Pre-opening comments for Friday March 22nd 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:35 AM EDT
The Canadian Dollar was unchanged at US 73.71 following release of Canada’s January Retail Sales report at 8:30 AM EDT. Consensus called for a drop of 0.4% versus a gain of 0.9% in December. Actual was a drop of 0.3%.
Lululemon dropped $42.34 to $436.50 after forecasting lower than consensus fiscal first quarter revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-9.png "clip_image001[1]")
FedEx gained $29.57 to $294.42 after reporting higher than consensus fiscal third quarter earnings. In addition, the company announced a $5 billion share repurchase program.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-8.png "clip_image002[1]")
Nike dropped $5.71 to $95.11 after offering guidance below consensus.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-9.png "clip_image003[1]")
Tesla dropped $5.82 to $167.00 after announcing a reduction of scheduled car production in China.
Technical Notes
U.S. financial stocks led the list of upside intermediate breakouts yesterday. They included Bank of America above $36.96, Bank of New York Mellon above $56.42, Goldman Sachs above $397.52, Morgan Stanley above $93.24 and Charles Schwab above $71.11.
Canadian Banks also were notably higher. Royal Bank moved above Cdn$136.66 to an all-time high extending an intermediate uptrend.
General Motors $GM an S&P 100 stock moved above $43.04 extending an intermediate uptrend.
Canadian National Railway $CNR.TO a TSX 60 stock moved above Cdn$177.52 to an all-time high extending an intermediate uptrend.
Couche Tard $ATD.TO a TSX 60 stock moved below support at Cdn$78.56.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 21st 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 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Stocks SOAR on FED News: Tom Bowley
https://www.youtube.com/watch?v=R72CFjS27ZE&t=168s
The Top Candlestick Pattern For Entries: Joe Rabil
https://www.youtube.com/watch?v=ndi5838I15g&t=136s
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.00 to 80.80. It remains Overbought.
The long term Barometer added 0.60 to 82.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.77 to 73.21. It remains Overbought.
The long term Barometer added 0.32 to 70.98. 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 23rd, 2024 at 1:25 am
Here is the Fear and Green Index. Always worth a look………….
https://www.cnn.com/markets/fear-and-greed
March 23rd, 2024 at 9:08 am
NVDA – Record high close after two weeks of consolidation. Key reversal day was a bear trap.
March 23rd, 2024 at 4:56 pm
Hey, what do guys think of aris.to?
To me it looks like a inverse Head shoulder formation.
March 24th, 2024 at 2:27 am
David
Here is a Weekly chart of ARIS.to
Price has been all over the place for many years. Right now price is bumping up against 4.55 resistance with another resistance level at 5.95. Support is now 3.75.
The Seasonal trend is not good now until early May. An old saying is “Buy Support/Sell Resistance.” It works.
https://stockcharts.com/h-sc/ui?s=ARIS.TO&p=W&yr=6&mn=0&dy=0&id=p12317643464&a=1638853692
https://stockcharts.com/freecharts/seasonality.php?symbol=ARIS.TO
March 24th, 2024 at 2:31 am
ARIS.to Seasonal Trend chart comment should read: Not good until early July.
March 24th, 2024 at 4:48 pm
Thanks Ron. It looks like it wasn’t to break this down trend. Have a good weekend
March 24th, 2024 at 4:49 pm
*wants* to breakout of its downtrend