Pre-opening Comments for Friday February 16^th

U.S. equity index futures were lower this morning. S&P 500 futures dropped 9 points at 8:35 AM EST

S&P 500 Index futures dropped 15 points following release of the January U.S. Producer Price Index at 8:30 AM EST. Consensus was an increase of 0.1% versus a decline of 0.1% in December. Actual was an increase of 0.3%. On a year-over-year basis January PPI was expected to increase 0.6% versus a gain of 1.0% in December. Actual was an increase of 0.9%. Excluding food and energy, consensus was an increase of 0.1% versus unchanged in December. Actual was an increase of 0.6%. On a year-over-year basis core PPI was expected to increase 1.6% versus a gain of 1.8% in December. Actual was an increase of 2.0%

Applied Materials advanced $14.34 to $202.00 after reporting higher than consensus fiscal first quarter revenues and earnings.

Roku dropped $14.29 to $81.00 after reporting a fourth quarter loss.

Trading Desk advanced $14.29 to $90.00 after reporting higher than consensus fourth quarter revenues.

Door Dash dropped $12.45 to $113.82 after reporting a fourth quarter loss.

 

Next Tech Talk report

Next report is released on Tuesday February 19^th. Equity markets in the U.S. and Canada are closed for a holiday on Monday.

Technical Notes

Eurozone iShares $EZU moved above $47.82 extending an intermediate uptrend.

Wells Fargo $WFC an S&P 100 stock moved above $51.08 extending an intermediate uptrend.

Federal regulator consent order was closed.

Electronic Arts $EA a NASDAQ 100 stock moved above $143.47 extending an intermediate uptrend.

Wheat ETN $WEAT moved below $5.38 extending an intermediate downtrend. One of the reasons why Deere $DE dropped over 5% yesterday.

S&P Oil and Gas Exploration SPDRs $XOP moved above $136.75 completing a double bottom pattern.

First Trust Natural Gas ETF $FCG moved above $24.01 completing a double bottom pattern.

Cenovus $CVE.TO a TSX 60 stock moved above intermediate resistance at Cdn$22.89

Imperial Oil $IMO.TO a TSX 60 stock moved above $80.89 setting an intermediate uptrend.

Cdn. Financials iShares $XFN.TO moved above $48.33 extending an intermediate uptrend.

Canadian Tire $CTC.A.TO a TSX 60 stock moved below Cdn$129.90 extending an intermediate downtrend. The company reported fourth quarter results below consensus.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.15^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 Feb.15^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.15^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links from valued providers

Market Pullback? Follow These Charts! Dave Keller

Market Pullback? Follow These Charts! – YouTube

 

Surviving the Stock Market Plunge Jeff Huge

Surviving the Stock Market Plunge – YouTube

 

BEWARE! S&P 500 Tailwinds Are Becoming Headwinds: Tom Bowley

Tech Talk Editor’s Comment: Note seasonality comment.

BEWARE! S&P 500 Tailwinds Are Becoming Headwinds – YouTube

 

Investors need to be aware of the optimism priced into markets today, says Wilshire’s Joshua Emanuel

Investors need to be aware of the optimism priced into markets today, says Wilshire’s Joshua Emanuel – YouTube

 

Mohamed El-Erian on inflation: ‘be careful of a Fed that is too data dependent’

Mohamed El-Erian on inflation: ‘be careful of a Fed that is too data dependent’ – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 7.40 to 64.20. It changed from Neutral to Overbought on a return above 60.00.

The long term Barometer added 2.40 to 73.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer jumped 9.33 to 59.56. It remains Neutral.

The long term Barometer advanced 4.44 to 59.11. 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

More from the network: Stock Market Outlook for December 23, 2024 Stock Market Outlook for December 20, 2024 Stock Market Outlook for December 19, 2024 Stock Market Outlook for December 18, 2024 Stock Market Outlook for December 17, 2024