Tech Talk for Friday March 18th 2022

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Technical Notes released yesterday at

StockTwits.com@EquityClock

February was a weak month for the consumer with Retail Sales in the US slipping by 2.1% (NSA), which is weaker than the 1.0% decline that is average for the month. Activity is still maintaining an above average pace on the year, however. $MACRO $STUDY #Economy #Retail #Consumer$XRT $RTH

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While mean reversion is providing a temporary reprieve in some of this quarter’s extreme moves, this industry play may see longer-term benefits as its period of seasonal strength gets underway. equityclock.com/2022/03/16/… $IHI $XLV

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Canada iShares $EWC moved above $39.62 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable until at least April 18th and frequently to the end of May. If a subscriber to EquityClock, see seasonality chart at

https://charts.equityclock.com/ishares-msci-canada-etf-nyseewc-seasonal-chart

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Brookfield Infrastructure $BIP a TSX 60 stock moved above US$128.39 extending an intermediate uptrend. Seasonal influences currently are favourable. If a subscriber to EquityClock, see seasonality chart at

https://charts.equityclock.com/brookfield-infrastructure-partners-l-p-nysebip-seasonal-chart

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T-Mobile $TMUS a NASDAQ 100 stock moved above $128.39 extending an intermediate uptrend. Seasonal influences are favourable to May 30th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/tmobile-us-inc-nasdtmus-seasonal-chart

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Twitter $TWTR a NASDAQ 100 stock moved above $36.13 completing a double bottom pattern.

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Healthcare SPDRs $XLV moved above intermediate resistance at $134.46.

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Pharmaceutical ETF $PPH moved above $78.16 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable until at least mid-May. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/vaneck-vectors-pharmaceutical-etf-nasdpph-seasonal-chart

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U.S. Healthcare Providers $IHF moved above intermediate resistance at $280.39

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Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved above $176.63 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to May 24th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/johnson-johnson-nysejnj-seasonal-chart

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Eli Lilly $LLY an S&P 100 stock moved above $282.72 to an all-time high extending an intermediate uptrend.

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Regeneron $RGEN a NASDAQ 100 stock moved above $686.62 to an all-time high extending an intermediate uptrend.

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Water Resources ETF $PHO moved above $52.32 completing a reverse Head & Shoulders pattern.

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Honeywell $HON a Dow Jones Industrial Average stock moved above $191.85 completing a double bottom pattern

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Precious metals producer equities and related ETFs are responding strongly to the increase in precious metal prices today. First Majestic $FR.CA moved above Cdn$18.19 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 17th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 17th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for March 17th 2021

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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)

 

Links from valued providers

Thank you to Mark Bunting and www.uncommoninvestor.com for the following links:

 

Why You’re Not Missing Out on Oil & Gas & Gold Stocks – Uncommon Sense Investor

 

Three Reasons 40-Year Bull Market Can Keep Running – Uncommon Sense Investor

 

S&P 500 Momentum Barometers

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The intermediate term Barometer advanced another 7.82 to 50.90 yesterday. It remains Neutral and trending up.

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The long term Barometer added another 3.01 to 48.30 yesterday. It remains Neutral and trending up.

 

TSX Momentum Barometers

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The intermediate term Barometer advanced 9.13 to 71.74 yesterday. It remains Overbought. Trend remains up.

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The long term Barometer added 3.48 to 66.09 yesterday. It remains Overbought. Trend is up.

 

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.




7 Responses to “Tech Talk for Friday March 18th 2022”

  1. Larry/ON Says:

    BMO – The day’s not over but it may set an all-time high close.

  2. Larry/ON Says:

    CM – Up on the highest volume in almost a year.

  3. FishFat Says:

    re: USD/CAD
    Over the past 9-months the USD/CAD trade has formed an Ascending Triangle chart pattern on the weekly chart. There is the potential for a break to the downside next week. Notice compression of the Moving Averages, negative divergence of the MACD histogram and an PPO indicator that has just moved below the signal line. A break to the downside would mean a rise in the value of the Canadian Dollar.
    https://schrts.co/MpdcdxGV

  4. Ron/BC Says:

    FishFat

    Here is a long term 20 year chart of the CD$ with the $USD and XEG.to overlaid. The long term chart of the CD$ is still in its long term downtrend. And inspite of it being a commodity currency it doesn’t seem to be moving out of that trend. I admit I am very biased against the CD$ and very pro U.S.$ so that could cloud my opinion but the chart is still bearish for the CD$ even with the big moves in commodities which is very negative. The Federal Government we have here doesn’t help either.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=W&yr=20&mn=0&dy=0&id=p30303529552&a=1081737333

  5. FishFat Says:

    Ron/BC
    I see your point. And in support of your position, the Ascending Triangle pattern (shown on my weekly chart) is normally a bullish chart pattern. Seeing this pattern I would normally expect a stronger USD (weaker CAD) to follow a subsequent upside breakout. But, price is sitting on the bottom edge of the chart pattern and a breakdown at this point is not favourable for the USD. In the short-term of weeks or months versus years, there could easily be strength in the CAD without altering the overall downtrend you noted.

  6. FishFat Says:

    Ron/BC
    The CP Rail labour dispute may kick the stuffing out of the CD$. But so far that has not shown up on the chart. The weekly chart of the CD$ is pretty much identical (except the inverse) of the USD/CAD chart. The CAD may be one to watch next week. Price has bumped up against a down-sloping resistance line. The MACD (50,200,20) plot is holding a bullish trend.
    https://schrts.co/hbUbrDVv

  7. Ron/BC Says:

    FishFat

    Here is a comparison chart of the Seasonal Trends of the difference between the CD$ and the U.S.D. April is a much stronger month for the CD$ than previous months.

    https://stockcharts.com/freecharts/seasonality.php?symbol=%24CDW&compare=%24USD

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=673066495

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