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Check out our next “State of the Market,” on Monday, 2/24.
Sizing Up the Market
S&P 500 crosses 6,119 as volatility fades
MACD, RSI, 9-day rate of change (ROC) steadily push higher
Potential dearth of macro-level news before State of the Union on 3/4 (see below for more)
S&P 500, daily chart, with select patterns and indicators.
Chips Gain Before Big Events
Semiconductors had lagged since July but outperforming in last 2 weeks.
INTC jumps on takeover / breakup speculation
ADI earnings beat amid “improving cyclical dynamics and numerous new wins.”
LRCX, KLAC cross 200-day MAs
SMCI rallies after promising financial statements by extended deadline
MCHP climbs 10 percent no apparent news (biggest gain in 2+ years)
Upcoming events:
NVDA earnings after the closing bell next Wed 2/26
3/17 – 3/21: NVDA GTC AI conference
3/20: First Quantum Day
News & Events
Rubio eyes ending sanctions on Russia
Could potentially impact global stocks
BP gains on Elliott activist pressure
NAHB homebuilder sentiment plunges on tariff fears
Fed minutes suggest policymakers still waiting for March data
Cleveland Fed NowCast: PCE change could halve to 0.19 percent this month
Megacaps at support?
MSFT holds $405: Q4 low
GOOGL holds $183: “Willow” AI chip gap on 12/10
AMZN holds bottom of Keltner Channel
JLL CEO on CNBC sees “pretty nice recovery cycle for commercial real estate which should continue over next few quarters.”
“FOMO”, “dry powder” as demand rebounds.
Upcoming Events
Earnings tonight: RIVN NU NEM CELH
Fri 2/21: Earnings home sales
Sun 2/23: German elections
Tue 2/25: Consumer confidence
Wed 2/26: Crude-oil inventories, new home sales
Earnings: LOW TJX | **NVDA** CRM IONQ EBAY SNOW APA
Thu 2/27: GDP revision, jobless claims, durable-goods orders
Longer-term items to remember:
Tue 3/4: State of the Union
Fri 3/7: Payrolls
Wed 3/12: CPI
3/17 – 3/21: NVDA GTC AI conference
3/20: First Quantum Day
Wed 3/19: Fed + Dotplot
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