Tech Talk for Tuesday March 15th 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade despite weakness in Far East markets.

The Shanghai Composite Index plunged 159.57 to 3,063.97 after the government shut down Shenzhen affected by a COVID 19 outbreak.

Futures moved higher following release of economic news at 8:30 AM EDT. Consensus for the February Producer Price Index was an increase 0.9% versus a gain of 1.0% in January (Year-over-year 10.0% versus 9.7% in January). Actual was an increase of 0.8% (Year-over-year: 10.0%) Excluding food and energy, Consensus for February Producer Price Index was an increase 0.6% versus a gain of 0.8% in January (Year-over-year 8.7% versus 8.3% in January). Actual was an increase of 0.2% (Year-over-year: 8.4%). Consensus for the March Empire State Manufacturing Survey was an increase of 0.20 versus a gain of 0.55 in February. Actual was a drop of 11.8.

eBay advanced $1.12 to $53.21 after Deutsche Bank introduced coverage on the stock with a Buy rating.

United Airlines added $1.39 to $36.41 after the company raised first quarter guidance.

Zoom gained $2.53 to $97.17 after Benchmark upgraded the stock from Hold to Buy.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2022/03/14/stock-market-outlook-for-march-15-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

S&P 500 Index $SPX closed at a nine month closing low

Editor's Note: At the close, the Index completed a "Death Cross" pattern when its 50 day moving average dropped below its 200 day moving average.

NASDAQ Composite Index $COMPQ moved below 12,587.88 extending an intermediate downtrend.

NASDAQ 100 Index $NDX moved below 13,065.44 extending an intermediate downtrend.

A major meltdown by the Chinese technology ETF $CQQQ !

First Trust Biotech ETF $FBT moved below $137.79 extending an intermediate downtrend.

Apple $AAPL an S&P 100 stock moved below $152.00 extending an intermediate downtrend.

Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved above $173.19 resuming an intermediate uptrend.

Disney $DIS a Dow Jones Industrial Average stock moved below $129.26 extending an intermediate downtrend.

Lululemon $LULU a NASDAQ 100 stock moved below $283.21 extending an intermediate downtrend.

Electronic Arts $EA a NASDAQ 100 stock moved below $119.76 extending an intermediate downtrend.

VeriSign $VRSN a NASDAQ 100 stock moved below $199.32 extending an intermediate downtrend.

Open Text $OTEX a TSX 60 stock moved below US$40.75 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 14th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 14th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 14th 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 providers

Larry Tentarelli from www.stockcharts.com says "QQQ near key support level".

https://www.youtube.com/watch?v=8WbYi9KmDe4

History: Behind the charts with Tony Dwyer (Link from Feb.27th 2020)

https://www.youtube.com/watch?v=s1Lg2DMrRPE

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.20 to 26.45 yesterday. It remains Oversold. Trend remains down.

The long term Barometer added 1.00 to 38.08 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.39 to 54.39 yesterday. It remains Neutral.

The long term Barometer slipped 1.75 to 60.09 yesterday. It remains Overbought.

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.