Tech Talk for Tuesday March 29th 2022

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Pre-opening Comments for Tuesday March 29th

U.S. equity index futures were higher this morning. S&P 500 futures were up 39 points in pre-opening trade.

McCormick gained $2.24 to $99.86 after reporting higher than consensus first quarter revenues and earnings.

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CVS Health dropped $2.24 to $99.86 after Deutsche Bank downgraded the stock from Buy to Hold.

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Bausch Health added $0.17 to US$22.75 after announcing plans to reduce its debt by another $200 million.

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LHC Group gained $9.47 to $167.22 after UnitedHealth Group’s Optum division announced purchase of the company in a deal valued at $5.5 billion.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2022/03/28/stock-market-outlook-for-march-29-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Vertex Pharmaceuticals $VRTX a NASDAQ 100 stock moved above $254.93 extending an intermediate uptrend.

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Forest product stocks and related ETFs $WOOD $CUT continue to respond to lower lumber prices. Canfor $CFP.CA moved below Cdn$26.34 extending an intermediate downtrend.

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Couche Tard $ATD.B.CA a TSX 60 stock moved above $55.30 to an all-time high extending an intermediate uptrend

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Lululemon $LULU a NASDAQ 100 stock moved above intermediate resistance at $331.50. Seasonal influences are strongly favourable to June 5th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/lululemon-athletica-inc-nasdaqlulu-seasonal-chart

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Seasonality Chart of the Day

Infrastructure equities and related ETFs are responding to passage of the U.S. infrastructure bill. BMO global infrastructure ETF $ZGI.CA moved above Cdn$44.94 to an all-time high extending an intermediate uptrend. Favourable seasonal influences are optimal to May 18th.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 28th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 28th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 28th 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)

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 2.81 to 64.33 yesterday. It remains Overbought. Trend remains up.

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The long term Barometer added 1.20 to 54.31 yesterday. It remains Neutral. Trend remains up.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.87 to 67.97 yesterday. It remains Overebought.

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The long term Barometer added 0.43 to 63.64 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.




One Response to “Tech Talk for Tuesday March 29th 2022”

  1. Ron/BC Says:

    IWM is hovering under price resistance of $210 since breaking out above its downtrendline. This is a closing price chart and an OHLC chart shows price already breaking out. Price does need to clear and hold above $210 but the technicals suggest it is likely to do that soon enough. Meanwhile price is at $210 resistance.

    https://stockcharts.com/h-sc/ui?s=IWM&p=D&yr=2&mn=0&dy=0&id=p28129167785&a=801703941

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