Pre-opening Comments for Thursday March 23rd
U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:30 AM EDT.
KB Homes advanced $1.00 to $37.80 after reporting higher than consensus fiscal first quarter revenues and earnings.
Steelcase added $0.42 to $7.60 after reporting higher than consensus quarterly earnings. The company also offered positive guidance.
Darden Restaurants gained $2.05 to $153.10 after reporting higher than consensus fiscal third quarter revenues and earnings.
Accenture added $11.73 to $265.00 after reporting higher than consensus fiscal second quarter revenues and earnings.
EquityClock’s Daily Comment
Headline reads “Treasury yield spreads are showing signs of bottoming and this is not a good thing”.
http://www.equityclock.com/2023/03/22/stock-market-outlook-for-march-23-2023/
Responses to FOMC and Fed Chairman Powell’s comments
Target for the Fed Fund Rate announced at 2:00 PM EDT was increased 0.25 to 4.75%-5.00% as expected. Reponses by key markets were as follow:
U.S. equity index futures initially moved higher, but virtually collapsed in late trade.
The U.S. Dollar ETN dropped sharply after 2:00 PM, but recovered slightly in late trading.
Long term bond prices moved higher as yields moved lower.
Regional Bank SPDRs dropped sharply.
Gold Bullion ETN moved smartly higher.
Gold equities and related ETFs also moved higher.
Technical Notes
Semiconductor iShares $SOXX moved above $438.11 in early trade extending an intermediate uptrend.
Copart $CPRT a NASDAQ 100 stock moved above $71.68 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 22nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 22nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 22nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive Seasonal ratings: www.equityclock.com
Canadian Association for Technical Analysis meeting
Next CATA meeting is tonight at 8:00 PM EDT. Speaker is Joe Rabil.
Joe Rabil, President of Rabil Stock Research, has 30 years of experience in the area of technical analysis of individual stocks, industry groups and market indices. He has built a reputation as a trusted advisor to some of the best performing money managers on Wall Street by successfully identifying portfolio holdings that are technically improving or deteriorating. Joe is a recognized expert on Trend, Trend Momentum, and Multiple Time Frame Analysis.
Everyone is welcome. Not a member of CATA? See Contact Us – Canadian Association for Technical Analysis (clubexpress.com)
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 6.60 to 19.80. It remains Oversold.
The long term Barometer dropped 6.40 to 43.20. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 2.98 to 31.06. It remains Oversold.
The long term Barometer dropped 3.40 to 51.59. 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
