Pre-opening Comments for Wednesday April 24th
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:35 AM EDT.
S&P 500 Index futures were unchanged following release of the March Durable Goods Orders report at 8:30 AM EDT. Consensus was a 2.5% increase versus a gain of 3.4% in February. Actual was an increase of 2.6%. Excluding transportation orders, consensus was a 0.3% increase versus a 0.3% gain in February. Actual was an increase of 2 points.
Visa advanced $8.66 to $282.75 after reporting higher than consensus fiscal second quarter results.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-10.png "clip_image001[1]")
Texas Instruments advanced $10.53 to $176.00 after reporting higher than consensus first quarter results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-11.png "clip_image002[1]")
Tesla gained $13.10 to $157.78 despite reporting less than consensus quarterly revenues and earnings. The company also announced plans to ramp up production.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-9.png "clip_image003[1]")
Pepsico dropped $5.24 to $171.22 despite reporting higher than consensus first quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0041-4.png "clip_image004[1]")
Technical Notes
Lockheed Martin $LMT an S&P 100 stock moved above $462.87 and $469.50 extending an intermediate uptrend.
Goldman Sachs $GS an S&P 100 stock moved above $419.20 to an all-time high extending an intermediate uptrend.
Capital One $COF an S&P 100 stock moved above $149.27 extending an intermediate uptrend.
Walmart $WMT a Dow Jones Industrial stock moved below $58.88 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 23rd 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 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Weak Charts Keep Getting Weaker: David Keller
https://www.youtube.com/watch?v=8-XROOtdKCU
Gold’s Sharp Selloff — Shallow Correction or Major Trend Reversal? Gary Wagner Charts Gold, Silver
https://www.youtube.com/watch?v=e_GXKz4Zbf8
Too Early to Call a Market Bottom!! Tom Bowley
https://www.youtube.com/watch?v=UhSeD12vNNM
Eric Nuttall’s Market Outlook
https://www.bnnbloomberg.ca/market-call/eric-nuttall-s-market-outlook~2909478
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.20 to 45.40. It remains Neutral.
The long term Barometer added 2.70 to 76.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 5.36 to 59.38. It remains Neutral.
The intermediate term Barometer added 2.23 to 67.86. 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 24th, 2024 at 1:23 pm
Paula
Here is the SPX with the ADX overlaid. I’ve marked the fine line signals with blue arrows. Is this what you were talking about????????
April 24th, 2024 at 1:24 pm
RE:#1 chart:
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p55388513134&a=1039537764
April 24th, 2024 at 2:28 pm
Ron/BC
Yes, except for the first one in August. You have an up arrow with red crossing above green. It should be a down arrow. But, ADX works much better when it is turning up, especially from a low level under 20, when it has been going down for awhile, so it would only have a very short-term trade. Your green line indicating when the RSI(8) crossed above the 30 level shows a buy a few days after but that also was also just a short-term trade. The main signals on this chart are the ones I showed yesterday but I tried to put in a few more on this chart. It is not as good a signal if the ADX is already at a high (over 30) level or if it is not turning up. Just the red or green cross over is not enough.
https://schrts.co/QRhmtVZe
April 24th, 2024 at 2:38 pm
Paula
OK,thanks. I think I’d prefer to just watch for the colored Elder Bars to change from red to blue then to green for a bounce back. And put in a stop loss. Long ago I used to trade 5 minute charts so got brainwashed into trading short term. Very hard to change.
Here is a 6 month chart that blows things up better. I’m not convinced of a rally back by much. If price breaks below 5050 then breaks 4950 expect a sell off to 4800 is what I see. The present Elder bars suggest a negative trend still from my perspective. It looks to me like a good short sale is coming up.
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p61871823906&a=1581615000
April 24th, 2024 at 2:48 pm
Ron/BC
Yes, I agree with your analysis of the 6 month chart. I didn’t know that you like Elder Bars. I do think they are worth having on the chart. I have all of his books and they have been a big influence in my thinking.
April 24th, 2024 at 8:07 pm
Paula
Yes, I’ve always liked Elder’s work. I don’t like indicators that are too complex as each part can be another way to lose money. So I like to keep it simple and look for indicators that are simple and clear even if there are a few of them saying the same thing. And if the public thinks the opposite so much the better.