Tech Talk for Wednesday April 10th 2019

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Pre-opening Comments for Wednesday April 10th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

Index futures were virtually unchanged following release of the March Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.2% in February. Actual was up 0.4%. Excluding food and energy, consensus for the March Consumer Price Index was an increase of 0.2% versus a gain of 0.1% in February. Actual was an increase of 0.1%.

European equity markets were virtually unchanged following news that the European Central Bank has maintained current interest rates.

Amgen (AMGN $192.98) is expected to open higher after receiving FDA approval for Evenity, a treatment for osteoporosis in post-menopausal women.

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Delta Airlines gained $1.29 to $58.20 after reporting higher than consensus first quarter revenues and earnings.

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Wendy’s (WEN $17.99) is expected to open higher after Cowen initiated coverage with an Outperform rating.

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Apple slipped $0.64 to $198.86 following diverging comments by U.S. analysts. HSBC downgraded the stock to Reduce from Hold. Bank of America/Merrill raised its target price to $220 from $210.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/09/stock-market-outlook-for-april-10-2019/

Note seasonality chart on Job Openings.

Observation

The Nikkei Average briefly moved above 21,860 setting an intermediate uptrend.

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StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakouts: $CERN $DIS. Breakdown: $PNR

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Editor’s Note: After 10:00 AM EDT, breakout: COG. No breakdowns.

Walt Disney $DIS, a Dow Jones Industrial stock moved above $115.80 extending an intermediate uptrend.

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Job Openings pulling pack in February, falling by 10.4% (NSA), weaker than 6.2% average decline for the month. $MACRO #Employment #JOLTS

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Precision Drilling $PD.CA moved above $3.66 extending an intermediate uptrend. ‘Tis the season for strength to May!

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Bausch Healthcare $BHC $BHC.CA, a TSX 60 stock moved above $26.17 U.S. and $35.07 Cdn extending an intermediate uptrend.

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Vehicle sales show above average growth in March, but year-to-date trend remains below seasonal norms. equityclock.com/2019/04/08/… $CARZ $F $GM

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Shaw Communications $SJR $SJR.B.CA, a TSX 60 stock moved below support at $26.87 Cdn and $20.16 U.S. after quarterly results

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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The Barometer dropped 5.61 to 77.76 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

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The Barometer slipped 0.82 to 72.43 yesterday. It remains intermediate overbought.

 

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

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3 Responses to “Tech Talk for Wednesday April 10th 2019”

  1. rick Says:

    Investors are looking at the same chart but they are seeing different things .
    Look at SPX chart , 2 years time frame .
    Some investors will see only the big rally from december 2018 = 2346 until today 2884 .
    I see that in January 2018 SPX was 2872 and today , 14 months later , is 2884 .
    No increase in 14 months !
    SPX companies did made no profits in last 14 months ?
    No , they did made profits so = P/E is lower than 14 months ago = stocks are cheaper than 14 months ago
    Maybe , maybe , the earnings recessions is already priced in ?
    Maybe The stock market anticipated this “earnings recesion” 6 months ago ?
    Earnings are coming .
    We will see the market reaction .

  2. Larry/ON Says:

    Nasdaq – New YTD High Today. The slow grind continues. There is a lot of scepticism which is much better than euphoria. I suspect that money is inching into the market as holders of cash decide to join in. Easiest bet is QQQ. I think MSFT is ready to make new highs with an ascending triangle pattern. It’s a well loved stock. I’ve attached Jim Cramer’s take on the market.

    https://www.cnbc.com/2019/04/09/cramer-some-may-think-the-market-will-soon-top-but-im-not-buying-it.html

  3. Paul R Says:

    Larry/ON

    You have more patience than I have to watch Jim even though he may make some good points.
    I would rather watch paint dry.

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