Pre-opening Comments for Wednesday February 28^th

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

S&P 500 futures recovered 4 points following release of revised annualized U.S. fourth quarter 2023 GDP at 8:30 AM EST. Consensus was growth at 3.3% annual rate versus a gain of 4.9% in the third quarter. Actual was growth at a 3.2% rate.

Agilent added $7.45 to $140.00 after reporting higher than consensus fiscal first quarter revenues and earnings.

Applied Materials dropped $3.61 to $199.25 after receiving a subpoena related to its China sales.

UnitedHealth Group dropped $3.42 to $510.00 after receiving notice of an anti-trust investigation.

eBay advanced $1.82 to $46.21 after reporting higher than consensus fourth quarter revenues and earnings. The company also announced positive first quarter guidance, a dividend increase and a $2 billion share repurchase program.

 

Technical Notes

NASDAQ Biotech iShares $IBB moved above $139.49 extending an intermediate uptrend.

Lowe’s $LOW an S&P 100 stock moved above $234.64 extending an intermediate uptrend.

Qualcomm $QCOM a NASDAQ 100 stock moved above $157.98 extending an intermediate uptrend.

Booking Holdings $BKNG an S&P 100 stock moved below intermediate support at $3,476.50.

Bank of Nova Scotia $BNS.TO a TSX 60 stock moved above Cdn$64.29 and Cdn$65.29 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.27^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.27^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.27^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Chart of the Day

CRB Index moved above 274.00 extending an intermediate uptrend. Seasonal influences are positive to June 11^th

Technical score is +2 +0 +1 +1 =4

Uptrend extended on a move above 274.00. Score: 2

Strength relative to the S&P 500 Index: Neutral Score: 0

Trades above its 20 day moving average: Score: 1

Daily momentum (Stochastics, RSI, MACD: trending higher: Score: 1

 

 

Links offered by valued providers

BITCOIN Rally Picks Up Steam, What’s Next? David Keller

BITCOIN Rally Picks Up Steam, What’s Next? – YouTube

 

Expect a challenging quarter for Canadian Banks: analyst: BNNBloomberg

Expect a challenging quarter for Canadian Banks: analyst – YouTube

 

Investors can expect S&P 500 to hit 5,400-5,800 by year-end: Sanctuary Wealth’s Mary Ann Bartels

Investors can expect S&P 500 to hit 5,400-5,800 by year-end: Sanctuary Wealth’s Mary Ann Bartels – YouTube

 

Thinking About Trading Earnings? Here’s My Strategy: Tom Bowley

Thinking About Trading Earnings? Here’s My Strategy – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.80 to 64.40. It remains Overbought.

The long term Barometer added 1.20 to 74.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.78 to 55.56. It remains Neutral.

The long term Barometer added 1.78 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

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