Tech Talk for Wednesday April 6th 2022

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Pre-opening Comments for Wednesday April 6th

U.S. equity index futures were lower this morning. S&P 500 futures were down 40 points in pre-opening trade.

Jet Blue dropped $0.51 to $13.13 after Raymond James downgraded the stock from Outperform to Market Perform.

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Tilray gained $0.13 to $7.16 after reporting higher than consensus fiscal third quarter revenues and earnings.

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Archer Daniels Midland advanced $0.52 to $91.42 after Stifel Nicolaus raised its target price from $80 to $100.

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EquityClock’s Daily Comment

 

Headline reads “The 10-year US treasury yield is breaking above a massive band of resistance, now on its way to 3%, a level that the equity market is likely to take issue with”..

Following is a link:

http://www.equityclock.com/2022/04/05/stock-market-outlook-for-april-6-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Xcel Energy $XEL an S&P 100 stock moved above $73.35 to an all-time high 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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United Parcel Service $UPS an S&P 100 stock moved below $198.53 completing a double top pattern.

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Agriculture commodity prices continue moving higher. Corn ETF $CORN moved above $27.77 to an 8 year high extending an intermediate uptrend. Seasonal influences for Corn futures and ETN are favourable to mid-June. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/corn-futures-c-seasonal-chart

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Telus $T.CA a TSX 60 stock moved above $33.48 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 5th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 5th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 5th 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 dropped 4.61 to 61.12 yesterday. It remains Overbought. Trend is down.

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The long term Barometer dropped another 2.81 to 49.90 yesterday. It remains Neutral. Trend is down.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped another 4.53 to 62.28 yesterday. It remains Overbought. Trend is down.

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The long term Barometer eased another 1.48 to 60.53 yesterday. It remains Overbought. Trend is down.

 

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 Wednesday April 6th 2022”

  1. Larry/ON Says:

    Nat Gas – Took out the Oct/21 high and is now highest since 2008 at 6.30. In 2005 and 2008 nat gas reached highs that were double the level we are currently at. On an inflation adjusted basis it actually is not all that expensive.

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