{"id":164180,"date":"2023-03-06T02:22:00","date_gmt":"2023-03-06T07:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=164180"},"modified":"2023-03-06T08:44:53","modified_gmt":"2023-03-06T13:44:53","slug":"tech-talk-for-monday-march-6th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/03\/06\/tech-talk-for-monday-march-6th-2023\/","title":{"rendered":"Tech Talk for Monday March 6th 2023"},"content":{"rendered":"

Pre-opening Comments for Monday March 6th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 7 points in pre-opening trade.<\/em><\/p>\n

Apple added $1.83 to $152.86<\/b> after Goldman Sachs initiated coverage with a Buy rating. Target price is $199.<\/em><\/p>\n

\"clip_image001\"<\/a><\/p>\n

KB Homes dropped $0.50 to $35.26<\/b> after JP Morgan dropped its rating from Overweight to Underweight.<\/em><\/p>\n

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DR Horton dropped $1.63 to $91.15 <\/b>after JP Morgan downgraded the stock from Overweight to Neutral.<\/em><\/p>\n

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Ciena gained $6.51 to$55.60<\/b> after the company reported higher than consensus fiscal first quarter revenues and earnings. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cMajor benchmarks bouncing from significant levels of support heading into a strong period of seasonal strength<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/03\/04\/stock-market-outlook-for-march-6-2023\/<\/em><\/a><\/p>\n

<\/strong><\/font><\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

Focuses this week<\/b> are on Federal Reserve Chairman Powell\u2019s testimonies before Congressional committees on Tuesday and Wednesday and the February U.S. Employment report released Friday morning. <\/p>\n

Seasonal influences for equity markets<\/b> (S&P 500 and ACWX: Rest of the world) have a history of reaching an intermediate low in mid-March for a seasonal trade lasting to the first week in May. <\/p>\n

\"image\"<\/a><\/p>\n

China also is a focus for a seasonal trade into May<\/b>. Its annual parliament meeting started on Sunday. Based on technical action by Chinese equity indices and related sector ETFs last week, Chinese leaders are expected to offer a bullish outlook for the economy in 2023 Nice breakout last week by the Shanghai Composite above 3310 extending an intermediate uptrend!<\/p>\n

\"image\"<\/a><\/p>\n

 <\/p>\n

Consensus for Earnings and Revenues for S&P 500 Companies<\/strong><\/font><\/p>\n

<\/b><\/p>\n

Analyst estimates for fourth quarter 2022 earnings and revenue were adjusted slightly from our last report on February 27th<\/sup>. <\/b>Ninety nine percent of S&P 500 companies have reported quarterly results to date. According to www.factset.com<\/a> fourth quarter earnings are expected to decrease 4.6% (versus previous decrease of 4.8%) but revenues are expected to increase 5.3% (versus previous increase of 5.4%). <\/p>\n

Earnings estimates for 2023 continued to move slightly lower and revenue estimates moved slightly higher.. <\/b>According to www.factset.com<\/a> first quarter 2023 earnings are expected to decrease 5.9% (versus previous decrease of 5.7%) but revenues are expected to increase 1.9% (versus previous increase of 1.8%). Second quarter 2023 earnings are expected to decrease 3.9% (versus previous decrease at 3.7%) and revenues are expected to decrease 0.1%. Third quarter earnings are expected to increase 2.9% (versus a previous increase of 3.0%) and revenues are expected to increase 1.4% (versus previous increase of 1.3%). Fourth quarter earnings are expected to increase 9.6% (versus previous increase of 9.7%) and revenues are expected to increase 3.2% (versus previous increase of 3.3%). For all of 2023, earnings are expected to increase 2.1% (versus previous increase of 2.2%) and revenues are expected to increase 2.0% (versus previous increase of 2.2%)<\/p>\n

 <\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.investing.com<\/a><\/p>\n

January Factory Orders<\/b> released at 10:00 AM EST on Monday are expected to fall 1.5% versus a gain of 1.8% in December.<\/p>\n

January U.S. Trade<\/b> released at 8:30 AM EST on Wednesday is expected to increase to a deficit of $69.00 billion versus a deficit of $67.40 billion in December.<\/p>\n

January Canadian Trade Merchandise Balance<\/b> released at 8:30 AM EST on Wednesday is expected to record a deficit of $500 million versus a deficit of $160 million in December<\/p>\n

Federal Reserve Chairman Powell testifies on monetary policy in front of Congressional committees at 10:00 AM EST on Tuesday and Wednesday.<\/p>\n

Bank of Canada interest rate<\/b> for major Canadian Banks released at 10:00 AM EST on Wednesday is expected to remain unchanged at 4.50%.<\/p>\n

February Non-farm Payrolls<\/b> released at 8:30 AM EST on Friday are expected to increase to 200,000 versus a gain of 517,000 in January. February Unemployment Rate<\/b> is expected to remain at 3.4% set in January. February Average Hourly Earnings<\/b> are expected to increase 0.3% versus a gain of 0.3% in January. On a year-over-year basis<\/b>, February Average Hourly Earnings are expected to increase 4.8% versus a gain of 4.4% in January. <\/p>\n

February Canadian Employment Change<\/b> released at 8:30 AM EST on Friday is expected to increase 5,000 versus a gain of 150,000 in January. February Unemployment Rate<\/b> is expected to increase to 5.1% from 5.0% in January. <\/p>\n

 <\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

Source: www.investing.com<\/a><\/p>\n

Only four S&P 500 companies are scheduled to release quarterly results this week. <\/p>\n

In Canada, only one TSX 60 companies is scheduled to report: Wheaton Precious Metals.<\/p>\n

\"selected<\/a><\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for March 3rd<\/sup> 2023<\/p>\n

\"spx<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for March 3rd<\/sup> 2023<\/p>\n

\"crb<\/a><\/p>\n

<\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for March 3rd<\/sup> 2023 <\/p>\n

\"xlk<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Comments by Mark Leibovit, Ross Clark<\/font><\/em><\/strong> and Robert Campbell<\/font><\/em><\/strong> March 4th<\/sup><\/p>\n

This Week in Money \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Michael Campbell\u2019s<\/font><\/em><\/strong> Money Talks for March 4th<\/sup><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

 <\/p>\n

David Keller<\/font><\/em><\/strong> interview with several technical analysts<\/p>\n

The Road to SPX 5000 | The Mindful Investor | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Stock Market Waiting Game: What You Should Be Watching<\/p>\n

Jayanthi Gopalakrishnan<\/font><\/em><\/strong><\/a> | March 01, 2023 at 06:34 PM<\/p>\n

Stock Market Waiting Game: What You Should Be Watching | ChartWatchers | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Many Stocks in This Industry Popped After Strong Earnings Results — This Similar Company is Due to Report Next Week! <\/strong>Mary Ellen McGonagle<\/font><\/em><\/strong><\/a> | March 03, 2023 at 11:33 PM<\/b><\/p>\n

Many Stocks in This Industry Popped After Strong Earnings Results — This Similar Company is Due to Report Next Week! | The MEM Edge | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Three Signs Employment is Going to Take a Hit<\/p>\n

Tom McClellan<\/font><\/em><\/strong><\/a> <\/strong>| March 03, 2023 at 02:34 PM<\/p>\n

Three Signs Employment is Going to Take a Hit | Top Advisors Corner | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Has Spring Sprung In The Market? | Jane Gallina<\/font><\/em><\/strong> | Your Daily Five (03.03.23)<\/p>\n

Has Spring Sprung In The Market? | Jane Gallina | Your Daily Five (03.03.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Market In New Uptrend After Late Week Rally | Mary Ellen McGonagle<\/font><\/em><\/strong> | The MEM Edge (03.03.23)<\/p>\n

Market In New Uptrend After Late Week Rally | Mary Ellen McGonagle | The MEM Edge (03.03.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Risk Assets Power Higher Into Weekend | David Keller<\/font><\/em><\/strong>, CMT | The Final Bar (03.03.23)<\/p>\n

Risk Assets Power Higher Into Weekend | David Keller, CMT | The Final Bar (03.03.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Links offered by Mark Bunting<\/font><\/em><\/strong> and www.uncommonsenseinvestor.com<\/a><\/p>\n

11 Stocks Benefitting from AI & the Ones to Avoid – Uncommon Sense Investor<\/a><\/p>\n

 <\/p>\n

Expect stocks to struggle amid surging rates, says David Rosenberg<\/font><\/em><\/strong><\/p>\n

https:\/\/www.youtube.com\/watch?v=R95pWFKdzkU<\/a><\/p>\n

 <\/p>\n

Technical Scoop from David Chapman<\/font><\/em><\/strong> and www.EnrichedInvesting.com<\/a><\/p>\n

https:\/\/enrichedinvesting.com\/wp-content\/uploads\/2023\/03\/Long-bear-inflation-pressures-record-jobs-debt-crunch-deteriorating-Dollar-recession-looming.pdf<\/a><\/p>\n

 <\/p>\n

Technical Scores<\/em><\/strong><\/font><\/p>\n

<\/font><\/em><\/strong><\/p>\n

<\/b><\/p>\n

Calculated as follows:<\/em><\/b><\/p>\n

<\/em><\/strong><\/p>\n

Intermediate Uptrend based on at least 20 trading days: Score 2<\/em><\/p>\n

          (Higher highs and higher lows)<\/em><\/p>\n

Intermediate Neutral trend: Score 0<\/em><\/p>\n

          (Not up or down)<\/em><\/p>\n

Intermediate Downtrend: Score -2<\/em><\/p>\n

          (Lower highs and lower lows)<\/em><\/p>\n

<\/em><\/p>\n

Outperformance relative to the S&P 500 Index: Score: 2<\/em><\/p>\n

Neutral Performance relative to the S&P 500 Index: 0<\/em><\/p>\n

Underperformance relative to the S&P 500 Index: Score \u20132<\/em><\/p>\n

<\/em><\/p>\n

Above 20 day moving average: Score 1<\/em><\/p>\n

At 20 day moving average: Score: 0<\/em><\/p>\n

Below 20 day moving average: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1<\/em><\/p>\n

Mixed momentum indicators: 0<\/em><\/p>\n

Down trending momentum indicators: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell\/short signals start when a security descends to 0, but preferably -2.0 or lower. <\/em><\/p>\n

<\/em><\/p>\n

Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower<\/em><\/p>\n

 <\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

<\/b><\/p>\n

\"changes<\/a><\/b><\/p>\n


<\/b><\/p>\n

<\/b><\/p>\n

Technical Notes for Friday<\/strong><\/font><\/p>\n

BMO Equal Weight Global Base Metals ETF $ZMT.TO moved above $59.00 extending an intermediate uptrend.<\/p>\n

\"image\"<\/a><\/p>\n

Southern Copper $SCCO one of the largest copper producers in the world moved above $77.69 to an all-time high extending an intermediate uptrend. <\/p>\n

\"image\"<\/a><\/p>\n

Steel ETF $SLX moved above $69.18 to a 14 year high extending an intermediate uptrend.<\/p>\n

\"image\"<\/a><\/p>\n

US Steel $X, one of the largest steel producers in the U.S. moved above $31.28 extending an intermediate uptrend. <\/p>\n

\"image\"<\/a><\/p>\n

Aerospace & Defense ETFs ITA and PPA moved to all-time highs extending an intermediate uptrend.<\/p>\n

\"image\"<\/a><\/p>\n

\"image\"<\/a><\/p>\n

Nikkei Average moved above 27,821.22 setting an intermediate uptrend<\/p>\n

\"image\"<\/a><\/p>\n

Broadcom $AVGO a NASDAQ 100 stock moved above $617.01 extending an intermediate uptrend. <\/p>\n

\"image\"<\/a><\/p>\n

Okta $OKTA a NASDAQ 100 stock moved $82.10 extending an intermediate uptrend.<\/p>\n

\"image\"<\/a><\/p>\n

Activision $ATVI a NASDAQ 100 stock moved above $78.18 extending an intermediate uptrend. <\/p>\n

\"image\"<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"image\"<\/a><\/p>\n

The intermediate term Barometer added 8.20 on Friday and 8.40 last week to 53.80. It remains Neutral.<\/p>\n

\"image\"<\/a><\/p>\n

The long term Barometer added 6.00 on Friday and 5.40 last week to 65.20. It changed on Friday on a move above 60.00 from Neutral to Overbought. <\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"image\"<\/a><\/p>\n

The intermediate term Barometer jumped 11.49 on Friday and 6.81 last week to 60.00. It changed from Neutral to Overbought with a recovery to 60.00. <\/p>\n

\"image\"<\/a><\/p>\n

The long term Barometer added 4.26 on Friday and 8.51 last week to 66.38. It changed from Neutral to Positive on a move above 60.00.<\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Monday March 6th U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. Apple added $1.83 to $152.86 after Goldman Sachs initiated coverage with a Buy rating. Target price is $199. KB Homes dropped $0.50 to $35.26 after JP Morgan dropped its rating from […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-164180","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/164180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=164180"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/164180\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=164180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=164180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=164180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}