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.
- First Solar (FSLR) reports strong earnings and guidance.
- Analysts including Guggenheim view FSLR as biggest beneficiary of Inflation Reduction Act.
- Salesforce.com (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
- 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
- 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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