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Sizing Up the S&P 500
- Index is potentially forming range between 4918 and 5030
- Rising trend line potentially broken
- Shooting star on 2/12 may signal a near-term peak
- Few clear catalysts on the calendar until March. GDP revision (2/28) and PCE (2/29) are potentially important
Key News
- Nvidia earnings, revenue & guidance beat as AI drives more data-center strength
- Palo Alto Networks (PANW) headed for record weekly loss amid weak guidance, pivot toward free products.
- Do price cuts reflect saturation in the cybersecurity market?
- PANW also had weak bookings guidance on 11/15
- S&P 500 targets hiked:
- UBS sees 5400
- Goldman sees 5200
- February core PPI +0.5% vs +0.1% estimate. Services still increasing
- Atlanta Fed business inflation expectations inch higher
- Fed minutes express caution toward inflation
- Weak demand for 20-year Treasury bonds on 2/21
- Russia cuts oil production, plans to fully comply w/ OPEC+ quotas this month.
- Conference Board drops recession call. Citi expects recession, citing continuing claims, weak retail sales and manufacturing
- NY Times: Biden may delay EV mandates for automakers
- Capital One (COF) buys Discover Financial (DFS)
Sector Watch
- Energy starting to outperform
- Value stocks narrow gap vs growth in the last month
Signals Scan
- Idexx (IDXX) holds 2-year high, 21-day EMA after earnings
- Airbnb (ABNB) tries to hold 21-day EMA
Upcoming Events
- Mon 2/26: New home sales
- Tues 2/27: Durable goods, consumer confidence
- Earnings: LOW
- Wed 2/28: GDP revision
- Earnings: TJX BIDU
- Thu 2/29: PCE inflation, jobless claims
- Earnings: BBY
Using the Platform
- “MA X Days Since” custom indicator displays the candles since two moving averages crossed
- Faster MA above slower MA shown with positive outputs.
- Works in RadarScreen, Scanner and Charts
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