Pre-opening Comments for Thursday February 29^th

U.S. equity index futures were higher this morning. S&P 500 futures added 5 points at 8:35 AM EST.

U.S. equity index futures recovered 22 points following release of January Core PCE Price Index at 8:30 AM EST. Consensus was an increase of 0.4% versus a gain of 0.2% in December. Actual was an increase of 0.4%. On a year-over-year basis consensus was an increase of 2.8% versus a gain of 2.9% in December. Actual was an increase of 2.8%.

Salesforce.com dropped $12.98 to $289.00 after offering guidance below consensus.

Snowflake dropped $55.00 to $174.97 after the company offered guidance less than consensus. In addition, the company’s chief executive officer announced his retirement.

Okta advanced $15.70 to $103.00 following release of higher than consensus fourth quarter revenues and earnings. The company also offered positive first quarter guidance.

Toronto Dominion Bank is expected to open higher after reporting higher than consensus fiscal first quarter earnings.

 

Technical Notes

The Canadian Dollar moved below US73.60 cents to a 12 week low.

South Africa iShares $EZA moved below $36.99 setting an intermediate downtrend.

U.S. Oil ETN $USO moved above $74.21 extending an intermediate uptrend.

First Trust Natural Gas ETF $FCG moved above $25.06 extending an intermediate uptrend.

Aerospace & Defense iShares $ITA moved above $127.06 to an all-time high extending an intermediate uptrend.

Alphabet a NASDAQ 100 stock broke intermediate support completing double top patterns. GOOG broke $138.17 and GOOGL broke $136.50.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.28^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.28^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.28^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

New Dow Theory CONFIRMS BULL Phase! David Keller

New Dow Theory CONFIRMS BULL Phase! – YouTube

 

Warning Signs: S&P 500 Plummet Ahead: Jeff Huge

Warning Signs: S&P 500 Plummet Ahead – YouTube

 

Markets not focused enough on China’s economic problems, says Ariel’s Charlie Bobrinskoy

Markets not focused enough on China’s economic problems, says Ariel’s Charlie Bobrinskoy – YouTube

 

Recent wave of biotech deals won’t stop anytime soon, says Wedbush’s Chico

Recent wave of biotech deals won’t stop anytime soon, says Wedbush’s Chico – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.20 to 65.60. It remains Overbought.

The long term Barometer slipped 0.80 to 73.80. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.67 to 52.89. It remains Neutral.

The long term Barometer dropped 2.22 to 56.89. 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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