Tech Talk for Wednesday March 20th 2024
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:30 AM EDT
FOMC announces its interest rate decision at 2:00 PM EDT. Consensus calls for no change in the Fed Fund Rate at 5.25%-5.50%. Focus is on comments on timing for an expected reduction in the Rate.
Chipotle advanced $81.43 to $2,878.99 after announcing a 50 for 1 stock split.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-7.png "clip_image001[1]")
Intel gained $1.42 to $43.47 after receiving $8.5 billion from the U.S. government to build chip factories in the U.S.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-6.png "clip_image002[1]")
General Mills gained $1.75 to $70.38 after reporting higher than consensus fiscal third quarter revenues and profits.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-7.png "clip_image003[1]")
BioNTech dropped $6.12 to $88.00 after reporting less than consensus fiscal fourth quarter results.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0041-3.png "clip_image004[1]")
Technical Notes
Energy SPDRs $XLE moved above $91.38 to an all-time high extending an intermediate uptrend.
Schlumberger $SLB a NASDAQ 100 stock moved above $54.06 extending an intermediate uptrend.
Marvell Technologies $MRVL a NASDAQ 100 stock moved below intermediate support at $63.53.
MercadoLibre $MELI a NASDAQ 100 stock moved below $1,483.64 extending an intermediate downtrend.
Intel $INTC an S&P 100 stock moved below $41.48 extending an intermediate downtrend.
Suncor: SU.TO a TSX 60 stock moved above Cdn$49.35 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 19th 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 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors Daily Seasonal/Technical Sector Trends for March 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
How Would YOU Rank the Magnificent 7 Stocks? David Keller
https://www.youtube.com/watch?v=HxNBGl2C5T0
Strength Reverses Ahead of THE FED: Tom Bowley
Strength Reverses Ahead of THE FED - YouTube
Big Tech Catch-Up Trade: Dan Nathan and Guy Adami
Big Tech Catch-Up Trade - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.40 to 74.60. It remains Overbought.
The long term Barometer added 2.28 to 80.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.44 to 65.78. It remains Overbought.
The long term Barometer slipped 0.44 to 66.67. 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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