Tech Talk for Thursday March 31st 2022

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Pre-opening Comments for Thursday March 31st

U.S. equity index futures were lower this morning. At 7:30 AM EDT, S&P 500 futures were down 4 points in pre-opening trade.

U.S. February Personal Income to be released at 8:30 AM EDT is expected to increase 0.5% versus a gain of 0.4% in January. February Personal Spending is expected to increase 0.5% versus a gain of 2.1% in January.

January Canadian GDP to be released at 8:30 AM EDT is expected to increase 0.1% versus a gain of 0.6% in December.

President Biden plans to speak later this morning about releasing one million crude oil barrels per day for the next 180 days from the Strategic Petroleum Reserve. Crude oil dropped $6.22 to $101.00 per barrel on the news.

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Wallgreens Boots slipped $0.64 to $46.82 despite reporting higher than consensus fourth quarter results.

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EquityClock’s Daily Comment

Headline reads “Demand for petroleum products has fallen sharply since the middle of February as the high cost of fuel forces consumers to reconsider their driving habits”. Following is the link:

http://www.equityclock.com/2022/03/30/stock-market-outlook-for-march-31-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Canadian Dollar briefly moved above US80.32 cents completing a bottoming pattern. ‘Tis the season for the Canadian Dollar to move higher relative to the U.S. Dollar from mid-March to mid-July and frequently to mid-October!

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Lululemon $LULU a NASDAQ 100 stock moved above $353.62 extending an intermediate uptrend. Seasonal influences are 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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While a number of points on the yield curve are inverting, typically you need to see broad participation in the flattening of the curve for it to be an accurate predictor of a recession in the year ahead. equityclock.com/2022/03/29/… $TNX $TYX $STUDY

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Amgen $AMGN a NASDAQ 100 stock moved above $242.63 extending an intermediate uptrend.

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NextEra $NEE an S&P 100 stock moved above $85.40 extending an intermediate uptrend.

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Intuitive Surgical $ISRG a NASDAQ 100 stock moved above $304.68 extending an intermediate uptrend.

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Merck $MRK a Dow Jones Industrial Average stock moved above $81.83 extending an intermediate uptrend.

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Xcel Energy $XEL a NASDAQ 100 stock moved above $72.06 extending an intermediate uptrend. Seasonal influences are favourable to June 26th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/xcel-energy-inc-nysexel-seasonal-chart

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Dow Jones U.S. Railway Index $DJUSRR moved above 3836.16 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to June 2nd. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/railroad-industry-djusrr-seasonal-chart

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Canadian Pacific $CP.CA a TSX 60 stock moved above Cdn$103.88 to an all-time high extending an intermediate uptrend

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Rogers Communications $RCI.B.CA a TSX 60 stock moved above $69.53 to an all-time high extending an intermediate uptrend.

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Dollarama $DOL.CA a TSX 60 stock moved above $71.07 to an all-time high extending an intermediate high following a 10% dividend increase.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 30th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 30th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 30th 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

Comments from Mark Bunting and www.uncommonsenseinvestor.com

Three High Quality, High Volatility Stocks to Consider – Uncommon Sense Investor

Three Reasons Recession Fears Overblown – Uncommon Sense Investor

 

Market Buzz: Greg Schnell says “20 year trends are breaking”

https://www.youtube.com/watch?v=vZOE-3SfweI

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 6.61 to 69.14 yesterday. It remains Overbought, but shows early technical signs of a possible short term peak.

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The long term Barometer dropped 2.61 to 57.92 yesterday. It changed from Overbought to Neutral on a move below 60.00.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 1.85 to 71.74 yesterday. It remains Overbought and showing early signs of rolling over.

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The long term Barometer gained 1.59 to 66.96 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.




4 Responses to “Tech Talk for Thursday March 31st 2022”

  1. bruce Says:

    the AAII survey this week has the bulls at 31.9…two weeks ago bulls were just 22.5%…..the bears this week dropped to 27.5….two weeks ago they were at 49.8%…….hmmmm…

  2. Bman/Van Says:

    Hi Dave

    Nuttel is a great source of information in energy. Also hearing this from a number of money managers who do not present on BNN. The most recent one mentioning oil’s range is 90-120 and trying to find a where its going to settle while remaining much higher than historical due to the supply constraints we as a society have placed (ESG).

  3. Larry/ON Says:

    Re: Strategic Petroleum Reserve Release – The speculation is that this release is preceding an EU agreement to stop Russian oil imports. This release will draw down roughly a third of the existing reserve which was already in decline from 2020 levels. Some of the backwardation in futures contracts will probably diminish as farther months increase. Taking a quick check June July, Dec 2023 and June 2024 contracts are up this morning. None of the structural shortage in supply is changing.

  4. Larry/ON Says:

    TOU – Sharply higher making new highs today taking over from AAV yesterday. Those two names are consistently outperforming. They keep getting technically stretched and have to back off periodically. Nat gas is up nicely today. Techtalk made the call on nat gas being in a seasonal sweet spot until early June. Fundamentals are all in place.

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