Pre-opening Comments for Friday March 1^st

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:30 AM EST

WTI Crude oil added $1.33 to a three month high at U.S. 79.58 per barrel.

Dell Technologies advanced $12.34 after reporting higher than consensus fourth quarter results. The company also raised its dividend.

Autodesk gained $14.83 to $273.00 after reporting higher than consensus fourth quarter results.

Zscaler dropped $16.97 to $225.00 after offering guidance below consensus.

 

Technical Notes

WTI Crude Oil $WTIC moved above US$79.29 extending an intermediate uptrend.

Russell 2000 iShares $IWM moved above $205.49 extending an intermediate uptrend.

U.S. Brokers iShares $IAI moved above $110.91 to an all-time high extending an intermediate uptrend.

Frontier iShares $FM moved above $26.96 extending an intermediate uptrend.

Advanced Micro Devices $AMD moved above $184.92 to an all-time high extending an intermediate uptrend.

Canadian Imperial Bank of Commerce $CM.TO a TSX 60 stock moved above Cdn$64.09 extending an intermediate uptrend. It reported higher than consensus fiscal first quarter earnings.

BMO Equal Weight Canadian Energy ETF $ZEO.TO moved above Cdn$66.45 extending an intermediate uptrend.

Canadian Natural Resources $CNQ.TO a TSX 60 stock moved above Cdn$82.34 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.29^th 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.29^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.29^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Copper: Wired for the future: Sprott

Copper: Wired for the Future (sprott.com)

 

Magnificent 7 Not All Magnificent! David Keller

Magnificent 7 Not All Magnificent! – YouTube

 

Do NOT Argue With a Secular Bull Market Advance! Tom Bowley

https://www.youtube.com/watch?v=0UUEqhVGhaE

 

Bullish Pattern In These Three Stocks: Dan Nathan, Guy Adami and Carter Worth

https://www.youtube.com/watch?v=4w63wJ2IxEs

 

Swing Trading Strategies, Tips & Trends: Joe Rabil and Bruce Fraser

https://www.youtube.com/watch?v=vuqbNDNmsF8

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.00 to 67.60. It remains Overbought.

The long term Barometer added 2.80 to 76.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 1.33 to 51.56. It remains Neutral. Daily trend is down.

The long term Barometer added 1.33 to 58.22. 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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