{"id":174576,"date":"2024-03-11T02:22:00","date_gmt":"2024-03-11T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=174576"},"modified":"2024-03-11T08:40:28","modified_gmt":"2024-03-11T12:40:28","slug":"tech-talk-for-monday-march-11th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/03\/11\/tech-talk-for-monday-march-11th-2024\/","title":{"rendered":"Tech Talk for Monday March 11th 2024"},"content":{"rendered":"

Pre-opening Comments for Monday March 11th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were down this morning<\/b>. S&P 500 futures were down 23 points at 8:30 AM EDT.<\/em><\/p>\n

Bitcoin<\/b> added 2,618.55 to an all-time high at 71,642.09<\/em><\/p>\n

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

Comcast<\/b> added $0.04 to $42.62 after its film Oppenheimer won 7 Oscars last night.<\/em><\/p>\n

\"clip_image002\"<\/a><\/p>\n

Boeing<\/b> dropped $2.59 to $195.90 after the Department of Justice launched a criminal investigation on the Alaska Airline 737 door plug blow out. <\/em><\/p>\n

\"clip_image003\"<\/a><\/p>\n

 <\/p>\n

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

Another mixed week for performance by North American equity markets!<\/b> Signs of investor uncertainty increased: the VIX Index advanced 12%, Gold bullion ETN (GLD) gained 4.3%, Gold Equity ETF (GDX) advanced 8.4% and Bitcoin jumped 9.9%.<\/p>\n

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

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

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

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

Equity markets outside of North America continue to outperform North American equity markets.<\/b> Notably higher were Exchange Traded Funds tracking Europe, Australia, South Korea and China.<\/p>\n

 <\/p>\n

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

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

Analysts slightly reduced estimates for the first quarter of 2024. <\/b>Consensus on a year-over-year basis calls for an earnings increase of 3.4% (versus a 3.6% increase last week). Revenues are expected to increase 3.5% (versus a previous 3.6% increase).<\/b><\/p>\n

Earnings gains accelerate thereafter to the end of 2024 (All-be-it at a slower rate)<\/b> Consensus for the second quarter calls for a 9.0% earnings increase (versus a 9.2% increase last week) and a 4.6% increase in revenues (versus a previous 4.7% increase). Consensus for the third quarter calls for an 8.2% increase in earnings (versus a previous 8.3% increase) and a 5.1% increase in revenues. Consensus for the fourth quarter calls for a 17.2% increase in earnings (versus a previous 17.4% increase) and a 5.7% increase in revenues (versus previous 5.8% increase). For all of 2024, consensus calls for an 11.0% increase in earnings (versus a previous 10.9% increase) and a 5.0% increase in revenues.<\/p>\n

Preliminary estimates were offered for fiscal 2025. <\/b>Consensus calls for a 13.2% earnings increase and a 5.8% revenue increase.<\/p>\n

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

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

February U.S. Consumer Price Index<\/b> released at 8:30 AM EDT on Tuesday is expected to increase 0.4% versus a gain of 0.3% in January. On a year-over-year basis, February CPI is expected to increase 3.1% versus a 3.1% increase in January. Excluding food and energy, February CPI.is expected to increase 0.3% versus a 0.4% increase in January. On a year-over-year basis, February core CPI is expected to increase 3.7% versus a 3.9% increase in January.<\/p>\n

February U.S. Producer Price Index<\/b> released at 8:30 AM EDT on Thursday is expected to increase 0.3% versus a 0.3% increase in January On a year-over-year basis, February PPI is expected to increase 1.1% versus a gain of 0.9% in January. Excluding food and energy, February PPI is expected to increase 0.2% versus a gain of 0.5% in January. <\/p>\n

February U.S. Retail Sales<\/b> released at 8:30 AM EDT on Thursday released are expected to increase 0.5% versus a 0.8% decline January. <\/p>\n

March Empire State Manufacturing Survey<\/b> released at 8:30 AM EDT on Friday is expected to drop to -6.50 from -2.40 in February.<\/p>\n

February U.S. Capacity Utilization<\/b> released at 9:15 AM EDT on Friday is expected to slip to 78.4% from 78.5% in January February Industrial Production is expected to be unchanged versus a drop of -.1% in January.<\/p>\n

March Michigan Consumer Sentiment<\/b> released at 10:00 AM EDT on Friday is expected to be unchanged from February at 76.9.<\/p>\n

 <\/p>\n

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

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

<\/font><\/strong><\/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 8th<\/sup> 2024<\/p>\n

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

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

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for March 8th<\/sup> 2024<\/p>\n

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

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

Green: Increase from previous day<\/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 8th<\/sup> 2024<\/p>\n

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

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

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


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

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

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

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

South Korea iShares $EWY moved above $66.30 extending an intermediate uptrend<\/p>\n

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

 <\/p>\n

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

Mike\u2019s Money Talks for March 9th<\/sup> 2024<\/b><\/p>\n

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

 <\/p>\n

Top 10 Actionable Charts to Watch 2024: Grayson Roze and David Keller<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=njKKySxu9hQ<\/a><\/p>\n

 <\/p>\n

Small Caps Breaking Out BULLISHL David Keller<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=VD98qqO3K2A<\/a><\/p>\n

 <\/p>\n

Gold’s Complex Base & Wyckoff Analysis: Bruce Fraser<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=azf7EYQ-YXY<\/a><\/p>\n

 <\/p>\n

You Need To Realize ONE Important Fact With Big Rallies Like This One: Tom Bowley<\/b><\/p>\n

You Need To Realize ONE Important Fact With Big Rallies Like This One | Trading Places with Tom Bowley | StockCharts.com<\/a><\/p>\n

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

Gold, Bitcoin, US Dollar: Mark Leibovit<\/b><\/p>\n

Gold, Bitcoin, US Dollar \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Bob Hoye<\/b>: (14:59) Interest Rates, Central Banks, The Fed, Recession, Bitcoin<\/b>.<\/p>\n

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

 <\/p>\n

Victor Adair<\/b>: Trading Desk Notes For March 9, 2024<\/b><\/p>\n

Trading Desk Notes For March 9, 2024 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Danielle Park<\/b>: Central Banks Sit Tight as Pain Spreads<\/b><\/p>\n

Central Banks Sit Tight as Pain Spreads \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\/03\/Unchanged-BOC-high-indices-precious-sense-job-divergence-astronomical-debt-awaiting-energy-geo-same.pdf<\/a><\/p>\n

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

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

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

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

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

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

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

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

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

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

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

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

<\/b><\/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 \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


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

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

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

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

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

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


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

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

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

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

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

The intermediate term Barometer added 2.00 on Friday and gained 8.60 last week to 77.80. It remains Overbought.<\/p>\n

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

The long term Barometer added 0.80 on Friday and gained and gained 4.00 last week. It remains Overbought.<\/p>\n

 <\/p>\n

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

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

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

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

The intermediate term Barometer dropped 4.00 to 64.44 on Friday and gained 4.00 last week to 64.44. It remains Overbought.<\/p>\n

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

The long term Barometer was unchanged on Friday and gained 4.89 last week. It remains Overbought. <\/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 March 11th U.S. equity index futures were down this morning. S&P 500 futures were down 23 points at 8:30 AM EDT. Bitcoin added 2,618.55 to an all-time high at 71,642.09 Comcast added $0.04 to $42.62 after its film Oppenheimer won 7 Oscars last night. Boeing dropped $2.59 to $195.90 after the […]<\/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-174576","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174576","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=174576"}],"version-history":[{"count":4,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174576\/revisions"}],"predecessor-version":[{"id":174586,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174576\/revisions\/174586"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=174576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=174576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=174576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}