Tech Talk for Thursday March 14th 2024

Equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:35 AM EDT.

S&P 500 futures dropped 7 points following release of economic news at 8:30 AM EDT.

February U.S. Producer Price Index was expected to increase 0.3% versus a 0.3% increase in January. Actual was an increase of 0.6%. On a year-over-year basis, February PPI was expected to increase 1.1% versus a gain of 0.9% in January. Actual was an increase of 1.6%. Excluding food and energy, February PPI was expected to increase 0.2% versus a gain of 0.5% in January. Actual was an increase of 0.3%. February U.S. Retail Sales were expected to increase 0.8% versus a 0.8% decline January. Actual was an increase of 0.6%.

Robin Hood added $1.30 to $18.46 after announcing a 16% month-over-month increase in assets under custody.

Lennar dropped $2.50 to $163.00 after reporting less than consensus fiscal first quarter results.

Fisker dropped $0.14 to $0.18 after the company confirmed exploration of a bankruptcy filing.

Technical Notes

Base Metals ETN $DBB moved above intermediate resistance at $17.93. (1/3 weight in each: copper, zinc, aluminum). Responding to higher copper prices!

United States Copper ETN $CPER moved $24.58 and $24.89 to a 23 month high extending an intermediate uptrend.

Global X Copper Miners ETF $COPX moved above $38.64 resuming an intermediate uptrend.

Global Base Metals iShares $XBM.TO moved above Cdn$19.28 resuming an intermediate uptrend.

Gasoline ETN $UGA moved above $68.99 extending an intermediate uptrend.

Frontier iShares $FM moved above $27.85 extending an intermediate uptrend.

Dollar Tree $DLTR a NASDAQ 100 stock moved below support at $128.77. The company reported less than consensus fiscal fourth quarter results.

US Steel $X dropped on news that President Biden will raise serious concerns about its takeover by Nippon, a Japanese company.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 13th 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 13th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 13th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

What Loss?! NVIDIA and ORACLE Rip Higher: David Keller

What Loss?! NVIDIA and ORACLE Rip Higher - YouTube

Why a strong economy could impact Fed rate cuts and stocks: Yahoo Finance

Why a strong economy could impact Fed rate cuts and stocks - YouTube

Should Investors Brace for More Stock Market Volatility? Guy Adami and Dan Nathan

(Another warning about volatility on quadruple witching day this Friday plus a gold recommendation)

Should Investors Brace for More Stock Market Volatility? - YouTube

Should You BUY Markets That are GOING UP? Your daily five

Should You BUY Markets That are GOING UP? - YouTube

Why drone attacks in Russia could drive U.S. gas prices higher

https://www.marketwatch.com/story/why-drone-attacks-in-russia-could-drive-u-s-gas-prices-higher-153aad52?mod=mw_pushly&send_date=20240313

S&P 500 Momentum Barometer

The intermediate term Barometer added 1.40 to 79.00. It remains Overbought.

The long term Barometer slipped 0.40 to 80.60. It remains Overbought.

TSX Momentum Barometer

The intermediate term Barometer dropped 2.22 to 64.89. It remains Overbought.

The long term Barometer added 2.22 to 68.00. 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