Market Insights

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.

Company News

• 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
  • 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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