Tech Talk for Wednesday March 1st 2023
U.S. equity indices were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.
Economic focus today is on the February ISM Manufacturing Purchase Managers Index released at 10:00 AM EST. Consensus calls for an increase in the Index to 48.0 from 47.4 in January.
The Shanghai Composite Index added 32.74 to an eight month high at 3,312.35 following release of a positive PMI report.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0011.png "clip_image001[1]")
Monster Beverages dropped $4.79 to $96.97 after the company reported less than consensus fourth quarter revenues and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0021.png "clip_image002[1]")
HP Inc added $0.66 to $30.18 despite reporting weaker than consensus fiscal first quarter results. The company maintained its fiscal 2023 outlook.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0031.png "clip_image003[1]")
Royal Bank is expected to open higher after reporting higher than consensus fiscal first quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/03/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The S&P 500 Index has averaged a gain of 1.0% in the month of March with 60% of periods over the past two decades closing higher".
http://www.equityclock.com/2023/02/28/stock-market-outlook-for-march-1-2023/
Technical Notes
Corn ETN $CORN moved below $25.46 setting an intermediate downtrend.
U.S. Healthcare Providers iShares $IHf moved below $256.47 and $256.31 extending an intermediate downtrend.
CVS Health $CVS an S&P 100 stock moved below $84.60 extending an intermediate downtrend.
Pfizer $PFE a Dow Jones Industrial Average stock moved below $40.72 extending an
intermediate downtrend.
Copart $CPRT a NASDAQ 100 stock moved above $70.93 extending an intermediate uptrend.
Kinder Morgan $KMI an S&P 100 stock moved below $17.13 completing a double top pattern.
Brookfield Infrastructure $BIP a TSX 60 stock moved below US$32.94 setting an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for Feb.28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Seasonality Nails The February Action | Tom Bowley | Trading Places (02.28.23)
Seasonality Nails The February Action | Tom Bowley | Trading Places (02.28.23) - YouTube
There are a lot of reasons we could see a momentous mega cap rally, says G Squared’s Victoria Greene
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 4.20 to 43.40. It remains Neutral. Downtrend was extended.
The long term Barometer dropped 2.00 to 57.80. It remains Neutral. Downtrend was extended.
TSX Momentum Barometers
The intermediate term Barometer dipped 0.85 to 50.64. It remains Neutral.
The long term Barometer slipped 0.43 to 60.43. 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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