Pre-opening Comments for Wednesday March 22nd 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points at 8:30 AM EDT.
Focus today is on the FOMC announcement on monetary policy released at 2:00 PM EDT. Consensus is calling for another 0.25% increase in the Fed Fund Rate for a target range of 4.75%-5.00%. Federal Reserve Chairman Powell will offer additional guidance at a press conference at 3:00 PM EDT.
Nike dropped $2.11 to $123.50 following release of fiscal third quarter results. The company offered guidance for fiscal 2023 below consensus estimates.
GameStop jumped $9.37 to $27.00 after reporting higher than consensus fourth quarter revenues and earnings.
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Petco dropped $0.76 to $9.41 after reporting less than consensus fourth quarter earnings. The company also lowered guidance for 2023
Winnebago gained $2.26 to $60.51 after reporting higher than consensus fiscal second quarter earnings.
EquityClock’s Daily Comment
Headline reads “Looking for setups that are prone to mean-reversion into the end of the quarter”.
http://www.equityclock.com/2023/03/21/stock-market-outlook-for-march-22-2023/
Technical Notes
Technology SPDRs XLK moved above $144.27 extending an intermediate uptrend.
Semiconductor ETF $SMH moved above $255.64 extending an intermediate uptrend.
AbbVie $ABBV an S&P 100 stock moved above $156.46 extending an intermediate uptrend.
Broadcom $AVGO a NASDAQ 100 stock moved above $639.45 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 21st 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 21st 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 21st 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for Seasonal ratings: www.equityclock.com
Links offered by valued providers
Understanding The Bullish MACD Crossover | Tom Bowley | Trading Places (03.21.23)
Understanding The Bullish MACD Crossover | Tom Bowley | Trading Places
(03.21.23) – YouTube
Trade Setups In Semiconductors | Joe Rabil | Your Daily Five (03.21.23)
https://www.youtube.com/watch?v=fTz7-0Jd4iE
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.20 to 26.40. It remains Oversold. Daily trend is up.
The long term Barometer added 3.20 to 49.60. It remains Neutral. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.85 to 34.04. It remains Oversold.
The long term Barometer advanced 2.98 to 54.89. It remains Neutral. Daily trend is up.
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
