Pre-opening Comments for Tuesday March 18^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points at 8:35 AM EDT.

S&P 500 futures were unchanged following release of the U.S. February Housing Starts report at 8:30 AM EDT. Consensus called for an increase to 1.380 million units from 1.366 million units in January. Actual was an increase to 1.500 million units.

The Canadian Dollar added 0.05 to U.S. 70.04 cents following release of Canada’s February Consumer Price Index at 8:30 AM EDT. Consensus called for a 0.6% increase versus a 0.1% increase in January. Actual was a 1.1% increase. On a year-over-year basis, consensus called for a 2.1% increase versus a 1.9% increase in January. Actual was a 2.6% increase.

Corning added $2.14 to $49.00 after offering positive guidance.

Crude oil gained $0.84 to $68.43 after Middle East tensions escalated.

Tesla dropped $6.26 to $231.75 after BYD announced a new faster charging system for its cars.

EquityClock’s Market Outlook for March 18^th

Mean reversion in the market into the end of the quarter has materialized on cue, but some important levels warrant scrutiny ahead as the recovery from oversold lows plays out. See:

https://equityclock.com/2025/03/17/stock-market-outlook-for-march-18-2025/

Technical Notes

Gold Miners ETF $GDX moved above $43.71 to a 12 year high extending an intermediate uptrend. Seasonal influences are favourable to April 9^th. See:

https://charts.equityclock.com/vaneck-vectors-gold-miners-etf-nysegdx-seasonal-chart

Platinum ETN $PPLT moved above $91.50 extending an intermediate uptrend.

South Africa iShares $EZA moved above $47.05 and $47.24 extending an intermediate uptrend. Sensitive to gold! Seasonal influences are favourable until April 21^st. See:

https://charts.equityclock.com/ishares-msci-south-africa-etf-nyseeza-seasonal-chart

Global Base Metals iShares $PICK moved above $37.90 extending an intermediate uptrend.

A major reason for strength in PICK was a strong move by VALE, one of the largest base metal producers in the world on a trade above $9.89.

China A shares Fund trading in U.S. dollars $CAF moved above$13.45 extending an intermediate uptrend.

Emerging Markets ETF ZEM.TO moved above Cdn$22.81 to a four year high extending an intermediate uptrend.

Brazil iShares $EWZ moved above $26.55 setting an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 17^th 2025

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 17^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 17^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Will Markets Rebound from Recent Lows? Guy Adami and Dan Nathan

Will Markets Rebound from Recent Lows? – YouTube

Market is showing signs of a bottoming process, strategist says

Market is showing signs of a bottoming process, strategist says – YouTube

There is more room to run with gold, depending on the Fed, strategist says

There is more room to run with gold, depending on the Fed, strategist says – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 5.60 to 39.80. It remains Oversold.

The long term Barometer added 5.00 to 45.60. It remains Neutral

The short term (20 days) Barometer jumped 14.20 to 43.20. It changed from Oversold to Neutral. Since Friday, the Barometer has advanced 24.20, a clear technical sign of a short term bottom.

TSX Momentum Barometers

The intermediate term Barometer jumped 5.91 to 50.91. It remains Neutral.

The long term Barometer added 2.73 to 55.00. It remains Neutral.

The short term (20 days) Barometer jumped 13.18 to 55.91. 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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