Pre-opening Comments for Tuesday March 5^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points at 8:30 AM EST.

Target gained $12.81 to $163.30 after reporting higher than consensus fourth quarter profits. The company also raised guidance.

Apple dropped $3.45 to $171.65 after reporting a 24% decrease in iPhone sales in China during the past six months.

Paymentus Holdings gained $3.75 to $20.10 after reporting higher than consensus fourth quarter earnings.

 

Gitlab dropped $9.47 to $65.00 after offering guidance below consensus.

 

Technical Notes

Gold ETN $GLD moved above $194.45 to an all-time high extending an intermediate uptrend.

Materials SPDRs $XLB moved above $88.35 to an all-time high extending an intermediate uptrend.

Cadence Design Systems $CDNS a NASDAQ 100 stock moved above $315.70 to an all-time high extending an intermediate uptrend.

Ford $F an S&P 100 stock moved above $12.73 extending an intermediate uptrend. Responding to higher than consensus sales!

Altria $MO an S&P 100 stock moved below $39.91 setting an intermediate downtrend

Fox $FOX an S&P 100 stock moved below $26.41 and $FOXA moved below $28.51 setting an intermediate downtrend.

Charter Communications $CHTR an S&P 100 stock moved below $279.64 extending an intermediate downtrend.

Rogers Communications $RCI a TSX 60 stock moved below US$43.89 and Cdn$59.61 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 4^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 March 4^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 4^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Weekly Update with Larry Berman – March 2, 2024

https://www.youtube.com/watch?v=g8Z3DJwuo2A

 

Where is the Stock Market Top? | Chart Check on S&P 500, Yields & Mag7 Stocks: Guy Adami, Dan Nathan and Carter Worth (Note comment on gold).

https://www.youtube.com/watch?v=OLQ4ATxdSRg

 

How Powell’s testimony, jobs report could impact stock rally

How Powell’s testimony, jobs report could impact stock rally – YouTube

 

Europe is good for vacation, not for stocks: Trivariate’s Adam Parker

Europe is good for vacation, not for stocks: Trivariate’s Adam Parker – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.80 to 72.00. It remains Overbought.

The long term Barometer added 1.00 to 76.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 4.00 to 56.44. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer slipped 0.44 to 63.56. It remains Overbought.

 

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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