Downloads available here. New additions:

  • MT Price Channels (workspace)
  • DISTANCE FROM MA (indicator)
  • MA STREAK (indicator)

Register for Market Trends here.

Sizing Up the S&P 500

  • S&P 500 tries to holds 200-day MA and Jan. 25 low
  • Lower highs create potential risk of descending triangle
  • A new bullish trendline could be starting from October
  • Volatility remains historically low
  • Wait and see until Powell on March 7?

Key Economic News

  • China manufacturing data surged back to expansion in February
    • Further improvements expected
    • Energy and metals rising on the news
  • ISM manufacturing misses narrowly but:
    • “Panelists’ companies continue to attempt to maintain head-count levels through the projected slow first half of the year in preparation for a stronger performance in the second half,” according to the report. (Where’s the recession?)
    • New orders +5 points, potentially reflecting buyer/seller agreement over prices and delivery times.
S&P 500, daily chart, with key technical indicators and patterns.

Company News

  • First Solar (FSLR) reports strong earnings and guidance.
    • Analysts including Guggenheim view FSLR as biggest beneficiary of Inflation Reduction Act.
  • (CRM) earnings, revenue and guidance beat estimates.
    • Share buyback increased
  • Union Pacific (UNP) rallies on activist pressure, CEO departure

Leaders & Laggards

  • Energy rallies on China news
    • Coal miners: BTU, AMR, HCC, ARCH
  • Industrial metals rally: steelmakers, iron ore
  • Transports, small caps starting to outperform
  • Gold miners try to rebound as gold bounces above $1,800
  • Rate-sensitive stocks under pressure:
    • Utilities crumble on higher rates, grid-mandate worries
    • Consumer staples
    • High-multiple growth stocks
    • REITs

Signals Scan

  • Boeing (BA) pulls back to 50-day MA
  • Caterpillar (CAT) crosses 50-day MA
  • AutoNation (AN) pulls back to 21-day EMA
  • American Express (AXP) pulls back to 21-day EMA
  • Crocs (CROX) holds 21-day EMA after earnings beat
  • Exxon Mobil (XOM) holds 50-, 100-day MAs

Mover of the Week: Sarepta Therapeutics

Sarepta Therapeutics (SRPT) jumps 19 percent after FDA skips advisory committee for SRP-9001

  • Morgan Stanley upgrades
  • SRP-9001 treats Duchenne muscular dystrophy, which affects about 1 in 5,000 boys.
  • FDA action date of May 29

Upcoming Events

  • Friday (3/2): Fed speakers: Logan, Bowman, Barkin
  • Tuesday (3/7): Powell in Congress (10:00 a.m. ET)
  • Wednesday (3/8): ADP private-sector payrolls

Using the Platform

Platform tool of the week: Scanning by sector

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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly 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 appraised 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.