Tech Talk for Tuesday March 7th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.
Traders are waiting for testimony on U.S. monetary policy in front of the U.S. Senate Banking Committee by Federal Reserve Chairman Jerome Powell starting at 10:00 AM EST.
Dick's Sporting Goods added $6.66 to $138.80 after reporting higher than consensus fourth quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0011-3.png "clip_image001[1]")
Meta added $2.45 to $187.40 after the company announced plans to further reduce its employee count.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0021-3.png "clip_image002[1]")
BlackBerry dropped $0.19 to US$3.80 after the company guided 2023 revenues below consensus.
Apple added $0.33 to $154.16 after Goldman Sachs reiterated a Buy rating.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0041-3.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The price of your morning $JO may be poised decline as Coffee futures enter their weakest time of the year and as price rolls over from its declining 50-week moving average".
http://www.equityclock.com/2023/03/06/stock-market-outlook-for-march-7-2023/
Technical Notes
Industrial SPDRs $XLI moved above $103.99 extending an intermediate uptrend.
MercadoLibre $MELI a NASDAQ 100 stock moved above $1,250.48 extending an intermediate uptrend.
Trader's Corner
Note changes in seasonal ratings. They have been coordinated with EquityClock's ratings indicating periods of Positive seasonal strength when available. Sectors not rated as Positive have been given a Neutral rating.
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 3.00 to 50.80. It remains Neutral.
The long term Barometer dropped 2.60 to 62.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.11 to 54.89. It remains Neutral.
The long term Barometer dropped 1.28 to 65.11. It remains Overbought.
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
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