Pre-opening Comments for Wednesday February 21st
U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points at 8:30 AM EST
Economic focus today is on FOMC Meeting Minutes released at 2:00 PM EST.
Changes in Dow Jones Averages effective February 26th: Walgreen Boots is replaced by Amazon.com in the Industrial Average. JetBlue is replaced by Uber in the Transportation Average.
Palo Alto dropped $47.29 to $319.00 after offering an outlook below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0011-5.png "clip_image001[1]")
Chesapeake Energy added $2.35 to $80.00 after reporting higher than consensus quarterly earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0021-7.png "clip_image002[1]")
Teledoc plunged $1.84 to $18.65 after reporting a fourth quarter loss. The company also reported less than consensus quarterly revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0031-5.png "clip_image003[1]")
Solar Edge Technologies plunged $14.42 to $69.80 after reporting less than consensus quarterly revenues.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0041-7.png "clip_image004[1]")
Interesting article on seasonality of U.S. equity markets into March
Technical Notes
NASDAQ 100 Index $NDX and its related ETF: QQQ broke below their 20 day moving average.
Advanced Micro Devices $AMD a NASDAQ 100 stock moved below $162.56 completing a double top pattern
Dollar Tree $DLTR a NASDAQ 100 stock moved above $145.09 extending an intermediate uptrend.
Abbott Labs $ABT an S&P 100 stock moved above $115.64 extending an intermediate uptrend.
Positive technical action was recorded by several S&P/TSE 60 stocks:
Metro $MRU.TO a TSX 60 stock moved above Cdn$71.28 extending an intermediate uptrend.
George Weston $WN.TO a TSX 60 stock moved above Cdn$174.21 extending an intermediate uptrend.
National Bank $NA.TO a TSX 60 stock moved above Cdn$104.16 to an all-time high extending an intermediate uptrend.
TC Energy $TRP.TO a TSX 60 stock moved above Cdn$53.80 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.20th 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 Feb.20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Three ways a “Magnificent Seven” stock market bubble could burst
Stock Market Sentiment is FEARFUL: Tom Bowley
https://www.youtube.com/watch?v=gzlICG4VmLE
Dominant Trend for Stocks Still UP:
https://www.youtube.com/watch?v=i4rd2PpZb04
A "Chipwreck" Looming + Alphabet Stock Trade Idea: Dan Nathan and Guy Adami
https://www.youtube.com/watch?v=ukLK-YBAO-A&t=1068s
Warning Signs of Potential Market Reversal: John Kosar
(Includes a seasonality comment with a warning for the next three weeks)
https://www.youtube.com/watch?v=IOfZg_N4Dv8
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 0.20 to 61.00. It remains Overbought.
The long term Barometer added 0.20 to 71.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.00 to 57.78. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer dropped 2.22 to 58.22. It changed from Overbought to Neutral on a drop below 60.00.
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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February 21st, 2024 at 2:38 pm
XLF- Technical score of 6 on this site and has been gradually outperforming the overall US market since late June. Within XLF it is JPM which is a real star. Canadian banks haven’t done much since peaking late Dec/early Jan.
CNQ – It’s finally getting some buying interest
NVDA – Place your bets.
February 21st, 2024 at 4:41 pm
NVDA – Looks like those that bet on it are doing okay. Strangely, the two day decline in the stock created technical room for it to go up now. IMO we will take out the $746 high within days if not hours.