Tech Talk for Wednesday April 10th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were down 54 points at 8:35 AM EDT.

U.S. Index futures plunged 61 points following release of the March U.S. Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.4% in February. Actual was an increase of 0.4%. On a year-over-year basis, consensus was an increase of 3.4% versus a gain of 3.2% in February. Actual was an increase of 3.5%. Excluding food and energy, consensus for March CPI was an increase of 0.3% versus a gain of 0.4% in February. Actual was an increase of 0.4%. On a year-over-year basis, consensus for March core CPI was an increase of 3.7% versus a gain of 3.8% in February. Actual was an increase of 3.8%.

Procter & Gamble added $0.33 to $156.99 after increasing its dividend by 7%.

WD 40 dropped $4.22 to $250.83 after reporting lower fiscal second quarter results.

Delta Airlines gained $2.08 to $49.400 after reporting higher than consensus first quarter earnings.

Technical Notes

Emerging Markets iShares $EEM moved above $41.42 to a two year high extending an intermediate uptrend.

BMO Equal Weight Base Metals ETF $ZMT.TO moved above Cdn$66.45 to an all-time high extending an intermediate uptrend.

Global Metals & Mining iShares $PICK moved above $43.80 setting an intermediate uptrend.

Teck Resources $TECK.B.TO a TSX 60 stock moved above Cdn$65.46 to an all-time high extending an intermediate uptrend. Also, Scotia Bank raised its target price to Cdn$75.00.

Freeport McMoran $FCX moved above $50.33 to an all-time high extending an intermediate uptrend.

Nvidia $NVDA a NASDAQ 100 stock moved below $850.10completing a double top pattern.

Boeing $BA a Dow Jones Industrial Average stock moved below $177.52 and $176.25 extending an intermediate downtrend.

Comcast $CMCSA an S&P 100 stock moved below $40.44 setting an intermediate downtrend.

GE Healthcare $GEHC a NASDAQ 100 stock moved below $86.55 completing a double top pattern.

MercadoLibre $MELI a NASDAQ 100 stock moved below $1,480.04 completing a Head & Shoulders pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 9th 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 9th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 9th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Despite Stable Markets, Breadth Says Danger: David Keller

Despite Stable Markets, Breadth Says Danger - YouTube

Lookahead to the Fed’s interest rate cuts for the year: Mike O'Rourke, Jones Trading

Lookahead to the Fed’s interest rate cuts for the year - YouTube

VIX Drops, Stock Market Steadies: Tom Bowley

VIX Drops, Stock Market Steadies - YouTube

How to Play for a Pullback in the S&P 500: Guy Adami, Dan Nathan and Carter Worth

How to Play for a Pullback in the S&P 500 - YouTube

A hot CPI report could reignite Fed talks of hikes, warns SoFi’s Liz Young

A hot CPI report could reignite Fed talks of hikes, warns SoFi’s Liz Young - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.08 to 75.20. It remains Overbought.

The long term Barometer added 3.00 to 82.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 4.02 to 71.88. It remains Overbought.

The long term Barometer added 3.12 to 75.89. 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