Tech Talk for Wednesday February 21st 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points at 8:30 AM EST

Economic focus today is on FOMC Meeting Minutes released at 2:00 PM EST.

Changes in Dow Jones Averages effective February 26th: Walgreen Boots is replaced by Amazon.com in the Industrial Average. JetBlue is replaced by Uber in the Transportation Average.

Palo Alto dropped $47.29 to $319.00 after offering an outlook below consensus.

Chesapeake Energy added $2.35 to $80.00 after reporting higher than consensus quarterly earnings.

Teledoc plunged $1.84 to $18.65 after reporting a fourth quarter loss. The company also reported less than consensus quarterly revenues.

Solar Edge Technologies plunged $14.42 to $69.80 after reporting less than consensus quarterly revenues.

Interesting article on seasonality of U.S. equity markets into March

https://www.marketwatch.com/story/u-s-stocks-could-fall-in-march-thanks-to-waning-momentum-seasonal-weakness-analyst-b921a085?mod=mw_pushly&send_date=20240220

Technical Notes

NASDAQ 100 Index $NDX and its related ETF: QQQ broke below their 20 day moving average.

Advanced Micro Devices $AMD a NASDAQ 100 stock moved below $162.56 completing a double top pattern

Dollar Tree $DLTR a NASDAQ 100 stock moved above $145.09 extending an intermediate uptrend.

Abbott Labs $ABT an S&P 100 stock moved above $115.64 extending an intermediate uptrend.

Positive technical action was recorded by several S&P/TSE 60 stocks:

Metro $MRU.TO a TSX 60 stock moved above Cdn$71.28 extending an intermediate uptrend.

George Weston $WN.TO a TSX 60 stock moved above Cdn$174.21 extending an intermediate uptrend.

National Bank $NA.TO a TSX 60 stock moved above Cdn$104.16 to an all-time high extending an intermediate uptrend.

TC Energy $TRP.TO a TSX 60 stock moved above Cdn$53.80 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.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 Feb.20th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Feb.20th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Three ways a "Magnificent Seven" stock market bubble could burst

https://www.marketwatch.com/story/3-ways-a-magnificent-seven-stock-market-bubble-could-burst-df8716d2?mod=mw_pushly&send_date=20240220

Stock Market Sentiment is FEARFUL: Tom Bowley

https://www.youtube.com/watch?v=gzlICG4VmLE

Dominant Trend for Stocks Still UP:

https://www.youtube.com/watch?v=i4rd2PpZb04

A "Chipwreck" Looming + Alphabet Stock Trade Idea: Dan Nathan and Guy Adami

https://www.youtube.com/watch?v=ukLK-YBAO-A&t=1068s

Warning Signs of Potential Market Reversal: John Kosar

(Includes a seasonality comment with a warning for the next three weeks)

https://www.youtube.com/watch?v=IOfZg_N4Dv8

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 0.20 to 61.00. It remains Overbought.

The long term Barometer added 0.20 to 71.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.00 to 57.78. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 2.22 to 58.22. It changed from Overbought to Neutral on a drop below 60.00.

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