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Market Insights

Bringing you the trading news around the world.

Semiconductors Defy Rate-Hike Fears: Market Trends This Week

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Downloads available here and here.

Register for Market Trends here.

Sizing Up the S&P 500

  • S&P 500 tries to stabilize above trendlines
  • Prices neither overbought nor oversold. Volatility remains historically low.
    • Calm before a bearish storm?
  • Downward price channel may be forming
  • Weekly chart: February’s high was roughly a 50% retracement of last year’s price drop (high to low)
  • Potential resistance at 20-day MA may resemble September downturn

Key Economic News

  • Futures price in 50bp in March, another 25bp by summer after Powell’s hawkish testimony
  • February ADP payrolls, January JOLTs give Fed little reason to pause
S&P 500, daily chart, with key technical indicators and patterns.

Company News

  • Tesla (TSLA) cuts prices, Berenberg downgrades
  • Advanced Micro Devices (AMD) drives chip rally after Dan Loeb buys
  • Broadcom (AVGO) beats estimates, cites artificial intelligence (AI) driver

Leaders & Laggards

  • Technology still leading: Chips, software
  • Solar energy outperforming YTD
  • Airlines outperforming YTD
  • Precious metals fall the most in the past month
  • Real estate, communications, discretionaries fade after January surges

Signals Scan

  • Adobe (ADBE) hits falling 21-day EMA
  • Lam Research (LRCX), Texas Instruments (TXN) consolidating above 50-day MAs
  • Airbnb (ABNB), Uber Technologies (UBER): bearish MACD
  • Snap (SNAP) hits falling 200-day MA
  • AbbVie (ABBV) hits falling 50-day MA

Mover of the Week: Arista Networks

Arista Networks (ANET) hit new all-time high on Wednesday, following several headlines:

  • Earnings, revenue beat on 2/13
  • Cisco Systems (CSCO) reported strong numbers on 2/16
  • BofA identifies ANET as AI beneficiary on 2/28
  • Goldman resumes coverage with buy rating on 3/7

Upcoming Events

  • Friday (3/10): Non-farm payrolls
  • Tuesday (3/14): CPI
  • Wednesday (3/15): PPI, Retail Sales.
    • ADBE reports in post market
  • Thursday (3/16): Housing starts, building permits.
    • FedEx (FDX) reports in post market

Using the Platform

Platform tool of the week: Relative Strength (not RSI)

Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement Investment and Trading Disclosures Booklet – Futures.

Exchange Traded Funds (“ETFs”) are subject to management fees and other expenses. Before making investment decisions, investors should carefully read information found in the prospectus or summary prospectus, if available, including investment objectives, risks, charges, and expenses. Click here to find the prospectus.

Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. See Characteristics and Risks of Standardized Options. Visit www.TradeStation.com/Pricing for full details on the costs and fees associated with options.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on 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 apprised 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.

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