Tech Talk for Thursday April 28th 2022

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Pre-opening Comments for Thursday April 28th

U.S. equity index futures were higher this morning. S&P 500 futures were up 63 points at 7:30 AM EDT.

First quarter annualized real GDP in the U.S. is scheduled to be released at 8:30 AM EDT. Consensus is an increase of 1.0% versus a gain of 6.9% in the fourth quarter.

Meta Platforms (i.e. Facebook) jumped $32.95 to $207.80 after reporting higher than consensus first quarter earnings.

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Teledoc plunged $19.59 to$36.40 after reporting a higher than consensus quarterly loss.

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Amgen dropped $10.29 to $238.50 after reporting lower than consensus first quarter earnings. The company also lowered guidance for the second quarter.

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QualComm advanced $7.20 to $142.30 after reporting higher than consensus quarterly results.

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EquityClock’s Daily Comment

Headline reads “Small-caps are breaking below their prolonged trading range, which presents ongoing concerns for the broader market”. Following is a link:

http://www.equityclock.com/2022/04/27/stock-market-outlook-for-april-28-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

U.S. Medical Devices iShares $IHI moved below $55.46 extending an intermediate downtrend.

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Capital One Financial $COF an S&P 100 stock moved below $122.43 extending an intermediate downtrend.

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Utilities sector benchmark showing similar action to what was observed prior to the pandemic plunge in stocks in March of 2020. equityclock.com/2022/04/26/… $XLU $VPU $IDU #Utilities

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Verizon $VZ a Dow Jones Industrial Average stock moved below $48.50 extending an intermediate downtrend.

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Cisco $CSCO a Dow Jones Industrial Average stock moved below $50.44 extending an intermediate downtrend.

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ASML Holding $ASML a NASDAQ 100 stock moved below $558.77 extending an intermediate downtrend.

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Check Point $CHKP a NASDAQ 100 stock moved below $132.38 extending an intermediate downtrend.

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Microchip Technologies $MCHP a NASDAQ 100 stock moved below $64.26 extending an intermediate downtrend.

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CDW Corp $CDW a NASDAQ 100 stock moved below $162.91 extending an intermediate downtrend.

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Canadian National Railway $CNR.CA a TSX 60 stock moved below $149.05 completing a double top pattern.

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Saputo $SAP.CA a TSX 60 stock moved below $28.83 completing a double top pattern.

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Cdn. REIT iShares $XRE.CA moved below $19.78 extending an intermediate downtrend.

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Cdn. Energy iShares $XEG.CA gained 3.29% following release of better than consensus quarterly results from Cenovus Energy. $CVE.CA broke to a seven year high.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 27th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 27th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 27th 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 offered by Valued Providers

Links from Mark Bunting and www.uncommonsenseinvestor.com

 

25 High Cash Flow Stocks from Analyst Saying "Buy New Regime Canada" – Uncommon Sense Investor

 

Two Stock Ideas to Profit from Electric Vehicle Growth – Uncommon Sense Investor

 

Stocks Heading for "Goldilocks" Environment & "Last Hurrah" – Uncommon Sense Investor

 

Greg Schnell discusses “The benefits of Relative Strength”. Greg states at the end of the video that “Yes, you can time the market” Needless to say, Tech Talk agrees with that statement.

 

The Benefits of Relative Strength | Greg Schnell, CMT | Market Buzz (04.27.22) – YouTube

 

Editor’s Note: Note that strength relative to the S&P 500 Index is an important part of this daily report.

S&P 500 Momentum Barometer

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The intermediate term Barometer added 0.40 to 34.27 yesterday. It remains Oversold.

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The long term Barometer added 0.80 to 42.69 yesterday. It remains Neutral.

 

TSX Momentum Barometer

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The intermediate term Barometer slipped another 1.38 to27.52 yesterday. It remains Oversold. Trend remains down.

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The long term Barometer slipped another 1.83 to 50.00 yesterday. It remains Neutral. Trend remains 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.




4 Responses to “Tech Talk for Thursday April 28th 2022”

  1. bruce Says:

    the AAII survey this week shows the bulls at just 16.4% while the bears at 59.4% is at the highest reading since March 2009……can they possibly be right?….their members have called it correctly for the past 3 weeks….sentiment is usually a pretty good contrary indicator……not working too well so far……

  2. RonBC Says:

    The U.S.$ continues to soar. Nice to make money without lifting a finger………..

    https://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=2&mn=0&dy=0&id=p98315372095&a=673066374

  3. Paula Says:

    Ron/BC

    Re #2. Agree and that’s also the idea behind owning dividend paying stocks and/or bonds when they pay a decent yield.

    Here is my monthly chart of SU.TO. It has been an underperformer since the covid low in March 2022. Maybe it is catching up.

    https://schrts.co/uycahiWU

  4. Ron/bc Says:

    Paula

    Your chart doesn’t show the Dividend. I’ll look when I get home. Enb.to pays well. I’m just getting into Dividend paying stocks thanks to Bernie. Don’t own any yet as I’d like to see a big sell-off first. I plan on going back to Southern Saskatchewan this summer for a visit. I don’t know anyone there anymore though. May have to wait for a hip replacement first.

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