Pre-opening Comments for Friday February 27th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:30 AM EST.
Intuit dropped $8.92 to $649.00 after offering guidance below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0011-7.png "clip_image001[1]")
Booking Holdings dropped $163.36 to $3738.63 after reporting less than consensus fourth quarter earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0021-9.png "clip_image002[1]")
Block gained $7.36 to $75.32 after reporting a surprise fourth quarter profit.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0031-7.png "clip_image003[1]")
Carvana advanced $11.60 to $63.60 after offering positive first quarter guidance.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0041-9.png "clip_image004[1]")
Technical Notes
Eurozone iShares $EZU moved above $48.20 to an all-time high extending an intermediate uptrend.
Germany iShares $EWG moved above $29.90 extending an intermediate uptrend.
Materials SPDRs $XLB moved above $86.30 extending an intermediate uptrend.
Consumer Discretionary SPDRs $XLY moved above $182.19 extending an intermediate uptrend.
BMO China ETF $ZCH.TO moved above Cdn$12.29 completing a double bottom pattern.
Financial SPDRs $XLF moved above $40.08 to an all-time high extending an intermediate uptrend.
Bank of Nova Scotia $BNS.TO a TSX 60 stock moved above $64.26 extending an intermediate uptrend.
Nutrien $NTR.TO a TSX 60 stock moved above intermediate resistance at Cdn$70.25.
CCL Industries $CCL.B.TO a TSX 60 stock moved above Cdn$61.87 extending an intermediate uptrend.
Suncor $SU.TO a TSX 60 stock moved above Cdn$45.79 resuming an intermediate uptrend. The company reported higher than consensus fourth quarter results.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.22nd 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.22nd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.22nd 2024
Green: Increase from previous day
Red: Decrease from previous day
CastleMoore on BNN’s Market Call Yesterday
Hap Sneddon, founder and chief portfolio manager at CastleMoore Inc., discusses his top picks: Invesco DB Agriculture ETF, Paramount Resources, and iShares China Index.
https://www.bnnbloomberg.ca/market-call
Links offered by valued providers
NVDA Explodes Higher Lifting US Futures: Tom Bowley
NVDA Explodes Higher Lifting US Futures – YouTube
3 Unique RSI Techniques to Maximize Your Investments: Joe Rabil
3 Unique RSI Techniques to Maximize Your Investments – YouTube
Former Dallas Fed Pres. Richard Fisher: Something has to be done about ‘our enormous fiscal wreck’: Richard Fisher
Nvidia Beats, Stock Soars – Dan Niles and Carter Worth React: Guy Adami and Dan Nathan
Nvidia Beats, Stock Soars – Dan Niles and Carter Worth React – YouTube
Technical Score on Chart of the Day
Technical score on NASDAQ Composite Index improved from -2 to +4:
Trend: Remained Up Score: +2 to +2
Strength relative to S&P 500: Negative to Neutral Score: -2 to 0
20 day moving average: Below to Above: Score: -1 to +1
Daily Momentum (Stochastics, RSI, MACD): Down to Up Score: -1 to +1
Totals: Score: -2 to +4
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.00 to 65.40. It remains Overbought.
The long term Barometer added 1.60 to 76.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 2.67 to 57.78. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer added 3.11 to 59.11. 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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February 25th, 2024 at 10:24 am
Who’s Buying CNQ? – Paula I thought you might find this interesting from my scouring for info. Similarly Buffett has been increasing his stake in OXY. PNC’s purchase is nothing but as you go down the list you can see some interesting players including Barometer, Barclays and Montrusco Bolton.
https://www.americanbankingnews.com/2024/02/25/pnc-financial-services-group-inc-raises-stake-in-canadian-natural-resources-limited-nysecnq.html
February 25th, 2024 at 12:35 pm
Larry/ON,
Thanks for this article. Yes, it seems that when institutional investors get involved with a stock, that really makes a difference. This has happened before with CNQ b/c it is a cyclical company in a cyclical sector but nice to ride it for as long as it lasts. There may be some more staying with it this time when the Trans Mountain pipeline gets completed. Also, there is a LNG facility being constructed that should help Canadian companies export to the big Asian markets. I am hearing occasional chatter about this, even on the US channel. Of course, this will all wind down in the long term as we transition to non carbon power sources. But that might be at least a decade away.
On this chart of Ron/BC’s the price is just poking above the down trendline from the all time high in November last year.
https://schrts.co/ycRzEZpR