{"id":174991,"date":"2024-03-25T02:22:00","date_gmt":"2024-03-25T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=174991"},"modified":"2024-03-25T08:49:41","modified_gmt":"2024-03-25T12:49:41","slug":"tech-talk-for-monday-march-25th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/03\/25\/tech-talk-for-monday-march-25th-2024\/","title":{"rendered":"Tech Talk for Monday March 25th 2024"},"content":{"rendered":"

Pre-opening Comments for Monday March 25th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning.<\/b> S&P 500 futures were down 15 points at 8:30 AM EDT. <\/em><\/p>\n

United Airlines<\/b> dropped $1.83 to $66.34 after the FAA launched an increased oversight on the company\u2019s operations. <\/em><\/p>\n

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

Walt Disney<\/b> added $1.33 to $117.20 after Barclay\u2019s upgraded the stock to Overweight.<\/em><\/p>\n

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

Zoom<\/b> added $0.38 to $66.34 after the company launched Zoom Workplace.<\/em><\/p>\n

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

Masimo<\/b> advanced $17.87 to $152.90 after an activist announced plans to increase his number of seats on the company\u2019s board.<\/em><\/p>\n

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 <\/p>\n

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

Responses by North American equity market to FOMC news released last Wednesday were a pleasant surprise. <\/b>S&P 500 Index and Dow Jones Industrial Average quickly moved to all-time highs. The TSX Composite Index tested its all-time high at 22,213.07 set on April 5th<\/sup> 2022. Responses were triggered by comments by Federal Reserve Chairman Powell implying that inflation pressures are coming down: He predicted that the Fed Fund Rate at 5.25%-5.50% will move lower by the end of the year. <\/p>\n

Predictions by the FOMC, that upside inflationary pressures in the U.S. are declining, are pre-mature at best.<\/b> Despite a gain by the U.S. Dollar Index last week by 1.37 to 104.43, commodity prices, particularly agriculture, lumber and base metals prices continued to stream higher. Efforts by the FOMC and Bank of Canada to lower inflation pressures are far from over, not a scenario that is favourable for higher equity prices.<\/p>\n

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

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

Other than investment in commodity and commodity stocks, better opportunities are available in equity markets outside of North America where efforts by the FOMC and Bank of Canada to reduce inflation pressures are not an issue<\/b>. Possibilities include investing in Exchange Traded Funds representing countries and regions outside of North America. <\/p>\n

Note<\/b> that the US 0.55 cent drop by the Canadian Dollar last week to a four month low at US73.47 cents is positive for the earnings of Canadian commodity producers selling products to the U.S<\/b>.<\/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 increased 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 3.3% increase last week). Revenues are expected to increase 3.6% (versus a 3.5% increase last week).<\/b><\/p>\n

Earnings gains accelerate thereafter to the end of 2024. <\/b>Consensus for the second quarter calls for a 9.3% earnings increase (versus a 9.1% increase last week) and a 4.7% increase in revenues (versus a 4.6% increase last week). Consensus for the third quarter calls for an 8.4% increase in earnings (versus a previous 8.3% increase) and a 5.1% increase in revenues. Consensus for the fourth quarter calls for a 17.4% increase in earnings (versus a previous 17.3% increase) and a 5.8% increase in revenues. For all of 2024, consensus calls for an 10.9% increase in earnings (versus a previous increase of 11.0%) and a 5.1% increase in revenues (versus a previous 5.0% increase)<\/p>\n

Preliminary estimates were offered for fiscal 2025. <\/b>Consensus calls for a 13.3% earnings increase (versus previous 13.2% increase) and a 5.9% revenue increase.<\/p>\n

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

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

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

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

February U.S. New Home Sales<\/b> released at 10:00 AM EDT on Monday are expected to increase to 673,000 from 661,000 in January<\/p>\n

February Durable Goods<\/b> Orders<\/b> released at 8:30 AM EDT on Tuesday are expected to increase 1.0 versus a decline of 6.1% in January.<\/p>\n

Updated Annualized Fourth quarter U.S. GDP<\/b> released at 8:30 AM EDT on Thursday is expected to increase 3.2% versus a gain of 4.9% in the third quarter.<\/p>\n

Canada\u2019s GDP<\/b> in January released at 8:30 AM EDT on Thursday is expected to increase 0.4% versus unchanged in December<\/p>\n

March Michigan Sentiment<\/b> released at 10:00 AM EDT on Friday is expected to increase to 77.0 from 76.9 in February.<\/p>\n

 <\/p>\n

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

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

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

 <\/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 22nd<\/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

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

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

Daily Seasonal\/Technical Commodities Trends for March 22nd<\/sup> 2024<\/p>\n

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

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

Green: Increase from previous day<\/b><\/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 22nd<\/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

<\/em><\/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

 <\/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

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

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

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

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

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


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

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

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

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

Mike\u2019s Money Talks for March 23rd<\/sup> <\/b><\/p>\n

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

 <\/p>\n

Apple’s Antitrust Woes: Impact on Market: Dave Keller<\/b><\/p>\n

Apple’s Antitrust Woes: Impact on Market \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Top 5 Stocks Opportunities Revealed! TG Watkins<\/b><\/p>\n

Top 5 Stocks Opportunities Revealed! \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Look Out Below! The Bear Case For Apple: David Keller<\/b><\/p>\n

Look Out Below! The Bear Case For Apple | The Mindful Investor | StockCharts.com<\/a><\/p>\n

 <\/p>\n

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

Rates Look Set to Rise as TLT Resumes its Downtrend: Arthur Hill<\/b><\/p>\n

Rates Look Set to Rise as TLT Resumes its Downtrend | Art’s Charts | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Energy: A Long-Term Turnaround in Relative Strength is Brewing: Julius de Kempenaer<\/b><\/p>\n

Energy: A Long-Term Turnaround in Relative Strength is Brewing | RRG Charts | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Energy Heats Up: Bruce Fraser<\/b><\/p>\n

Energy Heats Up | Wyckoff Power Charting | StockCharts.com<\/a><\/p>\n

 <\/p>\n

The Federal debt Tsunami is coming to crush the market this year: David Skarica<\/b><\/p>\n

The Fed was Dovish but Why? Is it Cause of the Huge Amount of Debt Hitting the Market? And Interview With Palisade , One of my Best Ever Or So I am Told LOL! | David Skarica Addicted to Profits<\/a><\/p>\n

 <\/p>\n

Life in Prison Under Trudeau Anti-Free Speech Law: Bob Hoye<\/b><\/p>\n

Life in Prison Under Trudeau Anti-Free Speech Law \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Cannabis Finally Getting a Buzz in the US: Mark Leibovit<\/b><\/p>\n

Cannabis Finally Getting a Buzz in the US \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Crude Prices Have Suddenly Jumped: Josef Schachter<\/b><\/p>\n

Crude Prices Have Suddenly Jumped \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Trading Desk Notes For March 23, 2024: Victor Adair<\/b><\/p>\n

Trading Desk Notes For March 23, 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\/03\/Rate-news-economic-bump-copper-lead-Magnificent-falter-market-highs-shaky-look-positive-energy.pdf<\/a><\/p>\n

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

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

FedEx <\/b>$FDX an S&P 100 stock moved above $284.09 extending an intermediate uptrend. Responded to better than consensus quarterly results!<\/p>\n

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

Nike<\/b> $NKE a Dow Jones Industrial Average stock moved below $97.06 extending an intermediate downtrend. Responded to lower than consensus guidance! <\/p>\n

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

Lululemon<\/b> $LULU a NASDAQ 100 stock moved below $440.26 extending an intermediate downtrend. Responded to lower than consensus first quarter guidance!<\/p>\n

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

Cognizant <\/b>$CTSH a NASDAQ 100 stock moved below $72.41 setting an intermediate downtrend<\/p>\n

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

Verisign <\/b>$VRSN a NASDAQ 100 stock moved below $188.44 extending an intermediate downtrend.<\/p>\n

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

Dollarama<\/b> $DOL.TO a TSX 60 stock moved below Cdn$101.76 completing a double top pattern.<\/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 dropped 4.00 on Friday, but gained 6.20 last week to 76.80. It remains Overbought.<\/p>\n

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

The long term Barometer dropped 1.40 on Friday, but gained 2.80 last week to 80.80. It remains Overbought.<\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer dropped 4.91 on Friday, but gained 5.63 last week to 68.30. It remains Overbought.<\/p>\n

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

The long term Barometer dropped 0.89 on Friday, but gained 2.98 last week to 70.09. 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 25th U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points at 8:30 AM EDT. United Airlines dropped $1.83 to $66.34 after the FAA launched an increased oversight on the company\u2019s operations. Walt Disney added $1.33 to $117.20 after Barclay\u2019s upgraded the stock to Overweight. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-174991","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174991","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=174991"}],"version-history":[{"count":3,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174991\/revisions"}],"predecessor-version":[{"id":175002,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/174991\/revisions\/175002"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=174991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=174991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=174991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}