Pre-opening Comments for Thursday March 21^st

U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points at 8:35 AM EDT.

S&P 500 futures slipped 2 points following release of the March Philly Fed Index at 8:30 AM EDT. Consensus was a drop of 5.0 versus a gain of 5.2 in February. Actual was a gain of 3.2.

Micron advanced $11.27 to $107.52 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

Five Below dropped $27.97 to $181.00 after reporting less than consensus quarterly results.

Chewy gained $1.76 to $19.50 after reporting higher than consensus fourth quarter revenues.

Apple dropped $2.56 to $176.11 after receiving notice that the Department of Justice plans to file an antitrust violation case against the company today.

 

Responses to FOMC News released at 2:00 PM EDT

The FOMC maintained its Fed Fund Rate at 5.25%-5.50%. Comments by Federal Reserve Chairman implied no major change in monetary policy for now.

U.S. equity indices recorded strong gains. S&P 500, Dow Jones Industrial Average and related ETFs moved to all-time highs.

The U.S. Dollar ETN moved lower

Ten year Treasury yields moved slightly lower

U.S. Money Center Bank ETF moved higher

The VIX Index plunged

Gold and silver prices soared

Base Metals prices moved higher

The Canadian Dollar moved higher

 

Technical Notes

Global Timber & Forest iShares $WOOD moved above $82.05 to an all-time high extending an intermediate uptrend.

Canadian forest product stocks (e.g. Canfor, Interfor, West Traser Timber) were notably higher, up more than 6%.

Home Depot $HD a Dow Jones Industrial Average stock moved above $382.81 extending an intermediate uptrend.

Lowe’s $LOW an S&P 100 stock moved above $251.94 to an all-time high extending an intermediate uptrend.

General Motors $GM an S&P 100 stock moved above $41.80 extending an intermediate uptrend.

Gildan Activewear $GILTO a TSX 60 stock moved above Cdn$52.16 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 20^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 March 20^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 20^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Downside Risk in a Bullish Market: David Keller

Downside Risk in a Bullish Market – YouTube

 

Crypto Pullback Setups: Landry Light Indicator Explained: Dave Landry

https://www.youtube.com/watch?v=5Wp8Ph2Tov4

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.20 to 78.80. It remains Overbought.

The long term Barometer added 0.80 to 81.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 6.67 to 72.44. It remains Overbought.

The long term Barometer added 4.00 to 70.67. 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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