Tech Talk for Friday March 22nd 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:35 AM EDT
The Canadian Dollar was unchanged at US 73.71 following release of Canada's January Retail Sales report at 8:30 AM EDT. Consensus called for a drop of 0.4% versus a gain of 0.9% in December. Actual was a drop of 0.3%.
Lululemon dropped $42.34 to $436.50 after forecasting lower than consensus fiscal first quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-9.png "clip_image001[1]")
FedEx gained $29.57 to $294.42 after reporting higher than consensus fiscal third quarter earnings. In addition, the company announced a $5 billion share repurchase program.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-8.png "clip_image002[1]")
Nike dropped $5.71 to $95.11 after offering guidance below consensus.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-9.png "clip_image003[1]")
Tesla dropped $5.82 to $167.00 after announcing a reduction of scheduled car production in China.
Technical Notes
U.S. financial stocks led the list of upside intermediate breakouts yesterday. They included Bank of America above $36.96, Bank of New York Mellon above $56.42, Goldman Sachs above $397.52, Morgan Stanley above $93.24 and Charles Schwab above $71.11.
Canadian Banks also were notably higher. Royal Bank moved above Cdn$136.66 to an all-time high extending an intermediate uptrend.
General Motors $GM an S&P 100 stock moved above $43.04 extending an intermediate uptrend.
Canadian National Railway $CNR.TO a TSX 60 stock moved above Cdn$177.52 to an all-time high extending an intermediate uptrend.
Couche Tard $ATD.TO a TSX 60 stock moved below support at Cdn$78.56.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 21st 2024
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 March 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Stocks SOAR on FED News: Tom Bowley
https://www.youtube.com/watch?v=R72CFjS27ZE&t=168s
The Top Candlestick Pattern For Entries: Joe Rabil
https://www.youtube.com/watch?v=ndi5838I15g&t=136s
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.00 to 80.80. It remains Overbought.
The long term Barometer added 0.60 to 82.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.77 to 73.21. It remains Overbought.
The long term Barometer added 0.32 to 70.98. 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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