Tech Talk for Wednesday March 15th 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 75 points in pre-opening trade. Index futures turned lower in overnight trade on news of liquidity concerns at Credit Suisse. Credit Suisse dropped $0.41 to $1.81.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0011-9.png "clip_image001[1]")
Index futures moved slightly lower following release of a series of U.S. economic news at 8:30 AM EDT:
February Producer Price Index was expected to increase 0.3% versus a gain of 0.7% in January. Actual was a decrease of 0.1%. On a year-over-year basis February PPI was expected to increase 5.5% versus 6.0% in January. Actual was an increase of 4.6%. Excluding food and energy, February Producer Price Index is expected to increase 0.4% versus a gain of 0.5% in January. Actual was an increase of 0.2%. On a year-over-year basis, core PPI is expected to increase 4.9% versus a gain of 5.4% in January. Actual was an increase of 4.6%.
February Retail Sales were expected to decrease 0.4% versus a gain of 3.0% in January. Actual was a decrease of 0.4%. Excluding auto sales, February Retail Sales were expected to increase 0.3% versus a gain of 2.3% in January. Actual was a decrease of 0.1%.
March Empire State Manufacturing Survey was expected to drop to -7.50 from -5.80 in February. Actual was .a drop to -24.6.
Lennar slipped $1.73 to $99.79 despite reporting higher than consensus quarterly earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0021-9.png "clip_image002[1]")
Spirit Airlines dropped $0.19 to $16.80 after TDCowen lowered its target price from $30 to $20.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0031-6.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "Equity market breadth indicators are once again showing characteristics of a bearish trend".
http://www.equityclock.com/2023/03/14/stock-market-outlook-for-march-15-2023/
Technical Notes
Dollarama $DOL a TSX 60 stock moved below $75.30 extending an intermediate downtrend.
CGI Group $GIB.A a TSX 60 stock moved above Cdn$125.96 to an all-time high extending an intermediate uptrend.
Cadance Design $CDNS a NASDAQ 100 stock moved above $202.96 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 14th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 14th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 14th 2023
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 6.00 to 24.20. It remains Oversold.
The long term Barometer added 3.60 to 45.40. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer gained 5.53 to 34.04. It remains Oversold.
The long term Barometer added 1.70 to 54.47. 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
| More from the network: |