Tech Talk for Wednesday April 13th 2022

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Pre-opening Comments for Wednesday April 13th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Index futures were virtually unchanged following release of the March Producer Price Index at 8:30 AM EDT. March PPI was expected to increase 1.1% versus of a gain of 0.8% in February. Actual was an increase of 1.4%. On a year over year basis, March Producer Price Index gained 11.2% versus a consensus increase of 10.6%, biggest gain on record. Excluding food and energy, March Producer Price Index was expected to increase 0.5% versus a gain of 0.2% in February. Actual was an increase of 0.9%.

Bank of Canada statement to be released at 10:00 AM EDT is expected to announce an increase in the overnight lending rate to major Canadian banks from 0.50% to 1.00%.

JP Morgan dropped $1.59 to $129.95 after reporting lower than consensus first quarter earnings.

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Delta Airlines added $2.38 to $38.62 after reporting a lower than consensus first quarter loss.

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Bed Bath and Beyond slipped $0.66 to $17.31 after reporting lower than consensus fourth quarter results.

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BlackRock added $0.50 to $717.33 after reporting higher than consensus first quarter results.

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EquityClock’s Daily Comment

Headline reads “As we enter earnings season with reports from some of the major banks, the technical setup for these financial institutions is concerning”. Following is a link:

http://www.equityclock.com/2022/04/12/stock-market-outlook-for-april-13-2022/

 

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Silver stocks are responding to strength in silver prices and related ETF $SIL Pan american Silver $PAAS moved above $29.15 extending an intermediate uptrend.

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Gold Miners ETF $GDX moved above $40.26 extending an intermediate uptrend.

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Bond ETFs have moved lower in a parabolic manner, making their trajectories unsustainable. equityclock.com/2022/04/11/… $IEF $SHY $TLT $TBT

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Horizons Enhanced Income Gold Producer ETF $HEP.CA moved above Cdn$32.57 extending an intermediate uptrend. Seasonal influences are favourable to June 2nd . If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/horizons-enhanced-income-gold-producers-etf-tsehep-to-seasonal-chart

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Semiconductor iShares $SOXX moved below $417.57 extending an intermediate downtrend.

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Cisco $CSCO a NASDAQ 100 stock moved below $52.34 extending an intermediate downtrend.

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Scotia Bank $BNS.CA a TSX 60 stock moved below Cdn$86.67 completing a Head & Shoulders pattern.

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TSX Financial Services Index $SPTFS moved below 397.48 completing a Head & Shoulders pattern.

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Toronto Dominion Bank $TD.CA a TSX 60 stock completed a Head & Shoulder pattern on a move below $94.84

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 12th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 12th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 12th 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 slipped another 1.00 to 50.90 yesterday. It remains Neutral. Trend is down.

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The long term Barometer eased another 0.60 to 47.49 yesterday. It remains Neutral. Trend is down.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 1.33 to 54.87 yesterday. It remains Neutral. Trend is down.

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The long term Barometer added 0.44 to 61.50 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.




6 Responses to “Tech Talk for Wednesday April 13th 2022”

  1. Larry/ON Says:

    Breakdown of both semis and financials is a large negative indicator.

  2. Paula Says:

    Larry,
    Possible double bottoms on both.

  3. bruce Says:

    Hope you’re right Paula…..will be very interested to see the AAII results to-morrow……..

  4. David Says:

    Spx is below its 200 ma. It would need to get above it for it to appear bullish. Vix is at it’s 200ma.

  5. bruce Says:

    A CNBC survey says just 28% of Americans feel this is a good time to invest….hmmm….

  6. David Says:

    #4
    I meant the weekly moving average. Spx is just below it’s 40ma and the vix is just above it’s 40ma.

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