Market Insights

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Sizing Up the S&P 500

• Index is potentially forming range between 4918 and 5030
• Rising trend line potentially broken
• Shooting star on 2/12 may signal a near-term peak
• Few clear catalysts on the calendar until March. GDP revision (2/28) and PCE (2/29) are potentially important

Key News

• Nvidia earnings, revenue & guidance beat as AI drives more data-center strength
• Palo Alto Networks (PANW) headed for record weekly loss amid weak guidance, pivot toward free products.
  • Do price cuts reflect saturation in the cybersecurity market?
  • PANW also had weak bookings guidance on 11/15
• S&P 500 targets hiked:
  • UBS sees 5400
  • Goldman sees 5200
• February core PPI +0.5% vs +0.1% estimate. Services still increasing
  • Atlanta Fed business inflation expectations inch higher
• Fed minutes express caution toward inflation
• Weak demand for 20-year Treasury bonds on 2/21
• Russia cuts oil production, plans to fully comply w/ OPEC+ quotas this month.
• Conference Board drops recession call. Citi expects recession, citing continuing claims, weak retail sales and manufacturing
• NY Times: Biden may delay EV mandates for automakers
• Capital One (COF) buys Discover Financial (DFS)

Sector Watch

• Energy starting to outperform
• Value stocks narrow gap vs growth in the last month

Signals Scan

• Idexx (IDXX) holds 2-year high, 21-day EMA after earnings
• Airbnb (ABNB) tries to hold 21-day EMA

Upcoming Events

• Mon 2/26: New home sales
• Tues 2/27: Durable goods, consumer confidence
  • Earnings: LOW
• Wed 2/28: GDP revision
  • Earnings: TJX BIDU
• Thu 2/29: PCE inflation, jobless claims
  • Earnings: BBY

Using the Platform

• “MA X Days Since” custom indicator displays the candles since two moving averages crossed
  • Faster MA above slower MA shown with positive outputs.
  • Works in RadarScreen, Scanner and Charts

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