Tech Talk for Wednesday March 16th 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 46 points in pre-opening trade. Index futures responded to encouraging overnight news from Ukraine and China. The Shanghai Composite Index advanced 106.75 to 3,170.71.

Index futures moved lower following release of February Retail Sales at 8:30 AM EDT. Consensus was an increase 0.4% versus a gain of 3.8% in January. Actual was an increase of 0.3%. Excluding auto sales, consensus for February Retail Sales was an increase of 0.9% versus a gain of 3.3% in January. Actual was an increase of 0.2%.

Investors are waiting for updated news on monetary policy from the Federal Reserve's FOMC committee at 2:00 PM EDT. Consensus is that Fed Fund Rate will increase by 0.25% to 0.50% and the committee will release a plan to increase the Fed Fund Rate at future meetings. A press conference to explain the new policy is scheduled for 2:30 PM EDT.

The Canadian Dollar advanced 0.45 to US78.79 cents following release of Canada's February Consumer Price Index at 8:30 AM EDT. Consensus was a year-over-year 5.5% increase versus a 5.1% increase in January. Actual was an increase of 5.7%.

Intel added $0.06 to $44.87 after the company unveiled an $88 billion chip making expansion plan for Europe.

Verizon gained $0.28 to $53.04 after winning a U.S Defense contract valued at approximately $1billion.

Starbucks advanced $4.96 to $88.08 following news that Chief Executive Officer Kevin Johnson will retire April. 1st. He is to be replaced by former CEO Howard Shultz on an interim basis until a new CEO is found.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2022/03/15/stock-market-outlook-for-march-16-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

S&P 500 Index has now recorded a death cross of the 50 and 200-day moving averages, but the history of this indicator shows that it is typically unreliable for trading signals outside of periods of economic weakness. equityclock.com/2022/03/14/… $STUDY $SPX $SPY $ES_F

Platinum ETN $PPLT moved below $96.28 and $92.51 setting an intermediate downtrend.

Take Two $TTWO a NASDAQ 100 stock moved below $138.19 extending an intermediate downtrend.

Imperial Oil $IMO.CA a TSX 60 stock moved below intermediate support at $53.86.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 15th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 15th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 15th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

Seasonality Chart of the Day

The Dow Jones Transportation Average on average during the past 20 years has rallied on a real and relative basis (relative to the S&P 500 Index) between now and the first week in May.

Dow Jones Transportation Average Seasonal Chart

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 6.21 to 32.67 yesterday. Initial technical sign of recovery from a bottom?

The long term Barometer gained 3.61 to 41.68 yesterday. It changed from Oversold to Neutral on a recovery above 40.00.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.91 to 53.48 yesterday. It remains Neutral.

The long term Barometer slipped 0.52 to 59.67 yesterday. It changed from Overbought to Neutral on a drop below 60.00.

Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.