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Sizing Up the S&P 500

  • S&P 500 pulls back to 50-day MA.
  • Prices have retraced half their move off December lows.
  • S&P 500 holding bottom of Keltner Channel.
  • Potential for sideways movement as investors await more Fed news

Key Economic News:

  • Fed minutes apparently confirm shift to slower rate hikes.
  • Crude oil sliding as inventories build.

Company News

  • Nvidia (NVDA) earnings, revenue beat. Gaming recovers, AI at “inflection point” amid “urgency to adopt AI strategies.”
  • Walmart (WMT) earnings, revenue beat. Membership, grocery market share & e-commerce growing.
    • Cautious guidance is consistent with the current negativity wave.
  • Home Depot (HD) revenue misses. Comps fall as home-improvement slows.
  • Deere (DE) earnings, revenue miss. Low inventories seen supporting demand.
S&P 500, daily chart, with key technical indicators and levels.

Leaders & Laggards

  • Most major sectors down in past week, but growth stocks and cybersecurity have relative strength.
  • Precious metals crumble as U.S. dollar gains.
  • Homebuilders, chipmakers pull back after rallying.
  • Energy is the weakest sector in the last month.

Signals Scan

  • Broadcom (AVGO) pulls back to 50-day MA.
  • Wells Fargo (WFC) holds bottom of Keltner channel.
  • Cisco Systems (CSCO) pulls back to 8-day EMA after strong earnings.
  • Walmart (WMT) 21-day EMA rising above 50-day MA.
  • Occidental Petroleum (OXY) continues lower after “death cross.”

Mover of the Week: DraftKings

DraftKings (DKNG): jumps 34% in the last month.

  • Earnings and revenue beat, users increase for sports-betting stock.
  • Analysts including BTIG, Morgan Stanley, Piper Sandler issue positive notes. Focus is now on profitability.
  • DKNG was a former SPAC / high-multiple growth stock that fell 85% between March 2021 and May 2022.
  • August high of $21.45 is potentially important resistance.

Upcoming Events

  • Friday, 2/24: PCE inflation
  • Tuesday, 2/28: Consumer confidence
    • Target (TGT) earnings in premarket.
  • Wednesday, 3/1: ISM Manufacturing
    • Lowe’s (LOW) earnings in premarket. (CRM) earnings in postmarket.
  • Thursday, 3/2: Initial jobless claims
    • Best Buy (BBY) earnings in premarket. Costco (COST), Broadcom (AVGO) in postmarket.

Using the Platform

Platform tool of the week: Scanning for MA crosses

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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.