Tech Talk for Tuesday April 26th 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade.
Index futures were virtually unchanged following release of the March Durable Goods Orders report at 8:30 AM EDT. Consensus was an increase of 1.0% versus a drop of 2.1% in February. Actual was an increase of 0.8%. Excluding transportation, consensus was an increase of 1.1%. Actual was an increase of 1.1%..
Whirlpool advanced $5.02 to $183.89 after announcing a share buyback program.
Twitter added $0.17 to $51.87 after the company agreed to Elon Musk's offer to purchase at $54.20 per share. Value of the offer is $44 billion.
Sherwin Williams gained $21.98 to $270.00 after reporting higher than consensus first quarter results.
Pepsico added $0.53 to $174.27 after reporting higher than consensus first quarter results.
EquityClock's Daily Comment
Headline reads "The atypical rise in the US Dollar is forcing a rotation in the market away from this year's winners in resource dominated sectors". Following is the link:
http://www.equityclock.com/2022/04/25/stock-market-outlook-for-april-26-2022/
Technical Notes released yesterday at
S&P 100 and NASDAQ 100 stocks that broke intermediate support levels this morning included $CVX $BLK $MU $FDX $DHR and $DD
Editor's Note: Following release of this comment, add $ADBE, $ADSK, $SLB
Precious metals prices $SLV $GLD have moved below intermediate support. Precious metal equity prices have followed. Breakdowns below intermediate support include $ABX.CA and $AEM.CA
Weakness in Chinese equity indices $SSEC and related ETFs and closed end funds (e.g.$CAF) due to increased COVID 19 restrictions in China are impacted related Far East and Emerging Markets ETFs $EWY $FM
Lithium ETN $LIT moved below $65.61 extending an intermediate downtrend.
U.S. Brokers iShare $IAI moved below $93.06 extending an intermediate downtrend.
Financial SPDRs $XLF moved below $35.35 extending an intermediate downtrend
Oil Services ETF $OIH moved below $253.36 completing a double top pattern.
Canadian bank stocks and related ETFs $ZEB.CA $XFN.CA remain under terchnical pressure. $BMO.CA moved below $141.05 and $139.15 extending an intermediate downtrend.
Enbridge $ENB.CA a TSX 60 stock moved below intermediate support at $55.27.
CCL Industries $CCL.B.CA a TSX 60 stock moved below $55.45 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 25th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 25th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 25th 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)
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.20 to 43.49 yesterday. It remains Neutral. Trend is down.
The long term Barometer added 1.20 to 45.69 yesterday. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.50 to 31.19 yesterday. It remains Oversold. Trend is down.
The long term Barometer added 0.46 to 57.34 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.
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