Tech Talk for Friday April 29th 2022

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Pre-opening Comments for Friday April 29th

U.S. Index futures were lower this morning. S&P 500 futures were down 43 points in pre-opening trade.

Index futures moved slightly lower following release of March Personal Income and Personal Spending at 8:30 AM EDT. Consensus for Income was an increase of 0.4% versus a gain of 0.5% in February. Actual was an increase of 0.5%. Consensus for Spending was an increase of 0.7% versus a gain of 0.2% in February. Actual was an increase of 1.1%.

Amazon plunged $301.30 to $2,590.00 after the company reported lower than consensus quarterly earnings.

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Apple dropped $1.86 to $161.34 despite reporting higher than consensus second quarter results. The company also announced a share buyback program.

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Intel fell $2.06 to $44.78 after lowering earnings guidance.

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U.S. Steel added $0.80 to $33.03 after reporting higher than consensus first quarter earnings.

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EquityClock’s Daily Comment

Headline reads “The trend of underperformance in the technology sector continues to provide something to avoid, but the fact that momentum indicators are remaining above the oversold extremes seen in January provides a glimmer of hope that selling pressures are becoming exhausted”. Following is a link:

 

http://www.equityclock.com/2022/04/28/stock-market-outlook-for-april-29-2022/

 

Technical Notes released yesterday at

StockCharts.com@EquityClock

NASDAQ Biotech iShares $IBB moved below $118.49 extending an intermediate downtrend.

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More biotech ETF breakdowns! VanEck Victors Biotech ETF $BBH moved below $146.88 and First Trust Biotech ETF $FBT moved below $136.63 extending an intermediate downtrend.

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Comcast $CMCSA an S&P 100 stock moved below $44.02 extending an intermediate downtrend.

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Citigroup $C and related "money center" banks $KBE remain under technical pressure. Citigroup moved below $49.04 extending an intermediate downtrend.

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Ford $F an S&P 100 stock moved below $14.46 extending an intermediate downtrend.

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General Motors $GM an S&P 100 stock moved below $37.60 extending an intermediate downtrend.

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Fiserv $FISV a NASDAQ 100 stock moved above $104.74 extending an intermediate uptrend.

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TSX Energy iShares $XEG.CA is stronger this morning following news that an activist shareholder has challenged Suncor’s management in a proxy fight. $SU.CA moved to a four year high on the news.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 28th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 28th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 28th 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)

 

Schachter Energy Report for April

Josef Schachter monthly report for paid subscribers is now available.

 

Content restricted – the Schachter Energy Report

 

S&P 500 Momentum Barometers

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The intermediate term Barometer gained 7.62 to 41.88 yesterday. It changed from Oversold to Neutral on a recovery above 40.00.

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The long term Barometer added 3.21 to 45.89 yesterday. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer advanced 8.09 to 35.62 yesterday. It remains Oversold.

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The long term Barometer added $3.38 to 53.88 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.




4 Responses to “Tech Talk for Friday April 29th 2022”

  1. Rol Lew Says:

    cdn split shares

    https://www.youtube.com/watch?v=lhxJv8gJrfk

  2. RonBC Says:

    The Weekly SPY chart shows price testing the 420 level again and again. Price an only bounce off of a support level so many times before it breaks down. I think it’s running out of chances…………. A clear break below 420 would suggest a major selloff such as down to the 200EMA. (see 2020 selloff)

    https://stockcharts.com/h-sc/ui?s=SPY&p=W&yr=3&mn=0&dy=0&id=p76765327000&a=1048697111

  3. Larry/ON Says:

    Trying to sum up the market BB King’s The Thrill Is Gone comes to mind. It’s the blues. It’s hard to see a catalyst to turn it around. The only thing working is commodity related equities.

  4. JackG Says:

    RON/BC from Friday. “SPY Break below 420 indicates fall to EMA”. To quote Ron Burgundy, “Well that escalated quickly”

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