Tech Talk for Wednesday May 4th 2022

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Pre-opening Comments for Wednesday May 4th 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

Index futures were virtually unchanged following release of the March Trade Deficit at 8:30 AM EDT. Consensus was $106.7 billion versus $89.20 billion in February. Actual was $109.8 billion

The Canadian Dollar was virtually unchanged at US78.04 cents following release of Canada’s March Merchandise Trade Balance at 8:30 AM EDT. Consensus was a surplus of $3.98 billion versus a surplus of $2.66 billion in February. Actual was a surplus of $2.49 billion.

Advanced Micro Devices added $6.74 to $97.87 after the company reported higher than consensus first quarter results. The company also offered positive guidance.

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Match Group plunged $3.74 to $75.28 after the company lowered guidance.

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Akamai plunged $11.15 to $102.65 after the company reported lower than consensus revenues. The company also lowered guidance.

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Lyft dropped $4.32 to $26.44 after the company lowered guidance.

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EquityClock’s Daily Comment

Headline reads “The rise in factory inventories through the first quarter of this year has been the strongest in a decade, suggesting that, as consumer momentum slows, there is simply too much “stuff”. Following is a link:

http://www.equityclock.com/2022/05/03/stock-market-outlook-for-may-4-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Este Lauder $EL moved below $248.42 extending an intermediate downtrend. The company reported less than consensus earnings.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 3rd 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 3rd 2022

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for May 3rd 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 added 4.01 to 29.06 yesterday. It remains Oversold.

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The long term Barometer added 2.00 to 38.08 yesterday. It remains Oversold.

 

TSX Momentum Barometers

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The intermediate term Barometer added 3.09 to 24.09 yesterday. It remains Oversold.

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The long term Barometer added 1.61 to 47.73 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.

May the 4th Be With You!




5 Responses to “Tech Talk for Wednesday May 4th 2022”

  1. dutchcanuck Says:

    Ron/BBC
    Triple top on US $. Do we go thru resistance or back off.
    Be nice to see a long term chart on this. TIA.

  2. RonBC Says:

    DutchCanuck

    Here is a long term chart of the U.S.$. And above are two ratio charts of $CDW:$USD plus $XEU:$USD. I’m tempted to switch all my U.S.$ to $CDW but seem to recall that triple tops are not bearish like double tops are. Can’t recall the “story” behind that. Technicals do suggest a pullback with the U.S.$ so perhaps I’ll just sit on my hands for now without pushing buttons.

    https://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=20&mn=0&dy=0&id=p09619195673&a=673066394

  3. RonBC Says:

    Dutch/Canuck
    Re:#2
    Since the beginning of 2015 both ratio charts show the CDW and XEU have been in a sideways channel with the U.S.$ (Not a downtrend but a consolidation phase)

  4. dutchcanuck Says:

    Ron/BC
    Like you I have a large chunk of my personal holdings in US$, both cash and stocks plus a hedge in a sizeable hybrid short position in US treasuries.
    Currency values are dictated by around the globe money flows, hence the US$ has been very strong as the safe haven currency and the Euro very weak due to Russia/Ukraine situation.
    The Canuck buck tho not as strong as it’s US counterpart is driven by commodity prices.
    When Powell the Fed chair stated to speak this afternoon the US$ was rising and looked to go for a breakout until he made his comment of not hiking more than 50 bases points at a time. At that point the US$ immediately sold off into the close. I still think the US$ has enough momentum to break thru resistance. Time will tell. Could you start your chart in 1980 so we can see previous highs?

  5. RonBC Says:

    DutchCanuck

    Here is the U.S.$ from 1980. The rally started in 2008 and after breaking out in 2015 has just been consolidating in a sideways pattern between 88.15 and 104. That pattern is not bearish but bullish and just consolidating after a major run up. So the good book says……………

    https://stockcharts.com/h-sc/ui?s=%24USD&p=W&st=1980-01-04&id=p36047385566&a=1158185444

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