Tech Talk for Tuesday April 5th 2022

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Pre-opening Comments for Tuesday April 5th

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.

Index futures were virtually unchanged following release of the February U.S. Trade Deficit at 8:30 AM EDT. Consensus was $88.50 billion versus $89.70 billion in January. Actual was $89.20 billion.

The Canadian Dollar was virtually unchanged at US80.35 cents following release of Canada’s February Merchandise Trade Balance at 8:30 AM EDT. Consensus was a surplus of $1.60 billion versus a surplus of $2.62 billion in January. Actual was

Copper miners ETF (COPX $46.85) is expected to open higher after the price of copper added another $0.03 per lb. to $4.81 per lb. in overnight trading. Yesterday, the ETF broke above $46.27 to an 11 year high extending an intermediate uptrend.

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ExxonMobil added $0.14 to $83.30 after the company mentioned a likely “bump” in first quarter results.

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Starbucks dropped $1.28 to $86.81 after Wedbush downgraded the stock from Outperform to Neutral.

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EquityClock’s Daily Comment

Headline reads “Industries in the technology sector are breaking above former levels of resistance around their 50-day moving averages, which has us reconsidering our underweight allocation to the sector for the month of April”. Following is a link:

http://www.equityclock.com/2022/04/04/stock-market-outlook-for-april-5-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Lots of technical action by emerging market ETFs this morning!: Breakouts from intermediate base building patterns! BMO Emerging Markets ETF $ZEM.CA moved above Cdn$20.98. Frontier iShares $FM moved above $33.35. Vietnam ETF $VNM moved above $19.35. India ETF $PIN moved above $26.79.

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Gold equities are responding nicely to higher gold prices. Kinross Gold $K.CA moved above Cdn$7.58. Agnico-Eagle $AEM advanced above $63.73

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Another Canadian gold producer breakout! Yamana Gold $YRI.CA a TSX 60 stock moved above $7.35 extending an intermediate uptrend.

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TSX Energy iShares $XEG.CA moved above $14.83 to an 8 year high extending an intermediate uptrend.

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Shanghai Composite Index $SSEC moved above 3,279.89 completing an intermediate bottoming pattern.

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Constellation Software $CSU.CA a TSX 60 stock moved above $2,228.94 resuming an intermediate uptrend.

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First Trust Biotech ETf $FBT moved above $154.63 completing a double bottom pattern.

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Fox $FOX an S&P 100 stock moved below $35.57 and $FOXA moved below $38.58 extending an intermediate downtrend.

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U.S. money center bank stocks are under technical pressure. Bank of New York Mellon $BK moved below $48.84 extending an intermediate downtrend. US Bancorp $USB moved below $52.02 extending an intermediate downtrend.

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Paccar $PCAR a NASDAQ 100 stock moved below $82.97 extending an intermediate downtrend.

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Wal-mart $WMT a Dow Jones Industrial Average stock moved above $151.27 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 4th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 4th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 4th 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 Contributors

Greg Schell asks “How do trains make U-turns”?

How Do Trains Make U-Turns? | The Canadian Technician | StockCharts.com

 

Trading Survival and Success Strategies | Bruce Fraser & Andrew Cardwell 

https://www.youtube.com/watch?v=aQjhRpaqj4E

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 2.40 to 65.73 yesterday. It remains Overbought.

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The long term Barometer added 0.20 to 52.71 yesterday. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer added 1.44 to 66.81 yesterday. It remains Overbought.

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The long term Barometer eased 0.76 to 62.01 yesterday. It remains Overbought and showing signs of rolling over.

 

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.




5 Responses to “Tech Talk for Tuesday April 5th 2022”

  1. Dave/AB Says:

    Thanks for providing links yesterday. Very helpful

  2. Larry/ON Says:

    Nat Gas spiking more than 7% today. There is some speculation of a short squeeze. Production has not been as robust as expected and inventories are low.

    https://www.naturalgasintel.com/natural-gas-futures-challenge-6-as-estimates-show-production-dip/

  3. Ron/BC Says:

    VERY NTR

    I can’t believe the Western World stands by and watches Russia bomb apartment buildings and execute women and children and civilians without giving them the same back again. This idea of we don’t want world war 3 is just cowardice. Good thing the World didn’t stand by and let Hitler bomb & slaughter in every country he could without getting involved or we’d be still be living under Nazi rule. The Western world didn’t mind starting World War 2 as it was the right thing to do. Doesn’t seem to be the right thing to do anymore. I guess everywhere other than the Ukraine is special. Wouldn’t want to get our hands dirty it seems……how very shameful……………..

  4. Dave/AB Says:

    Hello Ron/BC

    I do agree that we need to draw a line in the sand otherwise he may just keep marching on. I hope in the background NATO is trying to hire someone in his inner circle to take him out.

  5. Ron/BC Says:

    Dave/AB

    Yes I hope so. There are many high profile Russians that the Western world would support as President as they are more business orientated as well.
    All they need is one bullet. I suspect that Putin isn’t the least bit afraid of WW3 as he believes he would win it. So he’ll just keep on his path………….And the Western world just doesn’t have the stomach to get involved in it. Much easier to sit around and talk tough. Much like WW2 in the beginning.

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