Tech Talk for Tuesday April 19th 2022

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Pre-opening Comments for Tuesday April 19th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Index futures were virtually unchanged following release of March Housing Starts at 8:30 AM EDT. Consensus was 1.750 million units, down from 1.769 million units in February. Actual was 1.793 million units.

JB Hunt Transport added $2.43 to $173.88 after reporting higher than consensus first quarter revenues and earnings.

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Johnson & Johnson slipped $0.56 to $177.10 after reporting lower than consensus first quarter revenues. The company also lowered second quarter guidance.

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Lululemon added $6.54 to $394.10 after Truist raised its target price from $390 to $495.

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Costco advanced $0.61 to $582.73 after Raymond James raised its target price from $565 to $645.

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EquityClock’s Daily Comment

Headline reads “Both the 10-year treasury yield and the US Dollar Index are reaching towards critical levels of resistance, the reaction to which could have significant implications for the equity market". Following is the link:

http://www.equityclock.com/2022/04/18/stock-market-outlook-for-april-19-2022/

 

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

TSX Gold iShars $XGD.CA moved above $23.43 extending an intermediate uptrend.

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U.S. equities related to the U.S. infrastructure sector are extending gains. Caterpillar $CAT a Dow Jones Industrial Average stock moved above $229.81 extending an intermediate uptrend.

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Silver iShares $SLV moved above intermediate resistance at $23.89.

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Semiconductor ETF $SMH moved below $237.32 extending an intermediate downtrend.

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Soybean ETF $SOYB moved above $28.29 extending an intermediate uptrend.

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Consolidated Energy $CEIX a NASDAQ 100 stock moved above $48.12 to an all-time high extending an intermediate uptrend.

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Walt Disney $DIS a Dow Jones Industrial Average stock moved below $128.38 extending an intermediate downtrend.

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Oil Services ETF $OIH moved above $306.19 extending an intermediate uptrend. Seasonal influences are favourable to June 29th. If a subscriber to EquityClock, see seasonality chart at

https://charts.equityclock.com/vaneck-vectors-oil-services-etf-nyseoih-seasonal-chart

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Suncor $SU.CA a TSX 60 stock moved above Cdn$43.12 extending an intermediate uptrend.

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Canadian "gassy" stocks continue to advance. Freehold Royaties $FRU.CA moved above $15.75 extending an intermediate uptrend. Seasonal influences are favourable to August 10th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/freehold-royalties-tsefru-seasonal-chart

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Far East equity indices and related ETFs remain under technical pressure. Taiwan ETF $EWT and Vietnam ETF $VNM are hitting annual lows. South Korea ETF $EWY is testing an annual low. Vietnam ETF moved below $18.14 extending an intermediate downtrend.

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Starbucks $SBUX a Dow Jones Industrial Average stock moved below $78.92 extending an intermediate downtrend.

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Bausch Health $BHC.CA a TSX 60 stock moved below Cdn$26.62 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 18th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 18th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 18th 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 2.00 to 51.50 yesterday. It remains Neutral. Trend remains down.

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The long term Barometer slipped 0.40 to 47.90 yesterday. It remains Neutral. Trend remains down.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 2.82 to 58.37 yesterday. It changed from Overbought to Neutral on a drop below 60.00.

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The long term Barometer added 0.56 to 62.90 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.




4 Responses to “Tech Talk for Tuesday April 19th 2022”

  1. Muntazir Says:

    Rol Lew, Tony & all who deal in options,

    Just noticed that there are 10,116 May 58 call options open on Canadian Apartment Reits (CAR) on TSX. Also, put open interest of 10k on May 51. The info from TD investing.
    Is this telling where the stock would be pinned at or move to ?

    Thanks in advance

  2. tony Says:

    Hi Muntazir,

    Been a while since i’ve passed a comment on this board, I come to read the chit chat once in a while but not more than that.

    OK since the options are already set in place I can’t speak and what type of move they are planning to see this stock will react in the next month. (this is outside my vocabulary).

    Now i don’t when Car is coming out with their financial statement for the quater so maybe this is t5hat type of move.

    From my chart on a 4hr time frame the chart as set a low of 50.54$ so the 51 seems to be the low. and since april 8th the stock has been trading in a range 51.3 to 52.3
    I can say if this stock moves below the 50 $ get out your entry try getting some between 52.3 and 51.3 but there are no guarantees these prices will be available tomorrow.

  3. tony Says:

    david Says:
    April 16th, 2022 at 9:16 pm
    with bonds being extremely low, would it be a good time to start buying into it. not really sure how this works???

    Bonds work just the same as the dividend stocks: if you buy a bond at 100$ and it yields 5% you still have a 100$ bond that will pay you 5% even if price goes lower you will still receive 5% if you want it to pay 6% than you shall buy it at a lower price.

  4. Rol Lew Says:

    Muntazir,

    https://m-x.ca/en/trading/data/quotes?symbol=CAR*#quotes

    Re your question 2 days ago, on CAR-to high open interest May options, it is anybody’s guess as to what is happening here.
    My feeling is, since the bid/ask on CAR.un-to options, is so wide, if they trade at all, i.e., no/low volume, I would just avoid them. If I remember correctly, this usually is the case for a lot of montreal exchange stock options.

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