Pre-opening Comments for Wednesday March 6th
U.S. equity index futures were higher this morning. S&P 500 futures were up 27 points at 8:30 AM EST.
Bank of Canada’s statement on the Bank Rate offered to major Canadian banks is released at 9:45 AM EST. Press conference is offered at 10:30 AM EST. No change in the lending rate at 5.00% for major Canadian banks is expected.
Federal Reserve Chairman Powell testifies before Congress at 10:00 AM EST.
Beige Book summarizing the latest FOMC meeting is released at 2:00 PM EST.
Nordstrom dropped $2.10 to $18.80 after issuing guidance below consensus.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0015-1.png "clip_image001[5]")
Ross Stores dropped $0.85 to $148.32 after lowering guidance below consensus.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0025-1.png "clip_image002[5]")
Crowdstrike gained $53.20 to $350.87 after reporting higher than consensus first quarter results. The company also offered positive guidance.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0035-1.png "clip_image003[5]")
Foot Locker dropped $3.21 to $31.10 after the company issued guidance below consensus.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0045-1.png "clip_image004[5]")
Technical Notes
Match $MTCH a NASDAQ 100 stock moved below $34.54 setting an intermediate downtrend.
Nike $NKE a Dow Jones Industrial Average stock moved below $98.70 extending an intermediate downtrend.
Workday $WDAY a NASDAQ 100 stock moved below $263.88 setting an intermediate downtrend.
Pepsico $PEP an S&P 100 stock moved below $163.12 setting an intermediate downtrend.
T-Mobil $TMUS a NASDAQ 100 moved above $165.29 to an all-time high extending an intermediate uptrend.
Metlife $MET an S&P 100 stock moved above $70.44 extending an intermediate uptrend.
Restaurant Brands International $QSR.TO a TSX 60 stock moved above Cdn$107.08 to an all-time high extending an intermediate uptrend.
Franco-Nevada $FNV.TO a TSX 60 stock moved above Cdn$151.89 completing a base building pattern
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 5th 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 March 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Would You Rather Own AMZN or AAPL Stock? David Keller
Would You Rather Own AMZN or AAPL Stock? – YouTube
LOWER Your Market Expectations For MARCH! Tom Bowley
LOWER Your Market Expectations For MARCH! – YouTube
Unveiling Gold & Bitcoin: What’s Next? Erin Swenlin
Unveiling Gold & Bitcoin: What’s Next? – YouTube
The Most IMPORTANT Trendline in Tech: Dan Nathan and Guy Adami
The Most IMPORTANT Trendline in Tech – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 3.00 to 69.00. It remains Overbought.
The long term Barometer dropped 1.80 to 74.80.
TSX Momentum Barometers
The intermediate term Barometer dropped 1.33 to 55.11. It remains Neutral.
The long term Barometer slipped 0.44 to 63.11. It remains Overbought.
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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March 6th, 2024 at 9:42 am
Cramer has finally called the market toppy. It’s finally time to take a little off the table but I would not at all fear an end to this bull market. Maybe we are due for a five percent correction. The problem is if you sell are you quick enough to get back in? There is just too much money that wants in and will buy on any drop and it will go mostly to the market leaders.
March 6th, 2024 at 1:11 pm
Here are a couple of high yielding boring old Canadian blue chips that I like the look of:
BCE.TO possible double bottom; positive divergence on RSI(21) and almost 8% yield:
https://schrts.co/aTcgSiQQ
TD.TO in a triangle: possible move above short term down trendline could then test longer term down trendline ~ 85, along with a 4.8% yield, which is high for this bank.
https://schrts.co/irkrhqcz
March 6th, 2024 at 1:24 pm
Another Cramer long time piece of advice is that you own NVDA. Don’t trade it. It’s going much much higher just based on fundamentals.
March 6th, 2024 at 6:25 pm
The Daily SPX has pulled back to short term support at 5050. A break below this level would suggest a further pullback along with some scary “story”. Gotta have a story!!!!!!!
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p22666347822&a=1581235834