Tech Talk for Thursday March 21st 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points at 8:35 AM EDT.
S&P 500 futures slipped 2 points following release of the March Philly Fed Index at 8:30 AM EDT. Consensus was a drop of 5.0 versus a gain of 5.2 in February. Actual was a gain of 3.2.
Micron advanced $11.27 to $107.52 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-8.png "clip_image001[1]")
Five Below dropped $27.97 to $181.00 after reporting less than consensus quarterly results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-7.png "clip_image002[1]")
Chewy gained $1.76 to $19.50 after reporting higher than consensus fourth quarter revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-8.png "clip_image003[1]")
Apple dropped $2.56 to $176.11 after receiving notice that the Department of Justice plans to file an antitrust violation case against the company today.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0041-4.png "clip_image004[1]")
Responses to FOMC News released at 2:00 PM EDT
The FOMC maintained its Fed Fund Rate at 5.25%-5.50%. Comments by Federal Reserve Chairman implied no major change in monetary policy for now.
U.S. equity indices recorded strong gains. S&P 500, Dow Jones Industrial Average and related ETFs moved to all-time highs.
The U.S. Dollar ETN moved lower
Ten year Treasury yields moved slightly lower
U.S. Money Center Bank ETF moved higher
The VIX Index plunged
Gold and silver prices soared
Base Metals prices moved higher
The Canadian Dollar moved higher
Technical Notes
Global Timber & Forest iShares $WOOD moved above $82.05 to an all-time high extending an intermediate uptrend.
Canadian forest product stocks (e.g. Canfor, Interfor, West Traser Timber) were notably higher, up more than 6%.
Home Depot $HD a Dow Jones Industrial Average stock moved above $382.81 extending an intermediate uptrend.
Lowe's $LOW an S&P 100 stock moved above $251.94 to an all-time high extending an intermediate uptrend.
General Motors $GM an S&P 100 stock moved above $41.80 extending an intermediate uptrend.
Gildan Activewear $GILTO a TSX 60 stock moved above Cdn$52.16 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 20th 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 20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Downside Risk in a Bullish Market: David Keller
Downside Risk in a Bullish Market - YouTube
Crypto Pullback Setups: Landry Light Indicator Explained: Dave Landry
https://www.youtube.com/watch?v=5Wp8Ph2Tov4
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.20 to 78.80. It remains Overbought.
The long term Barometer added 0.80 to 81.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 6.67 to 72.44. It remains Overbought.
The long term Barometer added 4.00 to 70.67. 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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