Tech Talk for Tuesday April 26th 2022

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Preopening Comments for Tuesday April 26th

U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade.

Index futures were virtually unchanged following release of the March Durable Goods Orders report at 8:30 AM EDT. Consensus was an increase of 1.0% versus a drop of 2.1% in February. Actual was an increase of 0.8%. Excluding transportation, consensus was an increase of 1.1%. Actual was an increase of 1.1%..

Whirlpool advanced $5.02 to $183.89 after announcing a share buyback program.

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Twitter added $0.17 to $51.87 after the company agreed to Elon Musk’s offer to purchase at $54.20 per share. Value of the offer is $44 billion.

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Sherwin Williams gained $21.98 to $270.00 after reporting higher than consensus first quarter results.

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Pepsico added $0.53 to $174.27 after reporting higher than consensus first quarter results.

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EquityClock’s Daily Comment

Headline reads “The atypical rise in the US Dollar is forcing a rotation in the market away from this year’s winners in resource dominated sectors”. Following is the link:

http://www.equityclock.com/2022/04/25/stock-market-outlook-for-april-26-2022/

 

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

S&P 100 and NASDAQ 100 stocks that broke intermediate support levels this morning included $CVX $BLK $MU $FDX $DHR and $DD

 

Editor’s Note: Following release of this comment, add $ADBE, $ADSK, $SLB

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Precious metals prices $SLV $GLD have moved below intermediate support. Precious metal equity prices have followed. Breakdowns below intermediate support include $ABX.CA and $AEM.CA

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Weakness in Chinese equity indices $SSEC and related ETFs and closed end funds (e.g.$CAF) due to increased COVID 19 restrictions in China are impacted related Far East and Emerging Markets ETFs $EWY $FM

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Lithium ETN $LIT moved below $65.61 extending an intermediate downtrend.

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U.S. Brokers iShare $IAI moved below $93.06 extending an intermediate downtrend.

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Financial SPDRs $XLF moved below $35.35 extending an intermediate downtrend

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Oil Services ETF $OIH moved below $253.36 completing a double top pattern.

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Canadian bank stocks and related ETFs $ZEB.CA $XFN.CA remain under terchnical pressure. $BMO.CA moved below $141.05 and $139.15 extending an intermediate downtrend.

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Enbridge $ENB.CA a TSX 60 stock moved below intermediate support at $55.27.

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CCL Industries $CCL.B.CA a TSX 60 stock moved below $55.45 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 25th 2022

spx apr 26

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 25th 2022

crb apr 26

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 25th 2021

xlk apr 26

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 0.20 to 43.49 yesterday. It remains Neutral. Trend is down.

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The long term Barometer added 1.20 to 45.69 yesterday. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 5.50 to 31.19 yesterday. It remains Oversold. Trend is down.

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The long term Barometer added 0.46 to 57.34 yesterday. It remains Neutral.

 

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 Tuesday April 26th 2022”

  1. RonBC Says:

    RY.to continues to hold onto the $130 price support level which is also its 200 ema. And noooooooooooooo I haven’t bought any yet. It would be nice to see price test $120 but by not buying it here it will likely bounce back.

    https://stockcharts.com/h-sc/ui?s=RY.TO&p=D&yr=3&mn=0&dy=0&id=p97792006389&a=678758555

  2. Paula Says:

    Ron/BC,

    It’s funny how we tend to think that by buying or not buying a stock, it will somehow move against us…

    Here is a weekly chart which looks to me like the 29 level ~ the 50EMA might be a target.

    https://schrts.co/bgbYwuui

  3. Paula Says:

    Re# 2
    Meant 129.

  4. Ron/bc Says:

    Paula
    Not at my computer now but will post a chart of ZEB.TO the bank ETF. It has clearly broken down along with a bearish Head & Shoulders pattern. RY.TO won’t likely hold up now.

  5. RonBC Says:

    Paula

    Here is the ZEB.to Banking ETF. Note now clearly price has broken down below support for the 3rd day now with the MACD still saying sell. And yes it is oversold but can become even more oversold. My point being RY.to isn’t likely to rebound from its present price support level at $130 with its partners in the Bank ETF ZEB.to breaking down.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p72901181746&a=1055739122

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