Tech Talk for Tuesday April 16th 2024
U.S. equity index futures were higher this morning. S&P 500 futures added 13 points at 8:35 AM EDT.
S&P 500 futures added 11 points following release of the March Housing Start report at 8:30 AM EDT. Consensus was a drop to 1.480 million units versus 1.521 million units in February. Actual was a drop to 1.32 million units.
The Canadian Dollar dropped US0.13 to US72.40 cents following released of Canada's March Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 0.3% in February. Actual was an increase of 0.6%. On a year-over-year basis, consensus was an increase of 2.9%. Actual was an increase of 2.9%. Excluding food and energy, consensus on a year-over-year basis for CPI was an increase of 3.0%. Actual was an increase of 2.8%.
Canadian investors are waiting for release of the Federal Government's budget scheduled for release at 4:00 PM EDT today.
Live Nation dropped $8.51 to $91.26 on report of a pending Justice Department antitrust suit.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-8.png "clip_image001[1]")
UnitedHealth Group advanced $30.37 to $476.00 after reporting higher than consensus first quarter revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-9.png "clip_image002[1]")
Morgan Stanley added $3.01 to $90.00 after reporting higher than consensus first quarter revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-7.png "clip_image003[1]")
Technical Notes
S&P 500 Index dropped below its 50 day moving average.
NASDAQ Composite Index dropped below its 50 day moving average
Emerging Markets iShares (EEM) were significantly weaker. Notable weakness was recorded by Taiwan iShares $EWT and Vietnam ETF $VNM
U.S. Real Estate iShares $IYR moved below $83.92 completing a double top pattern. Responding to higher interest rates!
Auto ETF $CARZ moved below $56.98 completing a double top pattern.
S&P 100 and NASDAQ 100 stocks that broke support setting intermediate downtrends included Salesforce.com on a move below at $293.77, Advanced Micro Devices on a move below $161.81,Workday on a move below $262.56, GlobalFoundries on a move below $48.12,
Match on a move below $32.33, NXP Semiconductor on a move below $232.00, Synopsis on a move below $546.91, Zoom on a move below $60.14, Intuitive Surgical on a move below $376.60 and AT&T on a move below $16.16
TC Energy $TRP.TO a TSX 60 stock moved below Cdn$49.39 extending an intermediate downtrend.
Hydro One $H a TSX 60 stock moved below Cdn$37.73 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 12th 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 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
5 Stock Chart Leaders You Can’t Miss: Larry Tentarelli
5 Stock Chart Leaders You Can’t Miss - YouTube
Market is topping and signaling recession: technical analyst
Market is topping and signaling recession: technical analyst - YouTube
Tax changes that could come this Federal budget: Talking Tax with BMO’s John Waters
Tax changes that could come this Federal budget: Talking Tax with BMO’s John Waters - YouTube
Death, Taxes and Higher For Longer with Liz Young and Chris Verrone
Death, Taxes and Higher For Longer with Liz Young and Chris Verrone - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer plunged another 8.00 to 36.40. It changed from Neutral to Oversold on a move below 40.00. Daily downtrend was extended.
The long term Barometer dropped another 1.60 to 70.20. It remains Overbought. Daily trend remains down.
TSX Momentum Barometers
The intermediate term Barometer dropped another 0.89 to 52.68. It remains Neutral. Daily trend remains down.
The long term Barometer dropped 4.02 to 63.84. It remains Overbought. Daily trend remains down.
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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