Pre-opening Comments for Wednesday April 10th
U.S. equity index futures were higher this morning. S&P 500 futures were down 54 points at 8:35 AM EDT.
U.S. Index futures plunged 61 points following release of the March U.S. Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.4% in February. Actual was an increase of 0.4%. On a year-over-year basis, consensus was an increase of 3.4% versus a gain of 3.2% in February. Actual was an increase of 3.5%. Excluding food and energy, consensus for March CPI was an increase of 0.3% versus a gain of 0.4% in February. Actual was an increase of 0.4%. On a year-over-year basis, consensus for March core CPI was an increase of 3.7% versus a gain of 3.8% in February. Actual was an increase of 3.8%.
Procter & Gamble added $0.33 to $156.99 after increasing its dividend by 7%.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-5.png "clip_image001[1]")
WD 40 dropped $4.22 to $250.83 after reporting lower fiscal second quarter results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-6.png "clip_image002[1]")
Delta Airlines gained $2.08 to $49.400 after reporting higher than consensus first quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-4.png "clip_image003[1]")
Technical Notes
Emerging Markets iShares $EEM moved above $41.42 to a two year high extending an intermediate uptrend.
BMO Equal Weight Base Metals ETF $ZMT.TO moved above Cdn$66.45 to an all-time high extending an intermediate uptrend.
Global Metals & Mining iShares $PICK moved above $43.80 setting an intermediate uptrend.
Teck Resources $TECK.B.TO a TSX 60 stock moved above Cdn$65.46 to an all-time high extending an intermediate uptrend. Also, Scotia Bank raised its target price to Cdn$75.00.
Freeport McMoran $FCX moved above $50.33 to an all-time high extending an intermediate uptrend.
Nvidia $NVDA a NASDAQ 100 stock moved below $850.10completing a double top pattern.
Boeing $BA a Dow Jones Industrial Average stock moved below $177.52 and $176.25 extending an intermediate downtrend.
Comcast $CMCSA an S&P 100 stock moved below $40.44 setting an intermediate downtrend.
GE Healthcare $GEHC a NASDAQ 100 stock moved below $86.55 completing a double top pattern.
MercadoLibre $MELI a NASDAQ 100 stock moved below $1,480.04 completing a Head & Shoulders pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 9th 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for April 9th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 9th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Despite Stable Markets, Breadth Says Danger: David Keller
Despite Stable Markets, Breadth Says Danger – YouTube
Lookahead to the Fed’s interest rate cuts for the year: Mike O’Rourke, Jones Trading
Lookahead to the Fed’s interest rate cuts for the year – YouTube
VIX Drops, Stock Market Steadies: Tom Bowley
VIX Drops, Stock Market Steadies – YouTube
How to Play for a Pullback in the S&P 500: Guy Adami, Dan Nathan and Carter Worth
How to Play for a Pullback in the S&P 500 – YouTube
A hot CPI report could reignite Fed talks of hikes, warns SoFi’s Liz Young
A hot CPI report could reignite Fed talks of hikes, warns SoFi’s Liz Young – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.08 to 75.20. It remains Overbought.
The long term Barometer added 3.00 to 82.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.02 to 71.88. It remains Overbought.
The long term Barometer added 3.12 to 75.89. It remains Overbought.
Disclaimer: Seasonality ratings 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
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April 10th, 2024 at 11:59 am
As an investor I find market conditions more positive and interesting in the wide variety of sectors that are performing than it has been in quite some time. The CPI report was marginally higher than expected but it’s no reason to hit the panic button. It just means rate cuts will be delayed in the US. The constant message that I have been getting for months now is to look for sectors that perform in a reflationary environment. The breakout of gold is proof positive. Commodity related stocks are performing – energy, basic materials. Financials and industrial stocks are performing. Money is being put to work in a wider area some coming out of bonds and bond proxies and some coming out of tech. It doesn’t mean tech is a poor sector. It just means tech is just another sector rather than THE sector to be in. Markets worldwide are performing with China being the exception though maybe China has bottomed perhaps. When did you see such a world-wide bull-market? It’s eye opening.
April 10th, 2024 at 12:42 pm
I can’t post a message here anymore without getting an ERROR message………..
April 10th, 2024 at 2:50 pm
This website always comes up on my browser as “not secure”. It would be very helpful if the providers could do whatever needs to be done to improve the site so that the connection is secure. We do put our email addresses on when we post so it is something to think about.
April 10th, 2024 at 2:57 pm
#3
I think my political comments are restricting my access.
April 10th, 2024 at 4:21 pm
Same here. Just got back on.