump-s-secrets
March 25th, 2023 at 10:40 am
Larry/ON
Interesting article, thanks.
March 25th, 2023 at 9:20 pm
Anyone wondering why their Gold stocks haven’t been going up “consistently” for the last 3 years can see that $GOLD has been trading in a $400 sideways range for the last 3 years.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=0&dy=0&id=p59579184808&a=1380761185
March 26th, 2023 at 12:18 pm
Ron/BC
Yeah, good one! I did not pick that out. I did notice the negative divergence starting to creep into the chart as you highlighted on the RSI(8). It is showing up on other indicators as well.
March 26th, 2023 at 12:29 pm
One chart I am paying attention to is Natural Gas. Positive divergence is showing up on the chart with price forming a possible double bottom basing pattern. I am not ready to jump in yet. I am waiting for a breakout of the downtrend and watching for the Modified MACD(50,200,10) to make a bullish cross above the signal line.
https://schrts.co/BpgrRRtM
March 26th, 2023 at 2:04 pm
FishFat
So which Nat gas symbols would you suggest going long on……….UNG perhaps?
https://stockcharts.com/h-sc/ui?s=UNG&p=D&yr=2&mn=0&dy=0&id=p69506402856&a=673066322
March 27th, 2023 at 9:19 am
Ron/BC
Yes, UNG (US Natural Gas ETF) is a reasonable choice. I know you know this, but for others who might not; UNG has a very large daily trade volume which makes buying and selling easier. But it trades in USD which adds a risk of foreign exchange loss if the Canadian dollar were to rise. Also, management fees & expenses are typically high on commodity ETF’s which means you should not plan to hold them long term – short term at best. Make your profit and get out and don’t ride any losses too far.
Depending on several factors, any rise in the Henry Hub natural gas price should theoretically benefit the gas-weighted energy companies back in Canada – ie. Advantage Energy (AAV.to) 88% gas, Peyto Exploration (PEY.to) 87% gas, Birchcliff Energy (BIR.to) 80% gas, Tourmaline Oil (TOU.to) 77% gas, etc. I have not yet looked closer at any of these charts.