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03/01/2024 |

Market Update Into March 4th: The Bulls Cannot Be Stopped

In another unbelievable week for the markets, the bulls were once again out in full force. From crypto to equities, there was an everything rally which concluded in closes at or near the high of the week for many assets including all three of the major indices. Barring the potential that the title of this blog post is a top signal in and of itself, it seems that more upside lies ahead.

Let’s dig into the highlights across the markets, from index performance to notable earnings and what’s happening now!

Weekly Analysis

SPY (SPDR S&P 500)

The SPY ETF continued its push higher this week, gaining the 2x Fibonacci Extension from the July 2023 high and closing at $512.85 (+0.96%).  The divergence seen in the Momentum indicator is concerning, but the price shows no signs of reversal yet.

This is a weekly chart of the SPY index which shows negative momentum divergence and price breaking through the 2x Fibonacci extension from the July 2023 high.
QQQ (Invesco QQQ Trust)

After finding support at the 2x Fibonacci Extension from the July 2023 high, the QQQ ETF closed the week at $445.61 (+2.02%). Much like the SPY, there is a clear bearish divergence in Momentum, but bulls seem to have a clear objective to continue pushing this one higher.

This is a weekly chart of the QQQ index, which shows bearish momentum divergence and price breaking through the 2x Fibonacci Extension from the July 2023 highs.
IWM (iShares Russell 2000)

We’ve been highlighting this Wyckoff Accumulation pattern for a few months, and the IWM ETF seems to be breaking out of said pattern now. Closing inside the area of low volume at $205.89 (+3.01%), bulls will be looking for RSI to confirm this move in the weeks to come.

This is a weekly chart of the IWM index which shows price breaking out of the Wyckoff Accumulation pattern and closing within the area of low volume.

Earnings

This is an image that shows all of the notable earnings that are listed below.

Notable Results

DUOL (Duolingo, Inc.)

EPS: $0.26 vs $0.15 est.
SALES: $150.99M vs. $148.09M est.

SNOW (Snowflake, Inc.)

EPS: $0.35 vs. $0.18 est.
SALES: $774.70M vs. $759.10M est.

CRM (Salesforce, Inc.)

EPS: $2.29 vs $2.26 est.
SALES: $9.29B vs. $9.22B est.

BIDU (Baidu, Inc.)

EPS: $3.08 vs. $2.48 est.
SALES: $4.92B vs. $4.86B est.

EBAY (Ebay, Inc.)

EPS: $1.07 vs. $1.03 est.
SALES: $2.56B vs. $2.51B est.

CAVA (Cava Group, Inc.)

EPS: $0.02 Up From $(13.72) YoY
SALES: $177.17M vs. $174.29M est.

LOW (Lowes Companies, Inc.)

EPS: $1.77 vs. $1.68 est.
SALES: $18.60B vs. $18.45B est.

ZM (Zoom Video Communications Inc.)

EPS: $1.42 vs. $1.15 est.
SALES: $18.60B vs. $18.45B est.

U (Unity Software Inc.)

EPS: $0.66 vs. $0.22 est.
SALES: $609M vs. $551.57M est.

DPZ (Dominos Pizza Inc.)

EPS: $4.48 vs. $4.37 est.
SALES: $1.40B vs. $1.42B est.

What’s Happening Now

SNOW (Snowflake Inc.)

Snowflake Inc. experienced the stock’s largest single-day drop since its IPO after issuing guidance that fell short of expectations and announcing the departure of CEO Frank Slootman, who has spent the last several months selling more than $250M in shares.

This is an image that shows all of the recent insider selling from SNOW CEO, Frank Slootman.

AMD (Advanced Micro Devices Inc.)

After a 13.7% rally in February, AMD enters historically strong months of March and April on a high note, where it has seen a 63% win rate and +6.44% returns in March and a 68% win rate with +4.98% returns in April since 1974.

This is an image of AMD's monthly seasonality chart, which shows that March and April are its two strongest performing months of the year.
MO (Altria Group, Inc.)

Altria is poised for movement after months of consolidation and weeks of price caught in a TTM squeeze. Looking at seasonality data, we see that the upcoming week is historically the strongest for Altria,  averaging a 2.11% average return and falling only a single time since 2005.

In this image, we see MO's weekly seasonality chart, which shows that next week has the highest historical win rate of the year.


Believe it or not, this is just a fraction of what happened in the markets this week. For a full run down delivered straight to your inbox every weekend, sign up for The Official TrendSpider Newsletter!