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Sizing Up the S&P 500
- Remains in tight uptrend with few bearish signals
- Breadth widens: Advance / Decline line, new 52-week highs potentially confirm uptrend
- Potential support around 5030
- Stronger GDP, earnings outlooks supporting sentiment
- Next big catalysts: Powell testimony (3/6), payrolls (3/8)
Special Report
Key News
- Barclays raises S&P 500 target from 4,800 to 5,300. Sees potential for 6,050.
- Goldman Sachs: Bullish sentiment can widen as hedge funds add to momentum trades
- Reuters: Credit spreads hit 2-year low in sign of economic confidence
- Deutsche Bank: Buyback activity highest since May 2023
- Potentially dovish news today:
- January PCE inflation inline. Personal income +1% vs +0.4% estimate.
- Initial jobless claims and continuing claims higher than expected.
- EBay (EBAY) rallies on surprise volume gross merchandising volume (GMV) growth.
- Vishops (VIPS) hits 2+ year high on strong results, margin Citi upgrade. Potential margin/turnaround story
- Constellation Energy (CEG) hits record high on IRA support for nuclear energy.
- Axon Energy (AXON) hits new record high on earnings, revenue beat
- Micron Technology (MU) to supply memory for Nvidia (NVDA) AI processors
- Viking Therapeutics (VKTX) doubles on strong phase 2 data for obesity drug
- Q4 GDP revised down by 0.1 percent but consumer spending revised up
- Alphabet (GOOGL) under pressure for AI struggles
- Snowflake (SNOW) falls on weak guidance, CEO Slootman exit
- Okta (OKTA) rallies on strong results, guidance
- Best Buy (BBY) rallies on strong margins
- Bath & Body Works (BBWI) falls on weak guidance
Sector Watch
- Materials starting to outperform as cyclical theme spreads
- Consumer discretionaries, financials, industrials strong
- Construction-related strong: URI, PWR, FIX
- Energy weak, decoupling from cyclical theme
- Solar energy still lagging
- Safe havens lag: Gold miners, consumer staples, health care
- Biotech rallies after breaking weekly resistance
- Traditional retailers climb before earnings: JWN, ANF, AEO, GPS
Signals Scan
- Ford Motor (F) holds 50-, 200-day MAs
- Apple (AAPL) potentially at risk of breaking $180
- Alphabet (GOOGL) breaks 50-day MA
- MPLX (MPLX) pulls back to 21-day EMA
Mover of the Week: Packaging Corp.
- Hit new record high on 1/25 after earnings, revenue beat
- Correlated to economic activity
- Management sees higher volumes, pricing
- PKG +18% in past 6 months
Using the Platform
- Inside Bar and Outside Bar are “ShowMe” studies available on Chart Analysis, Radar Screen and Scanner
- Can be used with daily or weekly intervals
- Displays the last price when event occurs
- Scanner: Set to “true” or “false”
Upcoming Events
- Fri 3/1: ISM manufacturing
- Tues 3/5: ISM services
- Earnings: NIO, TGT, CRWD
- Wed 3/6: ADP private-sector payrolls, Powell in Congress
- Thu 3/7: Jobless claims, Powell in Congress
Standardized Performances for ETF mentioned above
| ETF | 1 Year | 5 Years | 10 Years |
| SPDR S&P 500 ETF (SPY) | +18.80% | +78.89% | +171.01% |
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