Pre-opening Comments for Friday March 8^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points at 8:35 AM EST.

Index futures advanced 14 points following release of the February Non-farm Payrolls at 8:30 AM EST. Consensus was a drop to 198,000 from a downwardly revised 229,000 in January. Actual was 275,000 Consensus for the February Unemployment Rate was unchanged from January at 3.7%. Actual was an increase to 3.9%.

The Canadian Dollar added 0.06 to US74.40 cents following release of the February Canadian Employment Report at 8:30 AM EST. Consensus was a 21,100 increase in employment versus a 37,300 increase in January. Actual was an increase of 40,700. Consensus for the Unemployment Rate was an increase to 5.8% from 5.7% in January. Actual was an increase to 5.8%.

Marvell Technology dropped $7.93 to $77.00 after offering a fiscal first quarter outlook that was less than consensus.

Docusign advanced $6.94 to $$60.50 after reporting a fourth quarter revenue and earnings beat.

Broadcom dropped $47.01 to $1,360 after reporting less than consensus quarterly results.

 

Technical Notes

Australia iShares $EWA moved above $24.67 extending an intermediate uptrend.

Copper Miners ETF $COPX moved above $38.64 setting an intermediate uptrend.

Oil Services ETF $OIH moved above intermediate resistance at $308.61,

Micron $MU a NASDAQ 100 stock moved above $97.02 to an all-time high extending an intermediate uptrend.

Starbucks $SBUX a Dow Jones Industrial Average stock moved below $90.85 setting an intermediate downtrend.

Baidu $BIDU a NASDAQ 100 stock moved below $97.51 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 7^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 7^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 7^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

AAPL and TSLA Stocks Are COLLAPSING! David Keller

AAPL and TSLA Stocks Are COLLAPSING! – YouTube

 

Unexpected Stock Rally Predicted Due to Falling Yields: Tom Bowley

https://www.youtube.com/watch?v=oy25JpU27sk

 

Stock Market Rally Can’t Stop Won’t Stop: Guy Adami, Dan Nathan and Carter Worth

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

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.20 to 75.80. It remains Overbought.

The long term Barometer added 1.80 to 78.80. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 6.22 to 68.44. It remains Overbought.

The long term Barometer added 4.00 to 68.89. 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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