Tech Talk for Friday February 28th 2025

U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points at 8:35 AM EST.

S&P 500 futures added 13 points following release of U.S. economic news at 8:30 AM EST. Consensus for January Core PCE Price Index was a 0.3% increase versus a 0.2% gain in December. Actual was a 0.3% increase. Consensus for January U.S. Personal Income was a 0.3% increase versus a 0.4% gain in December. Actual was a 0.9% gain.

The Canadian Dollar added 0.06 to 69.41 cents following release of Canada's December GDP at 8:30 AM EST. Consensus was a 0.3% increase versus a 0.2% decline in November. Actual was a 0.2% increase.

Dell Computer dropped $2.41 to $105.42 after issuing revenue guidance below consensus.

Rocket Lab plunged $1.72 to $18.11 after offering guidance below consensus.

HP Inc dropped $1.14 to $31.99 after reporting lower than consensus first quarter earnings.

EquityClock's Market Outlook for February 28th

Much chatter over the spike of bearish sentiment according to the AAII, but margin debt, that is at a record high, points to complacency. See:

https://equityclock.com/2025/02/27/stock-market-outlook-for-february-28-2025/

Technical Notes

NASDAQ Composite Index $COMPQ moved below 18,831.91 completing a double top pattern.

Weakness in the NASDAQ Composite Index was led by Technology SPDRs $XLK on a move below $225.45 and $224.49 setting an intermediate downtrend.

Semiconductor iShares $SOXX moved below $208.98 and $208.56 setting an intermediate downtrend. VanEck Semiconductor ETF $SMH moved below $232.24 setting an intermediate downtrend.

S&P Midcap 400 SPDRs $MDY moved below $560.89 completing a double top pattern.

NASDAQ 100 stocks moving below support setting intermediate downtrends included

Applied Materials $AMAT on a move below $158.59, Copart $CPRT on a move below $55.12 and eBay $EBAY on a move below $63.50

Royal Bank $RY.TO a TSX 60 stock moved below Cdn$167.45 and Cdn$166.78 setting an intermediate uptrend (despite reporting higher than consensus first quarter results).

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for February 27th 2025

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 February 27th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 27th 2025

Green: Increase from previous day

Red: Decrease from previous day

Link offered by a valued provider

The aversion to bonds is over, says Goldman’s Alexandra Wilson-Elizondo

The aversion to bonds is over, says Goldman’s Alexandra Wilson-Elizondo - YouTube

Gene Munster: Nvidia Earnings Key Takeaways: Dan Nathan
Gene Munster: Nvidia Earnings Key Takeaways - YouTube

Former Blackstone President Tony James: The economy is weakening and consumer is starting to buckle

Former Blackstone President Tony James: The economy is weakening and consumer is starting to buckle - YouTube

How a trade war could impact Canada’s investment landscape: Claire Fen, RBC Economist

How a trade war could impact Canada’s investment landscape - YouTube

Expect seasonal stock market weakness: Stifel Chief Equity Strategist

Expect seasonal stock market weakness: Strategist - YouTube

Welcome to the Stagflation Party: Guy Adami, Dan Nathan and Liz Thomas

Welcome to the Stagflation Party - YouTube

CHART THIS with David Keller, CMT

https://www.youtube.com/watch?v=6DtoZRi-OpY

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 3.80 to 49.20. It remains Neutral.

The long term Barometer dropped 2.00 to 58.00. It changed from Overbought to Neutral on a move below 60.00.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.55 to 45.00. It remains Neutral.

The long term Barometer was unchanged at 58.18. It remains Neutral

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