Tech Talk for Friday April 12th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points at 8:30 AM EDT.

JP Morgan dropped $4.03 to $191.40 despite reporting higher than consensus first quarter results.

Wells Fargo added $0.59 to $57.28 after reporting higher than consensus first quarter results. Earnings were only 8% lower than the first quarter last year.

Advanced Micro Devices dropped $3.08 to $167.42 and Intel dropped $0.75 to $76.88 after China announced plans to remove their microchips from the country's telecom systems.

Technical Notes

Amazon $AMZN a Dow Jones Industrial Average stock moved above $188.21 to an all-time high extending an intermediate uptrend. Most of the gain by major U.S. equity indices yesterday came from two stocks, Amazon and Apple. Apple gained $7.26 to 175.04 after the company previewed new products.

Wells Fargo $WFC an S&P 100 stock moved below $56.37 completing a double top pattern. The company reports first quarter results today.

Bristol-Myers $BMY an S&P 100 stock moved below $50.10 setting an intermediate downtrend.

Regeneron $REGN a NASDAQ 100 stock moved below intermediate support at $923.03.

CVS Health $CVS an S&P 100 stock moved below $70.19 setting an intermediate downtrend.

Fastenal $FAST plunged $4.86 to $69.88 after reporting less than consensus first quarter results

Morgan Stanley $MS plunged $4.81 to $86.84 on news that the company is under investigation by multiple regulatory authorities.

Cameco $CCO.TO a TSX 60 stock moved above Cdn$69.18 to an all-time high extending an intermediate uptrend.

Brookfield Infrastructure $BIP a TSX 60 stock moved below US$27.45 extending an intermediate downtrend.

Canadian Tire $CTC.A.TO a TSX 60 stock moved below Cdn$128.88 to a 42 month low extending an intermediate downtrend.

Shopify $SHOP.TO a TSX 60 stock moved below Cdn$98.60 completing a Head & Shoulders pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 11th 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 11th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 11th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

CPI Inflation Report Shakes Wall Street: Tom Bowley

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Short Squeeze Secrets to Crushing the Market: Joe Duarte

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Big Banks Set To Kickoff Q1 Earnings Season: Guy Adami and Carter Worth

Big Banks Set To Kickoff Q1 Earnings Season - YouTube

MoneyTalk – What to expect from the upcoming Canadian federal budget

MoneyTalk – What to expect from the upcoming federal budget - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 2.20 to 58.20. It changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.

The long term Barometer dropped another 1.00 to 75.80. It remains Overbought. Daily trend is down.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.68 to 60.27. It remains Overbought. Daily trend has turned down.

The long term Barometer added 0.45 to 71.43. 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