Tech Talk for Tuesday April 5th 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.

Index futures were virtually unchanged following release of the February U.S. Trade Deficit at 8:30 AM EDT. Consensus was $88.50 billion versus $89.70 billion in January. Actual was $89.20 billion.

The Canadian Dollar was virtually unchanged at US80.35 cents following release of Canada's February Merchandise Trade Balance at 8:30 AM EDT. Consensus was a surplus of $1.60 billion versus a surplus of $2.62 billion in January. Actual was

Copper miners ETF (COPX $46.85) is expected to open higher after the price of copper added another $0.03 per lb. to $4.81 per lb. in overnight trading. Yesterday, the ETF broke above $46.27 to an 11 year high extending an intermediate uptrend.

ExxonMobil added $0.14 to $83.30 after the company mentioned a likely "bump" in first quarter results.

Starbucks dropped $1.28 to $86.81 after Wedbush downgraded the stock from Outperform to Neutral.

EquityClock's Daily Comment

Headline reads "Industries in the technology sector are breaking above former levels of resistance around their 50-day moving averages, which has us reconsidering our underweight allocation to the sector for the month of April". Following is a link:

http://www.equityclock.com/2022/04/04/stock-market-outlook-for-april-5-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Lots of technical action by emerging market ETFs this morning!: Breakouts from intermediate base building patterns! BMO Emerging Markets ETF $ZEM.CA moved above Cdn$20.98. Frontier iShares $FM moved above $33.35. Vietnam ETF $VNM moved above $19.35. India ETF $PIN moved above $26.79.

Gold equities are responding nicely to higher gold prices. Kinross Gold $K.CA moved above Cdn$7.58. Agnico-Eagle $AEM advanced above $63.73

Another Canadian gold producer breakout! Yamana Gold $YRI.CA a TSX 60 stock moved above $7.35 extending an intermediate uptrend.

TSX Energy iShares $XEG.CA moved above $14.83 to an 8 year high extending an intermediate uptrend.

Shanghai Composite Index $SSEC moved above 3,279.89 completing an intermediate bottoming pattern.

Constellation Software $CSU.CA a TSX 60 stock moved above $2,228.94 resuming an intermediate uptrend.

First Trust Biotech ETf $FBT moved above $154.63 completing a double bottom pattern.

Fox $FOX an S&P 100 stock moved below $35.57 and $FOXA moved below $38.58 extending an intermediate downtrend.

U.S. money center bank stocks are under technical pressure. Bank of New York Mellon $BK moved below $48.84 extending an intermediate downtrend. US Bancorp $USB moved below $52.02 extending an intermediate downtrend.

Paccar $PCAR a NASDAQ 100 stock moved below $82.97 extending an intermediate downtrend.

Wal-mart $WMT a Dow Jones Industrial Average stock moved above $151.27 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 4th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 4th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 4th 2021

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 from Valued Contributors

Greg Schell asks "How do trains make U-turns"?

How Do Trains Make U-Turns? | The Canadian Technician | StockCharts.com

Trading Survival and Success Strategies | Bruce Fraser & Andrew Cardwell 

https://www.youtube.com/watch?v=aQjhRpaqj4E

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.40 to 65.73 yesterday. It remains Overbought.

The long term Barometer added 0.20 to 52.71 yesterday. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer added 1.44 to 66.81 yesterday. It remains Overbought.

The long term Barometer eased 0.76 to 62.01 yesterday. It remains Overbought and showing signs of rolling over.

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.