Pre-opening Comments for Wednesday March 13th
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:30 AM EDT.
Dollar Tree dropped $11.93 to $137.76 after reporting lower than consensus fiscal fourth quarter earnings.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-4.png "clip_image001[1]")
Petco Health & Wellness added $0.09 to $2.65 after reporting higher than consensus fiscal fourth quarter revenues.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-3.png "clip_image002[1]")
Vera Bradley dropped $0.15 to $6.96 after reporting a fourth quarter loss.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-4.png "clip_image003[1]")
GE HealthCare dropped $3.81 to $88.01 after announcing sale of 14 million shares.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0041-2.png "clip_image004[1]")
Technical Notes
China large cap iShares $FXI moved above $24.35 completing a Reverse Head & Shoulders pattern.
Hong Kong iShares $EWH moved above $16.69 completing a double bottom pattern.
Consumer Staples SPDRs $XLP moved above $76.17 extending an intermediate uptrend.
Global Timber ETF $CUT moved above $32.45 to a 22 month high extending an intermediate uptrend.
Oil Services ETF $OIH moved above $308.61 completing a double bottom pattern.
Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved above $162.35 extending an intermediate uptrend.
Oracle $ORCL an S&P 100 stock moved above $126.46 to an all-time high extending an intermediate uptrend. Responded to higher than consensus fiscal third quarter earnings!
Tesla $TSLA a NASDAQ 100 stock moved below $175.01 extending an intermediate downtrend.
Teck Resources $TECK.B.TO a TSX 60 stock moved above Cdn$56.90 extending an intermediate uptrend.
BCE $BCE a TSX 60 stock moved below Cdn$48.70 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 12th 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 12th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 12th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
MAX PAIN with Market Makers This Week Tom Bowley
(Warns about impact of option expiry this Friday)
MAX PAIN with Market Makers This Week – YouTube
5 TOP STOCK PICKS + 2 With Great Potential: Mish Scheider
5 TOP STOCK PICKS + 2 With Great Potential – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 3.0 to 77.60. It remains Overbought.
The long term Barometer dropped 1.20 to 81.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 1.33 to 67.11. It remains Overbought.
The long term Barometer dropped 2.22 to 65.78. 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 13th, 2024 at 9:25 am
FXI – Reverse head and shoulders pattern is an eye opening green flag. I just don’t see evidence of recovery in the Chinese economy but perhaps smarter people than me see it coming. Hong Kong Hang Seng is up 20% off its’ bottom and the mainland exchange is up 13%. If the Chinese economy started to rebound this year it would be a major catalyst for commodity stocks.
March 13th, 2024 at 10:01 am
XOP – It’s running higher in the absence of a major resistance point until around 152.50
CNQ – Paula do you see CNQ pushing against short-term resistance trying to break out of a well defined flag formation? It’s frustrating when you see short periods of underperformance relative to XOP such as since March 1st but when you look over longer periods it is outperforming. I think if you are patient it will break higher to $100
March 13th, 2024 at 2:07 pm
Larry, not near my desktop right now so just a quick reply. I am being patient with CNQ as you previously suggested.
There is a strong uptrend.
March 13th, 2024 at 5:38 pm
On Ron/BC’s weekly chart, CNQ.TO, the modified MACD recently had a buy signal, so looks like plenty of room to go and it is not very overbought yet on the RSI’s. If I am looking at this correctly. Please ignore the pink H&S that obviously was wrong.
Ron/BC, any comments/corrections?
https://schrts.co/ssWxMVIb
March 13th, 2024 at 7:46 pm
Paula
Here is a Weekly chart ov CNQ.TO. Nice looking chart from all angles. Note even the RSI21 is holding along the 50 line. Two nice important breakouts with support now at 92 and 80. I hope what I’m saying is visually correct as I’ve been dizzy all day from a medication I’ve been taking. No more meds for me. I do a lot better with no meds for anything. Unless you consider coffee a med. I don’t drink anything stronger. Been golfing a little when it isn’t raining. We even had some snow and hail here for a short while. Time to go to California or Arizona again I think. I’m fed up with Canadian weather……………..
March 13th, 2024 at 7:48 pm
Paula
I forgot the important stuff………..the chart
https://stockcharts.com/h-sc/ui?s=CNQ.TO&p=W&yr=2&mn=0&dy=0&id=p99786751935&a=1629856303
March 13th, 2024 at 9:49 pm
RON/BC – Sorry you are not feeling your best. I got back from Cuba on Saturday and brought back “Cuban flu” with me coughing my throat out at night and also came back with a heat rash all over that always hits me by day six when I am there. I think I’m going to try a different island next time.
March 13th, 2024 at 11:35 pm
Larry/on
Yes,it seems life is a beach at best.