Tech Talk for Wednesday March 17th 2021
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade. Investors are waiting for news on the Fed Fund rate released by the Federal Reserve at 2:00 PM EDT. Consensus is that the Fed Fund rate will remain unchanged at 0.25%.
Index futures were virtually unchanged following release of the February Housing Start report at 8:30 AM EDT. Consensus was a slip to 1.560 million units from a revised 1.568 million units in January. Actual was 1.421 million units.
The Canadian Dollar was virtually unchanged at US80.22 cents following release of Canada's February Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.7% versus an increase of 0.6% in January. Actual was an increase of 0.5%.
Lennar added $0.16 to $88.87 after reporting higher than consensus fiscal first quarter revenues and earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/03/clip_image0015-7.png "clip_image001[5]")
Alcoa gained $0.34 to $29.86 after Deutsche Bank raised its rating from Hold to Buy. Target was increased from $22 to $36.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/03/clip_image0025-6.png "clip_image002[5]")
McDonalds advanced $1.89 to $221.75 after Deutsche Bank raised its rating from Hold to Buy. Target was increased from $232 to $244.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/03/clip_image0035-7.png "clip_image003[5]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/03/16/stock-market-outlook-for-march-17-2021/
Technical Notes for Tuesday March 16th
Uranium ETF (URA) moved above $19.85 to a 6 year high extending an intermediate uptrend. Responding to recent strength in Cameco.
Lockheed Martin (LMT), an S&P 100 stock moved above $347.63 completing a Reverse Head & Shoulders pattern.
Starbucks (SBUX), a Dow Jones Industrial Average stock moved above $110.47 to an all-time high extending an intermediate uptrend.
Rogers Communications (RCI.B), a TSX 60 stock moved above $65.50 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 16th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 16th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 16th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index
S&P 500 Momentum Barometers
The intermediate Barometer added 0.60 to 79.76 yesterday. It remains Overbought.
The long term Barometer added 0.60 to 88.58 yesterday. It remains Extremely Overbought.
TSX Momentum Barometers
The intermediate Barometer slipped 2.37 to 72.04 yesterday. It remains Overbought.
The long term Barometer added 0.47 to 80.09 yesterday. It changed from Overbought to Extremely Overbought on a move above 80.00.
Disclaimer: Seasonality 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: |