{"id":174148,"date":"2024-02-26T02:22:00","date_gmt":"2024-02-26T07:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=174148"},"modified":"2024-02-26T08:51:25","modified_gmt":"2024-02-26T13:51:25","slug":"tech-talk-for-monday-february-26th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/02\/26\/tech-talk-for-monday-february-26th-2024\/","title":{"rendered":"Tech Talk for Monday February 26th 2024"},"content":{"rendered":"

Pre-opening Comments for Monday February 26th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were mixed this morning<\/b>. S&P 500 futures were unchanged at 8:30 AM EST.<\/em><\/p>\n

Domino\u2019s Pizza<\/b> added $26.35 to $460.00 after reporting higher than consensus fourth quarter <\/em>earnings. <\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

Berkshire Hathaway<\/b> gained $10.88 to $428.10 after reporting higher than consensus fourth quarter earnings. <\/em><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

Amazon.com<\/b> added $0.62 to $175.61 when the stock was added to the Dow Jones Industrial Average effective today.<\/em><\/p>\n

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

Moderna<\/b> dropped $1.51 to $94.95 after HSBC downgraded the stock.<\/em><\/p>\n

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 <\/p>\n

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

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

Nvidia was the pleasant surprise last week:<\/b> It strength following release of \u201cblow out\u201d quarterly results powered the S&P 500 Index and Dow Jones Industrial Average to all-time highs. Nvidia extended its parabolic upside move following release of results on Wednesday. <\/p>\n

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

Meanwhile the CNN Fear and Greed Index moved higher to 78 on Friday, an Extreme Greed level. <\/b>See Fear and Greed Index – Investor Sentiment | CNN<\/a><\/p>\n

Quietly beyond the focus of North American investors, Europe and Far East equity markets soared last week:<\/b> Europe iShares gained 1.78% to an all-time high, the Shanghai Composite jumped 4.85% after completing a double bottom pattern on the charts and the Nikkei Average advanced 5.40% to an all-time high set 38 year ago. Equity markets outside of North American continue to offer higher short term risk\/reward potential.<\/p>\n

Economic focus this week in the U.S. is on the January Core PCE Price Index released on Thursday<\/b> at 8:30 AM EST<\/b>. Consensus is calling for a change in monthly trend from down to up. If confirmed, plans for the FOMC to reduce the Fed Fund Rate will be further delayed. <\/p>\n

Focus this week in Canada is on fiscal first quarter results released by many of Canada\u2019s largest chartered banks<\/b>. The market is anticipating an earnings recovery after many of the banks reported a \u201ckitchen sink\u201d fiscal fourth quarter when loan loss provisions were ramped up.<\/p>\n

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 <\/p>\n

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

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

January U.S. New Home Sales<\/b> released at 10:00 AM EST on Monday are expected to increase to 675,000 units from 664,000 units in December<\/p>\n

January Durable Goods Orders<\/b> released at 8:30 AM EST on Tuesday are expected to drop 4.5% versus unchanged in December.<\/p>\n

Updated U.S. fourth quarter annualized real GDP<\/b> released at 8:30 AM EST on Wednesday is expected to increase 3.3% versus a gain of 4.9% in the third quarter. <\/p>\n

January PCE Price Index<\/b> released at 8:30 AM EST on Thursday is expected to increase 0.3% versus a gain of 0.2% in December. January core PCE Price Index<\/b> is expected to increase 0.4% versus a gain of 0.2% in December. On a year-over-year basis January core PCE Price Index is expected to increase 2.8% versus 2.9% in December.<\/p>\n

January Personal Income<\/b> released at 8:30 AM EST on Thursday is expected to increase 0.5% versus a gain of 0.3% in December. January Personal Spending is expected to increase 0.3% versus a gain of0.2% in December<\/p>\n

Canadian December GDP<\/b> released at 8:30 AM EST on Thursday is expected to increase 0.3% versus a gain of 0.2% in November.<\/p>\n

January U.S. Construction Spending<\/b> released at 10:00 AM EST on Friday is expected to increase 0.2% versus a gain of 0.9% in December.<\/p>\n

February ISM Manufacturing PMI<\/b> released at 10:00 AN EST on Friday is expected to remain unchanged from January at 49.1.<\/p>\n

February Michigan Consumer Sentiment<\/b> released at 10:00 AM EST on Friday is expected to increase to 79.6 from 79.0 in January. <\/p>\n

 <\/p>\n

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

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

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 <\/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 Feb.23rd<\/sup> 2024<\/p>\n

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

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

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

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

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

Daily Seasonal\/Technical Commodities Trends for Feb.23rd<\/sup> 2024<\/p>\n

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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 Feb.23rd<\/sup> 2024<\/p>\n

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

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

 <\/p>\n

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

Michael Campbell\u2019s Money Talks for February 24th<\/sup> <\/b><\/p>\n

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

 <\/p>\n

The Best Technical Indicator for Long-Term Investors: David Keller<\/b><\/p>\n

The Best Technical Indicator for Long-Term Investors \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

How Overextended Are You, QQQ? David Keller<\/b><\/p>\n

How Overextended Are You, QQQ? | The Mindful Investor | StockCharts.com<\/a><\/p>\n

 <\/p>\n

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

Is Energy About to Undergo a Strong Seasonal Sector Surge? Karl Montevirgen<\/b><\/p>\n

Is Energy About to Undergo a Strong Seasonal Sector Surge? | ChartWatchers | StockCharts.com<\/a><\/p>\n

 <\/p>\n

5 Key Players Higher Markets Depend On: Danielle Shay<\/b><\/p>\n

5 Key Players Higher Markets Depend On \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

NVDA Explodes Higher Lifting US Futures<\/b><\/p>\n

NVDA Explodes Higher Lifting US Futures \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Canadian banks amid weakening economy: BNNBloomberg<\/b><\/p>\n

Canadian banks amid weakening economy \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Attention Shoppers, Gold on Sale in Aisle Five: Bob Hoye<\/b><\/p>\n

Attention Shoppers, Gold on Sale in Aisle Five \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Stock Market Way Too Focused on Interest Rates: Mark Liebovit<\/b><\/p>\n

Stock Market Way Too Focused on Interest Rates \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

A Tale of Two Cities for Canadian Energy: Josef Schachter<\/b><\/p>\n

A Tale of Two Cities for Canadian Energy \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Trading Desk Notes For February 24, 2024: Victor Adair<\/b><\/p>\n

Trading Desk Notes For February 24, 2024 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

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

https:\/\/enrichedinvesting.com\/wp-content\/uploads\/2024\/02\/New-highs-yield-slip-oil-pullback-precious-accumulation-potential-top-due-debt-sticky-inflation.pdf<\/a><\/p>\n

 <\/p>\n

Seasonality Chart of the Day: Gold<\/strong><\/font> <\/p>\n

Technical score for gold bullion in U.S. Dollars increased on Friday from -2 to +2. Seasonal influences are positive until April 27th<\/sup><\/p>\n

<\/sup><\/p>\n

Intermediate trend: Up Score: +2 to +2<\/p>\n

Strength relative to S&P 500: Negative Score: -2 to -2<\/p>\n

20 day moving average: Moved above Score: -1 to +1<\/p>\n

Daily momentum (Stochastics, RSI, MACD) turned higher Score: -1 to +1<\/p>\n

Total Score:-2 to +2<\/p>\n

 <\/p>\n

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 <\/p>\n

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

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

<\/em><\/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 -2<\/em><\/p>\n

 <\/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: -1<\/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: -1<\/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

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

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

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

China iShares<\/b> $FXI moved above $24.07 extending an intermediate uptrend. <\/p>\n

\"clip_image014\"<\/a><\/p>\n

U.S. Broker iShares<\/b> $IAI moved above $109.40 extending an intermediate uptrend.<\/p>\n

\"clip_image015\"<\/a><\/p>\n

S&P 100 and NASDAQ 100 stocks <\/b>extending an intermediate uptrend included Blackrock <\/b>on a move above $819.00, Regeneron <\/b>on a move above $973.99, Clorox<\/b> on a move above $86.14, Accenture<\/b> on a move above $375.73 and General Motors<\/b> on a move above $39.75.<\/p>\n

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\"clip_image017\"<\/a><\/p>\n

\"clip_image018\"<\/a><\/p>\n

\"clip_image019\"<\/a><\/p>\n

\"clip_image020\"<\/a><\/p>\n

Power Corp<\/b> $POW.TO a TSX 60 stock moved above Cdn$39.74 to an all-time high extending an intermediate uptrend. <\/p>\n

\"clip_image021\"<\/a><\/p>\n

Pembina Pipeline<\/b> $PPL.TO a TSX 60 stock moved above Cdn$46.84 extending an intermediate uptrend. <\/p>\n

\"clip_image022\"<\/a><\/p>\n

 <\/p>\n

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

\"clip_image023\"<\/a><\/p>\n

The intermediate term Barometer added 3.00 on Friday and gained 7.20 last week to 68.40. It remains Overbought.<\/p>\n

\"clip_image024\"<\/a><\/p>\n

The long term Barometer added 0.60 on Friday and gained 5.60 last week to 76.60. It remains Overbought.<\/p>\n

 <\/p>\n

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

\"clip_image025\"<\/a><\/p>\n

The intermediate term Barometer was unchanged on Friday and dropped 4.00 last week to 57.78. It changed from Overbought to Neutral on a drop below 60.00.<\/p>\n

\"clip_image026\"<\/a><\/p>\n

The long term Barometer added 0.44 on Friday and slipped 0.88 last week to 59.56. It changed from Overbought to Neutral on a drop below 60.00. <\/p>\n

 <\/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 February 26th U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:30 AM EST. Domino\u2019s Pizza added $26.35 to $460.00 after reporting higher than consensus fourth quarter earnings. Berkshire Hathaway gained $10.88 to $428.10 after reporting higher than consensus fourth quarter earnings. Amazon.com added $0.62 to […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-174148","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174148","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=174148"}],"version-history":[{"count":3,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174148\/revisions"}],"predecessor-version":[{"id":174159,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174148\/revisions\/174159"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=174148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=174148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=174148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}