Tech Talk for Thursday April 14th 2022

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Pre-opening Comments for Thursday April 14th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Index futures moved lower following release of the March Retail Sales report at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 0.2% in February. Actual was an increase of 0.5%. Excluding auto sales, consensus was an increase of 0.7% versus a gain of0.2% in February. Actual was an increase of 1.1%.

Twitter jumped $3.19 to $49.04 after Elon Mush offered to buy the company at $54.20 per share cash. Value of the offer is $43 billion.

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UnitedHealth Group added $2.80 to $539.80 after reporting higher than consensus first quarter earnings.

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Wells Fargo dropped $1.66 to $46.88 after reporting less than consensus first quarter revenues.

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Citigroup added $0.85 to $51.00 after reporting higher than consensus adjusted first quarter earnings.

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EquityClock’s Daily Comment

Headline reads “Shipping volumes remained sluggish through the month of March, presenting a warning for the health of the broader economy”.

Following is a link:

http://www.equityclock.com/2022/04/13/stock-market-outlook-for-april-14-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

US Consumer Prices jumped by another 1.3% in March , which is more than double the 0.5% increase that is average for this time of the year. With a year-to-date increase of 3.1%, the change in consumer prices has already surpassed the increase that has been average for an entire year. $STUDY $MACRO $TIP $IEF #Economy #CPI

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As we enter earnings season with reports from some of the major banks, the technical setup for these financial institutions is concerning. equityclock.com/2022/04/12/… $JPM $TD $BMO $CM $BNS $RY $XFN.CA $ZEB.CA

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After a strong start to the year, Total Energy Product Supplied has now slipped below its seasonal average trend as high prices weigh on activity. The metric of demand is now lower on the year by 4.5%, below the 1.4% decline that is average through this point in the year. $XLE $XOP $USO $CL_F $MACRO $STUDY

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With a 3.0% jump in March alone, the 7.4% rise in Producer Prices Final Demand through the first quarter of 2022 is the fastest rise in inflationary pressures for this time of year on record. The average increase through the first quarter is a mere 1.2%. $MACRO $STUDY #Economy #PPI

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JP Morgan $JPM a Dow Jones Industrial Average stock moved below $126.33 extending an intermediate downtrend following release of lower than consensus first quarter results.

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TSX Financials iShares $XFN.CA moved below $49.90 and $49.78 completing a Head & Shoulders pattern.

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Junior Gold ETF $GDXJ moved above $50.29 extending an intermediate uptrend.

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Gold Bug Index $HUI moved above $327.03 extending an intermediate uptrend.

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Metals & Mining SPDRs $XME moved above $63.70 to an all-time high extending an intermediate uptrend.

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Steel ETF $SLX moved above $69.80 to a 14 year high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 13th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 13th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 13th 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 Rip Van Winkle Stocks – Uncommon Sense Investor

 

Five Reasons the Worst May Be Over for Stocks – Uncommon Sense Investor

 

 

John Kosar from www.StockCharts.com says “Market on the verge of a steeper decline”.

https://www.youtube.com/watch?v=y8pxca_B9-8

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 4.41 to 55.31 yesterday. It remains Neutral.

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The long term Barometer added 1.40 to 48.90 yesterday. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer added 7.63 to 62.50 yesterday. It changed from Neutral to Overbought on a move above 60.00.

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The long term Barometer added 1.89 to 63.39 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.




17 Responses to “Tech Talk for Thursday April 14th 2022”

  1. bruce Says:

    John and Mary’s view of the market short term is at an extreme… just 15.8% bullish with 48.4% bearish….I’ve never seen them this negative….what are the odds of the public being right?….

  2. bruce Says:

    the above refers to the AAII survey this week……

  3. RonBC Says:

    Bruce

    The Fear and Greed Index doesn’t seem to be at an extreme.

    https://money.cnn.com/data/fear-and-greed/

  4. Paula Says:

    Bruce and Ron/BC

    Maybe this is an example of how what people say and what they actually do is not necessarily the same.The market has not made a new low/VIX has not made a new high, so fear is not being expressed currently. I heard a stat (I think it was Mike Santoli on CNBC) that the day before Easter Friday and the day after Easter are very bullish.

  5. bruce Says:

    if people are bearish then they have already sold and are holding cash……maybe the public participation is too small to make much difference……..I think Mike Santoli is the best CNBC have…….

  6. Paula Says:

    Bruce,
    Yes, Mike Santoli is remarkable, definitely the best on CNBC and one of the few reasons I watch. I record the programs that he is on and fast forward through them until I see him and then slow down to listen.

  7. dutchcanuck Says:

    Ron/BC
    Oaken Financial 5 yr GIC’s at 4%.

    With Bruce&Paula on Santoli. Wish they would give him more airtime.

  8. Ron/bc Says:

    Dutchcanuck
    Thanks. Nice to see those rates spiking up I’d like to buy a couple of high interest GICs. Unfortunately I recall getting double digit rates long ago so these rates don’t seem like much. I think indebted people are in for a major shock ahead.

  9. dutchcanuck Says:

    #8
    And so will indebted corporations and governments.

  10. RonBC Says:

    The equal banking group ETF:ZEB.to has pulled back to significant price support at the November high which is now just above the 200ema. Most oscillators are oversold and positioned to bounce back. One could argue that the larger price pattern is a bearish H&S pattern but the key is to see if price can hold here.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p64584619594&a=1055739122

  11. David Says:

    Gold has been resilient to the 10yr U.S. yield.

    https://schrts.co/VdhWvarg

  12. Larry/ON Says:

    I generally have CNBC on during the day and at times switch to BNN due to energy. Mike Santoli is great on technical analysis. I like the lunch hour CNBC program and look for Najarian’s views and I think on Wednesday he said “energy, energy, energy.”
    Went through Warsaw yesterday and I am in Budapest visiting family and checking on my condo. Nice to have a change of scenery. Not much mask wearing even on the plane.

  13. david Says:

    with the recent bond yields rising so crazy, i wonder how this affects retirees. does it have an affect on them what so ever???

  14. david Says:

    with bonds being extremely low, would it be a good time to start buying into it. not really sure how this works???

  15. david Says:

    if there is a global recession, what does that mean to, inflation, employment,and the stock market???

  16. FishFat Says:

    David, re:#11

    Interesting chart and correlation. It would seem that gold holders are shrugging off the recent interest rate hikes as insufficient to curb inflation. Meh, too little too late seems to be their point of view.

  17. Dave/AB Says:

    Supply chain is really hitting the car industry. Was over at the Lexus dealership in YYC. The showroom only had 2 cars to show. 6-8 month wait for a new car.

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