Pre-opening Comments for Thursday March 20^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points at 8:30 AM EDT.

Microchip Technology dropped $2.62 to $51.95 after offering depository shares valued at $1.35 billion.

Accenture dropped $15.47 to $309.00 despite reporting higher than consensus fiscal second quarter results.

Darden Restaurants dropped $0.65 to $187.50 after reporting less than consensus fiscal third quarter results.

Freeport McMoran added $0.65 to $41.07 after JP Morgan upgraded the stock from Neutral to Buy.

EquityClock’s Market Outlook for March 20^th

Consumers still unwilling to take on debt in this high cost of borrowing environment, but they are relying on the equity in their homes to stay afloat and bridge the gap in their finances. See:

https://equityclock.com/2025/03/19/stock-market-outlook-for-march-20-2025/

Technical Notes

Initial equity market response after 2:00 PM EDT to the FOMC decision to maintain the Fed Fund Rate at 4.50% was encouraging

Turkey iShares $TUR moved below intermediate support at $33.44 after its Istanbul mayor, a potential President candidate in the next election was arrested days before Presidential nominations.

Base Metal ETF $XBM.TO moved above Cdn$20.80 and Cdn$20.96 setting an intermediate uptrend.

Chevron $CVX a Dow Jones Industrial Average stock moved above $162.87 to a 30 month high extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 20^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 20^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 20^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

CHART THIS with David Keller, CMT Wednesday 3/19/25

https://www.youtube.com/watch?v=tvhSTeOUG-U

New SPX Correction Signal! How Long Will It Last? Joe Rabil

https://www.youtube.com/watch?v=lu0nQGSKLdg

Federal Reserve Chair Powell speaks after Fed kept interest rates steady — 3/19/2025

https://www.youtube.com/watch?v=TRUTia9JXe4

U.S. fed leaves interest rate unchanged as it navigates tariff uncertainty

https://www.youtube.com/watch?v=zpC4q0yZzDU

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.80 to 41.20. It changed from Oversold to Neutral on a recovery above 40.00. Daily uptrend was extended.

The long term Barometer added 2.40 to 46.40. It remains Neutral. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 5.00 to 56.82. It remains Neutral. Daily uptrend was extended.

The long term Barometer added 2.73 to 55.91. It remains Neutral. Daily uptrend was extended.

Short term (20 days) Barometer jumped 11.36 to 64.09. It changed from Neutral to Overbought on a move above 60.00. Daily uptrend was extended.

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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