The reporting season is now over, and as has been previously mentioned this time of year is very important, even for momentum investors.
Not only because analyst rework their estimates, (and an element of which is incorporated in our Momentum score), but also because with regards to the chart, it is often a period of get volatility and any move can re-base the price from which future moves may be assessed.
I look for structural levels of support and resistance and often these are formed around this time of year as prices can have sharp reversals or spikes.
A new month also means we have a new Village Square open that you are all welcome (and encouraged) to contribute to. Please click on this link to be whisked away to our community sharing place.
And we also have our reporting season webinar review happening on Thursday 9th March at 12:30pm AEDST. Book your seat today in the Virtual Room. Even if you can’t tune in live, be sure to book in and we will send you a copy of the recording to watch at your own leisure.
Finally don’t forget to check out the recent reporting season review where we monitored the change in Rank Scores for all ASX200 companiesand a few more of interest. You can read the article here.
The agenda for today’s report as always:
Broader market sentiment
Stocks of Interest
52 week high screen
Broader market sentiment.
S&P500
The S&P500 experienced a positive week, after three prior negative weeks, with the index rising 1.9%.
This positive short-term signal adds to the hope expressed in weeks prior, that we’re in the process of establishing a new higher low and continuing out short-term rebound that can hopefully put the downward channel of 2022 behind us.
S&P500 weekly chart
While the immediate concerns around rising inflation and interest rates haven’t gone away, there was a reprieve this week as a member of the Federal Reserve board indicated that perhaps 25 basis point rises were all that were need herein, rather than stepped 50 basis point increases (or worse).
Also yields on 10 year treasury bonds fell to below 4% and the market likely found some support with…
