Pre-opening Comments for Tuesday March 19th
U.S. equity index futures traded lower this morning. S&P 500 futures were down 22 points at 8:35 AM EDT.
S&P 500 index futures recovered 6 points following release of the February Housing Star Report at 8:30 AM EDT. Consensus was an increase to 1.420 million units from 1.331 million units in January. Actual was an increase to 1.52 million units.
The Canadian Dollar dropped 0.20 to US73.49 following release of Canada’s February Consumer Price Index at 8:30 AM EDT. Consensus was a year-over-year increase of 3.1% versus a gain of 2.9% in January. Actual was an increase of 2.8%.
Nvidia dropped $11.95 to $872.60 following news at its developer’s conference yesterday.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-6.png "clip_image001[1]")
Unilever added $1.26 to $49.78 following announcement of a spinoff of its ice cream business.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-5.png "clip_image002[1]")
MMM added $0.47 to $105.47 after Barclay’s upgraded the stock from Equal Weight to Overweight. Target was raised to $126.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-6.png "clip_image003[1]")
Technical Notes
Global Agriculture iShares $COW.TO moved above Cdn$62.05 extending an intermediate uptrend.
Electronic Arts $EA a NASDAQ 100 stock moved below intermediate support at $133.33
Waste Connections $WCN.TO a TSX 60 stock moved above Cdn$231.56 to an all-time high extending an intermediate uptrend
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 18th 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 18th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 18th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Market Madness or Sadness Around Fed Week? | Stock Investing & Trading Podcast
https://www.youtube.com/watch?v=GkKr2QhFtTw
How to Find New Shorting Opportunities: Greg Harmon
https://www.youtube.com/watch?v=GlLIwPI_d1k
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.60 to 72.20. It remains Overbought.
The long term Barometer added 1.00 to 79.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 1.33 to 61.33. It remains Overbought.
The long term Barometer was unchanged at 67.11. 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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March 19th, 2024 at 3:03 pm
XLE – Broke multi-year resistance at 91.38 yesterday on an ascending triangle formation and is following through today though quite overbought at RSI 79. XOP is quite strong as well while CNQ finally broke $100 intra-day. IMO the easy money has been made but we could now see one more sustained rally and peak out. Supply/demand is too opaque for me. We could see a Chinese recovery but at the same time OPEC has taken a lot off the market that it could put back on and there are other players that can bring on new supply as well. I would take profits when WTI hits $90. Longer term you can put forward an argument about a new commodity cycle and inflation. The bad part about rising oil is that is makes the Fed’s job harder and in a small way serves to delay rate cuts.
March 19th, 2024 at 9:08 pm
Larry, great points. I follow oil and the oil stocks very closely and hold probably too much of them.
Oil price can be so fickle, I keep reminding myself that all it takes is one new report or data report that says demand will be weak or that there is no meaningful shortage/there is a surplus.
There were some positions that I entered into late and when the market pulled back they did as well though their fundamentals are very different.
CNQ, MEG, ATH all making new or recent highs. Would like to see consolidation but hard to determine who will be taken out and at what price- oil companies are expensive now to acquire.
Will be trimming CPG, OVV soon. Hesitant to trim CNQ because its the best name but I understand your points completely.