Tech Talk for Friday March 10th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were added 12 points in pre-opening trade.

Index futures rallied following release of the U.S. February Employment Report at 8:30 AM EST. Non-farm Payrolls were expected to increase 205,000 versus a gain of 517,000 in January. Actual was an increase of 311,000. February Unemployment Rate was expected to remain at 3.4% set in January. Actual was an increase to 3.6%. February Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.3% in January. Actual was an increase of 0.2%. On a year-over-year basis, February Average Hourly Earnings were expected to increase 4.7% versus a gain of 4.4% in January. Actual was an increase of 4.6%.

The Canadian dollar added 0.20 to US72.50 following release of the February Canadian Employment Change report at 8:30 AM EST. Employment was expected to increase 5,000 versus a gain of 150,000 in January. Actual was an increase of 21,800. February Unemployment Rate was expected to increase to 5.1% from 5.0% in January. Actual was unchanged at 5.0%.

SVB Financial plunged another $45.04 to $61.00 following a run on its assets.

Bank of Montreal is expected to open lower after announcing purchase of Air Miles Reward Program.

Oracle dropped $1.62 to $85.25 after reporting less than consensus fiscal third quarter revenues.

EquityClock's Daily Comment

Headline reads "The performance of Banks and the surge of Jobless Claims providing a significant warning to the market that the cascading decline in economic fundamentals and corresponding downfall of stocks may be near".

http://www.equityclock.com/2023/03/09/stock-market-outlook-for-march-10-2023/

Technical Notes

Dow Jones Industrial Average SPDRs $DIA moved below $324.84 completing a double top pattern.

Weakness was notable in the financial sector. U.S. Regional Bank SPDRs $KRE moved below $56.33 and $55.36 extending an intermediate downtrend. U.S. Bank SPDRs $KBE moved below $43.38 extending an intermediate downtrend.

Notable U.S. banks moving below intermediate support setting intermediate downtrends included Citigroup, Bank of America, JP Morgan and Morgan Stanley. Citigroup $C moved below $49.15 completing a double top pattern.

Bank of America $BAC an S&P 100 stock moved below $31.15 extending an intermediate downtrend.

JP Morgan $JPM a Dow Jones Industrial Average stock moved below support at $133.55.

Morgan Stanley $MS moved below intermediate support at $92.20.

U.S. Insurance iShares $IAK moved below $89.80 and $89.45 extending setting an intermediate downtrend.

Travelers $TRV a Dow Jones Industrial Average stock moved below $56.33 extending an intermediate downtrend

Dow Jones Industrial Average stocks that broke intermediate support included JP Morgan, Walgreens Boots and UnitedHealth Group. Walgreens Boots $WBA moved below $33.85 extending an intermediate downtrend. UnitedHealth Group $UNH moved below $463.89 extending an intermediate downtrend.

Other S&P 100 stocks breaking intermediate support included Colgate Palmolive and Dow.

Colgate Palmolive $CL moved below $70.94 extending an intermediate downtrend. Dow $DOW moved below $55.38 and $55.15 completing a short term Head & Shoulders pattern.

Canadian "gassy" stocks responded to higher natural gas prices. ARX Resources moved above $16.15. Advantage moved above $8.68 and $8.69.

Base metal stocks responded to strength in the U.S. dollar. Teck Corp $TECK a TSX 60 stock moved below US$37.96 extending an intermediate downtrend. Lundin Mining $LUN.TO moved below Cdn$8.03 extending an intermediate downtrend.

Restaurant Brands International $QSR.TO a TSX 60 stock moved below Cdn$85.56 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 9th 2023

 Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 9th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 9th 2023

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 11.40 to 30.00. It changed from Neutral to Oversold on a move below 40.00. Trend remains down.

The long term Barometer dropped 7.80 to 49.80. It remains Neutral. Trend remains down.

TSX Momentum Barometers

The intermediate term Barometer dropped 8.09 to 40.00. It remains Neutral. Trend is down.

The long term Barometer dropped 5.11 to 57.45. It changed from Overbought to Neutral on a drop below 60.00. Downtrend has resumed.

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