Tech Talk for Friday March 11th 2022

Daily Reports Add comments

Pre-opening Comments for Friday March 11th

U.S. equity index futures were higher this morning. S&P 500 futures were up 45 points in pre-opening trade.

The Canadian Dollar added 0.23 to US78.54 cents following release of Canada’s February Employment Report at 8:30 AM EST. Consensus was a drop in the February Unemployment Rate to 6.2% from 6.5% in January. Actual was a drop to 5.5%. Consensus was an increase in February employment was an increase of 127,000. Actual was an increase of 336,600.

DocuSign dropped $16.69 to $77.20 after the company lowered first quarter revenue and earnings guidance.

clip_image001[1]

Oracle slipped $0.35 to $76.30 after third quarter earnings came in less than consensus.

clip_image002[1]

Colgate added $0.69 to $74.53 after the company announced a $5 billion share buyback program

clip_image003[1]

Ulta Beauty advanced $4.63 to $384.00 after reporting higher than consensus fourth quarter earnings. The company also announced a $2 billion share buyback program.

clip_image004[1]

 

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2022/03/10/stock-market-outlook-for-march-11-2022/

Market Bottom in March?

Stock Chart guest Jonathan Krinsky, CMT of BTIG shows how market weakness through February often leads to a bottom in March.

https://www.youtube.com/watch?v=kj1tLGXcViU

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Buying exhaustion becoming apparent in some of this quarter’s favored bets. equityclock.com/2022/03/08/… $XME $XOP $GDX $GLD $XLP $XLU $XLV

clip_image001

Despite another test of resistance on Wednesday, the action on the session was highly encouraging, enough for us to put some of our cash hoard back to work. equityclock.com/2022/03/09/… $SPX $SPY $ES_F

clip_image002

Long term U.S. Treasury ETF $TLT moved below $134.33 extending an intermediate downtrend.

clip_image003

Shanghai Composite $SSEC and related ETFs $CQQQ $FXI have broken long term support levels setting long term downtrends.

clip_image004

Coca Cola $KO a Dow Jones Industrial Average stock moved below $59.28 and $58.57 setting an intermediate downtrend.

clip_image005

NetEase $NTES a NASDAQ 100 stock moved below $77.60 extending an intermediate downtrend.

clip_image006

TCOM $TCOM a NASDAQ 100 stock moved below $21.40 extending an intermediate downtrend

clip_image007

Twenty First Century $FOXA an S&P 100 stock moved below $39.65 completing a double top pattern.

clip_image008

Hudbay Minerals $HBM.CA a major base metals producer moved above Cdn$10.67 extending an intermediate uptrend. Seasonal influences are favourable to early May. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/hudbay-minerals-inc-tsehbm-seasonal-chart

clip_image009

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 10th 2022

clip_image011

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 10th 2022

clip_image013

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 10th 2021

clip_image015

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)

 

S&P 500 Momentum Barometers

clip_image016

The intermediate barometer added 0.80 to 29.46 yesterday. It remains Oversold.

clip_image017

Long term barometer slipped 0.20 to 39.68 yesterday. It remains Oversold.

 

TSX Momentum Barometers

clip_image018

The intermediate barometer slipped 0.60 to 61.84 yesterday. It remains Overbought.

clip_image019

The long term barometer added 0.71 to 63.16 yesterday. It remains 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




9 Responses to “Tech Talk for Friday March 11th 2022”

  1. Rol Lew Says:

    “”” Jayson Says:
    March 10th, 2022 at 4:14 pm
    Thank you everyone for your posts during this challenging time. Rising rates aside, if bonds are opposite of stocks, any thoughts on trading XBB.to, TLT or AGG? Wondering if charts work given low volumes. Trying to find ways of making money.”””
    ======================================================================================
    Hi Jayson,
    Warning!… this response may or may not make any sense with timing these markets.
    Looking at charts you might try to guess the trend, or maybe that is impossible. It appears that recently, bonds are not the opposite of “all” stocks. Many stocks have been going down with bonds, and because of bonds.

    https://stockcharts.com/h-sc/ui?s=XBB.TO&p=W&yr=1&mn=4&dy=0&id=p27710191492
    https://stockcharts.com/h-sc/ui?s=TLT&p=W&yr=1&mn=4&dy=0&id=p27710191492
    https://stockcharts.com/h-sc/ui?s=AGG&p=W&yr=1&mn=4&dy=0&id=p27710191492

  2. Jayson Says:

    ROL Lew. Thank you for these charts -they make much more sense than these markets do :).

  3. Ron/BC Says:

    The $SPX continues to cling to the 4200 price support level. I think it’s fingers are getting tired and are about to slip off. Perhaps some hot shot will come up with a wildly bullish “story” and we’ll see price bounce back to the downtrendline first…….or the short sellers will take control and drive price down to the 3600 area.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p33941528022&a=939923011

  4. Ron/BC Says:

    The Nasdaq CompQ chart shows just how overbought this Index got and where it is now. As always draw your own conclusions.

    https://stockcharts.com/h-sc/ui?s=%24COMPQ&p=W&yr=20&mn=0&dy=0&id=p57434976490&a=1092908250

  5. Paula Says:

    Ron/BC,

    Re #3: On your $SPX chart, I see possible support at the 3950 to 4000 area, then the 3723 low from March 2021. Maybe this is being too nit picky.

  6. dutchcanuck Says:

    Rob/BC
    Would be nice to see Fibs on those as always superb charts.

  7. Ron/BC Says:

    Dutchcanuck

    Here are the two Indexes with Fibs on them………

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p33941528022&a=939923011

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p33941528022&a=939923011

  8. Ron/BC Says:

    Paula

    Well with those Oscillators showing positive divergences I would be hesitant to short this market as one piece of good news would cause a lot of short covering at the 4200 level plus buying and blow your nylons off…………………..They love to do that,lol.

  9. Ron/BC Says:

    Dutchcanuck

    Here is the Daily Compq & Weekly $SPX with fibs on them………

    https://stockcharts.com/h-sc/ui?s=%24COMPQ&p=D&yr=2&mn=0&dy=0&id=p41697564184&a=1041803119

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=20&mn=0&dy=0&id=p91123533216&a=673066405

Entries RSS Comments RSS Log in