Tech Talk for Friday February 24th 2023

U.S. equity index futures were lower this morning. S&P 500 futures were down 48 points in pre-opening trade.

S&P 500 Index futures dropped 20 points following release of economic news at 8:30 AM EST:

January Personal Income was expected to increase 0.9% versus a gain of 0.2% in December. Actual was an increase of 0.6%. January Personal Spending was expected to increase 1.3% versus a drop of 0.2% in December. Actual was an increase of 1.8%.

January Core PCE Price Index was expected to increase 0.4% versus a gain of 0.3% in December. Actual was an increase of 0.6%. On a year-over-year basis, January Core PCE Price Index was expected to increase 4.3% versus a gain of 4.4% in December. Actual was an increase of 4.7%.

Intuit added $1.12 to $413.00 after reporting higher than consensus fourth quarter revenues and earnings.

Carvana dropped $0.20 to $9.88 after reporting lower than consensus fourth quarter revenues.

Beyond Meat advanced $2.22 to $19.36 after the company released higher than consensus fourth quarter revenues. The company also offered positive guidance.

EquityClock's Daily Comment

Headline reads "Amidst unseasonably mild winter temperatures that have limited demand for heating commodities, the percentage withdrawal of Natural Gas in storage this winter has been the smallest since 2006".

http://www.equityclock.com/2023/02/23/stock-market-outlook-for-february-24-2023/

Technical Notes

Biotech NASDAQ iShares $IBB moved below $128.06 completing a double top pattern. VanEck Biotech ETF $BBH also completed a double top pattern.

Hong Kong iShares $EWH moved below intermediate support at $20.66.

Ford $F an S&P 100 stock moved below $12.02 setting an intermediate downtrend.

Ross Stores $ROST a NASDAQ 100 stock moved below $112.40 completing a Head & Shoulders pattern.

ANSYS $ANSS a NASDAQ 100 stock moved above $284.79 and $293.58 extending an intermediate uptrend.

Southern Copper $SCCO one of the world's largest copper producer moved below $71.45 completing a short term Head & Shoulders pattern.

Canadian National Railway $CNR.TO a TSX 60 stock moved below $155.60 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.24th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Feb.24th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Feb.23rd 2023

Green: Increase from previous day

Red: Decrease from previous day

Don Vialoux on Michael Campbell's Money Talks

Don is scheduled as a guest on Michael Campbell's weekly show tomorrow at 9:00 AM Vancouver time (Noon Toronto Time).

Links offered by valued providers

Have We Seen This Before? | Greg Schnell, CMT | Market Buzz (02.21.23)

https://www.youtube.com/watch?v=i08OZ_IogwE

Will Rising Rates Sink The Stock Market? | Jeffrey Huge, CMT | Your Daily Five (02.23.23)

https://www.youtube.com/watch?v=jUXG3XdhaYU

Diving Into Small Caps Using RRG | Tom Bowley | Trading Places (02.23.23)

https://www.youtube.com/watch?v=2PFQtYvI5Qw

BE CAREFUL! This is serious! (Warren Buffett)

https://www.youtube.com/watch?v=Me3LZSf_VSQ

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.20 to 51.60. It remains Neutral

The long term Barometer added 0.60 to 63.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 0.42 to 50.85. It remains Neutral.

The long term Barometer was unchanged at 59.32. It remains Neutral. Trend is down.

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