The Bottom Line
Surprising response by U.S. equity indices on Friday on news that the U.S. Supreme Court disallowed President Trump’s tariff policy! U.S. equity indices recorded significant gains following the news. Look for a counter proposal from Trump this week!
Economic focus this week is on the January U.S. Producer Price Index released on Friday.
Primary U.S. earnings focus this week is on Nvidia’s quarterly report released on Wednesday. Other U.S. scheduled notable earnings reports include Home Depot on Tuesday, Lowe’s on Wednesday as well as Salesforce.com and Dell on Thursday.
Canadian equity market focus this week is on fiscal first quarter results released by Canada’s “Big Six” chartered banks. Positive technical action by the group last week suggests that good news is anticipated. The sector has a history of reaching a seasonal peak in the first week in March on a real and relative basis.
The TSX Composite Index, TSX 60 Index and their related ETFs (e.g. XIU.TO) have a similar seasonal pattern on a relative basis to Canada’s big banks until August each year.
Economic News This Week
December U.S. Factory Orders released at 10:00 AM EST on Monday are expected to increase 0.2% versus a 2.7% increase in November.
U.S. December Wholesale Inventories released at 10:00 AM EST on Tuesday are expected to increase 0.2% versus a 0.2% increase in November.
February U.S. Consumer Sentiment released at 10:00 AM EST on Tuesday is expected to improve to 87.5 from 84.5 in January.
January U.S. Producer Price Index released at 8:30 AM EST on Friday is expected to increase 0.3% versus a 0.5% gain in December. Excluding food and energy, the January Index is expected to increase 0.4% versus a 0.4% increase in December.
Selected Earnings News This Week
*TSX 60 companies are bolded
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for February 20th 2026
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 February 20th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 20th 2025
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Mike’s Money Talks for February 21st
February 21 Episode (mikesmoneytalks.ca)
The S&P 500 Has a Big Problem — And It’s Not Commodities: Julius DeKempenaer
The S&P 500 Has a Big Problem — And It’s Not Commodities – YouTube
Trump’s Global Tariffs Struck Down by Supreme Court: Bloomberg Television
Trump’s Global Tariffs Struck Down by Supreme Court – YouTube
PCE SHOCKER: Inflation Spikes & GDP Plummets! (Are Rate Hikes Next?)…Here Are The Trades: Verified Investing
PCE SHOCKER: Inflation Spikes & GDP Plummets! (Are Rate Hikes Next?)…Here Are The Trades – YouTube
S&P 500 Trapped Between 6797 and 7000 — Which Breaks First? Tom Bowley
S&P 500 Trapped Between 6797 and 7000 — Which Breaks First? – YouTube
The Market Looks Flat — But Rotation Is Heating Up! Mary Ellen McGonagle
The Market Looks Flat — But Rotation Is Heating Up! (stockcharts.com)
Rangebound Market: How to Trade the S&P 500’s Next Move: Dave Keller
Rangebound Market: How to Trade the S&P 500’s Next Move (stockcharts.com)
Are income taxes “evil”? Bob Hoye
https://www.howestreet.com/2026/02/are-income-taxes-evil-bob-hoye/
Weekly Update with Larry Berman – February 21, 2026
https://www.youtube.com/watch?v=ScKmHWxCwzs
This Week in Money with Ross Clark, Bob Moriarty and Mark Leibovit
This Week in Money – HoweStreet
Changes Last Week
Aerospace & Defense ETF (PPA) moved above $181.31 to an all-time high extending an intermediate uptrend.
Wheat ETN (WEAT) moved above $21.90 extending an intermediate uptrend. Seasonal influences are favourable until May 21st. See seasonality chart at www.EquityClock.com
Nike (NKE) a Dow Jones Industrial Average stock moved above $67.13 completing a double bottom pattern.
National Bank (NA.TO) a TSX 60 stock moved above Cdn$177.39 to an all-time high extending an intermediate uptrend.
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.00 on Friday and 2.40 last week to 66.00. It remains Overbought.
The long term Barometer added 0.60 on Friday and 0.40 last week to 67.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.46 on Friday and dropped 2.76 last week to 79.96. It remains Overbought.
The long term Barometer dropped 1.38 on Friday and was unchanged last week to 79.72. 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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Equity Clock Publications