Tech Talk for Friday April 8th 2022

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Pre-opening Comments for Friday April 8th

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US79.43 cents following release of Canada’s March Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 79,000. Actual was an increase of 72,500. Consensus for the Unemployment Rate was unchanged from February at 5.5%. Actual was a drop to 5.3%, lowest level since 1976.

Biogen dropped $2.31 to $209.33 after Medicare placed restrictions on use of the company’s Alzheimer drug. Oppenheimer lowered its target price from $285 to $240.

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WD 40 advanced $15.73 to $190.24 after reporting higher than consensus fiscal second quarter results.

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Halliburton added $0.02 to $37.77 after Stifel Nicolaus raised its target price from $32 to $42.

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United Parcel Services dropped $2.20 to $190.50 after JP Morgan lowered its target price from $262 to $229.

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EquityClock’s Daily Comment

Headline reads “Health Care and Staples chart substantial gains to end at fresh all-time highs, emphasizing the defensive tilt of the market”. Following is a link:

http://www.equityclock.com/2022/04/07/stock-market-outlook-for-april-8-2022 /

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

The yield on the 10-Year Treasury Note is now back to its declining 200-month moving average, a hurdle last tested before the dramatic selloff in stocks during the fourth quarter of 2018. equityclock.com/2022/04/06/… $TNX $ZN_F $IEF $STUDY

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Consumer Staples SPDRs $XLP moved above $77.83 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/consumer-staples-select-sector-spdr-fund-nysexlp-seasonal-chart

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Healthcare SPDRs $XLV moved above $141.53 to an all-time high extending an intermediate uptrend.

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Abbott Labs $ABT an S&P 100 stock moved above $123.10 completing an intermediate reversal pattern.

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Natural gas ETN $UNG moved above $22.10 extending an intermediate uptrend. Seasonal influences are favourable to June 29th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/united-states-natural-gas-fund-nyseung-seasonal-chart

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Morgan Stanley $MS an S&P 100 stock moved below $81.97 extending an intermediate downtrend.

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O’Reilly Automotive $ORLY a NASDAQ 100 stock moved above $710.86 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/oreilly-automotive-inc-nasdaqorly-seasonal-chart

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Charter Communications $CHTR a NASDAQ 100 stock moved below $545.33 extending an intermediate downtrend.

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Transportation Average iShares $IYT moved below $242.55 and $239.61 extending an intermediate downtrend

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United Parcel Services $UPS moved below $191.35 extending an intermediate downtrend.

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Dupont $DD an S&P 100 stock moved below $67.55 extending an intermediate downtrend.

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Cameco $CCO.CA CCJ a TSX 60 stock moved above Cdn$37.58 to a 14 year high extending an intermediate uptrend

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National Bank $NA.CA a TSX 60 stock moved below $92.44 completing a Head & Shoulders pattern.

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Loblaw Companies $L.CA a TSX 60 stock moved above $116.50 to an all-time high extending an intermediate uptrend.

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Pembina Pipeline $PPL.CA a TSX 60 stock moved above Cdn$47.83 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to May 21st. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/pembina-pipeline-corp-tseppl-seasonal-chart

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Equal Weight Canadian Bank ETF $ZEB.CA moved below $39.24 and $39.31 completing a classic Head & Shoulders pattern. As pre-announced, Canada’s banks are to be taxed higher in the Federal Government budget

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 7th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for April 7th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 7th 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 1.40 to 57.51 yesterday. It remains Neutral.

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The long term Barometer was unchanged yesterday at 49.70. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer added 3.54 to 59.73 yesterday. It remains Neutral.

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The long term Barometer added 0.88 to 61.06 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.




2 Responses to “Tech Talk for Friday April 8th 2022”

  1. FishFat Says:

    EFX.to
    Enerflex has broken above resistance after forming an Ascending Triangle chart pattern. I like the bullish nature of several indicators, including an RSI(14)>50, the PPO >0 and rising above the signal line. The Ron/BC crafted indicator MACD (50,200,50) is also positive having just crossed above zero and rising above the signal line.
    https://schrts.co/uxYvEyth

  2. Paula Says:

    TBF finally broke above old resistance ~ 18, retested to ~ 17.58 then resumed it uptrend to a new high this week. Now it is reflecting the interest rate fears that are in the bond market. The question is: are all the fears already in?

    Previously banks were rallying in anticipation of rates going up, now they are falling on some yields inverting and recession fears. Utilities are trading like mega cap growth stocks and making new all time highs even though they are “supposed” to go down when yields go up.

    Even though I know better, I still try to make sense out of something that cannot make sense.

    https://schrts.co/bHPpWrtb

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