Tech Talk for Friday April 22nd 2022

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Pre-opening Comments for Friday April 22nd

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

The Canadian Dollar added 0.04 to US78.89 cents following release of Canada’s February Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.5% versus an upwardly revised gain of 3.3% in January. Actual was a gain of 0.1%.

Intuitive Surgical dropped $9.57 to $285.00 after reporting less than consensus first quarter results.

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Gap Stores fell $1.51 to $12.78 after reporting lower than consensus first quarter results.

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Schlumberger added $1.19 to $41.84 after reporting higher than consensus first quarter earnings. The company also increased its dividend by 40%.

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Jet Blue slipped $0.10 to $13.43 after Deutsche Bank downgraded the stock from Buy to Hold.

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EquityClock’s Daily Comment

Headline reads “We’re taking profits in a number of seasonal trades that have each returned over 40% in just a few months”. Following is a link:

http://www.equityclock.com/2022/04/21/stock-market-outlook-for-april-22-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Strong demand and limited supply continue to drive the cost of homes higher. The median price of homes sold in the US has climbed by 5.8% through the first quarter of the year, which is the strongest rise through this period on record. $STUDY $MACRO #Economy #Housing $ITB $XHB

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As demand destruction for energy products materializes, it is time to tighten up the stops on energy stocks and/or rotate to other energy sector beneficiaries. equityclock.com/2022/04/20/… $XLE $XOP $USO $CL_F #Oil

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Continued jobless claims are now showing the largest percentage drawdown through the middle of April on record, lower by 28.1% year-to-date. The result continues to emphasize how tight the labor market remains, which is further ingraining wage pressures in the economy. $MACRO $STUDY #Economy #Employment

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Base Metals iShares $PICK moved below $50.31 completing a short term Head & Shoulders pattern.

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Copper Mining ETF $COPX moved below $44.16 completing a short term double top pattern.

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Copper stocks and related ETFs are under significant technical pressure. Southern Copper $SCCO one of the largest copper producer in the world moved below intermediate support at $67.30

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BMO Equal Weight Base Metals ETF $ZMT.CA moved below $63.34 completing a short term Head & Shoulders pattern.

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HudBay Minerals $HBM.CA a major base metals producer moved below Cdn$9.04 completing a Head & Shoulders pattern.

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U.S. Insurance iShares $IAK moved above $93.00 to an all-time high extending an intermediate uptrend.

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Dow Holdings $DOW an S&P 100 stock moved above $68.69 to an all-time high extending an intermediate uptrend.

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Honeywell $HON a Dow Jones Industrial Average stock moved above $197.39 extending an intermediate uptrend.

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IBM $IBM a Dow Jones Industrial Average stock moved above $140.51 and $140.73 to a nine year high extending an intermediate uptrend.

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Pepsico $PEP a NASDAQ 100 stock moved above $176.08 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to July 17th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/pepsico-inc-nysepep-seasonal-chart

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American International Group $AIG an S&P 100 stock moved above $64.90 extending an intermediate uptrend. Seasonal influences are favourable to June 8th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/american-international-group-inc-nyseaig-seasonal-chart

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Abbott Labs $ABT an S&P 100 stock moved above $123.87 extending an intermediate uptrend.

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Verizon $VZ a Dow Jones Industrial Average stock moved above $54.72 extending an intermediate uptrend.

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Solar ETF $TAN moved below intermediate support at $67.07

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Salesforce $CRM a NASDAQ 100 stock moved below $184.44 extending an intermediate downtrend.

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Nvidia $NVDA a NASDAQ 100 stock moved below $206.50 extending an intermediate downtrend.

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Meta Platforms $FB a NASDAQ 100 stock moved below $185.82 extending an intermediate downtrend.

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Take Two Interactive $TTWO a NASDAQ 100 stock moved below $133.54 extending an intermediate downtrend.

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Match $MTCH a NASDAQ 100 stock moved below $84.20 extending an intermediate downtrend.

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Canadian Technology iShares $XIT.CA moved below $36.92 extending an intermediate downtrend.

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Shopify $SHOP.CA a TSX 60 stock moved below Cdn$654.69 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 21st 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 21th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for April 21st 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 6.01 to 58.52 yesterday. It changed back to Neutral from Overbought on a drop below 60.00.

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The long term Barometer slipped 1.80 to 50.90 yesterday. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 9.17 to 53.21 yesterday. It turned back to Neutral from Overbought on a return below 60.00.

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The long term Barometer dropped 5.50 to 60.55 yesterday. It remained 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.




5 Responses to “Tech Talk for Friday April 22nd 2022”

  1. Ron/BC Says:

    Here is a long term chart of the $SPX. Just something to think about……….

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=M&yr=20&mn=0&dy=0&id=p93439101633&a=1090120909

  2. harry Says:

    Anyone know best place to park money for 30 days? Thanks

  3. RonBC Says:

    Harry

    https://www.ratehub.ca/gics/gic-rates/non-registered/30-day?msclkid=d269fb25c32511ec8b0f619ef807460e

  4. still_learning Says:

    EQ Bank (https://secure.eqbank.ca ….my internet bank) is givng 2.00% for a 3-mo GIC right now.

  5. harry Says:

    Thanks guys—Cibc has 1.8% minimum 30 days.

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