Tech Talk for Wednesday April 24th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:35 AM EDT.
S&P 500 Index futures were unchanged following release of the March Durable Goods Orders report at 8:30 AM EDT. Consensus was a 2.5% increase versus a gain of 3.4% in February. Actual was an increase of 2.6%. Excluding transportation orders, consensus was a 0.3% increase versus a 0.3% gain in February. Actual was an increase of 2 points.
Visa advanced $8.66 to $282.75 after reporting higher than consensus fiscal second quarter results.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-10.png "clip_image001[1]")
Texas Instruments advanced $10.53 to $176.00 after reporting higher than consensus first quarter results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-11.png "clip_image002[1]")
Tesla gained $13.10 to $157.78 despite reporting less than consensus quarterly revenues and earnings. The company also announced plans to ramp up production.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-9.png "clip_image003[1]")
Pepsico dropped $5.24 to $171.22 despite reporting higher than consensus first quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0041-4.png "clip_image004[1]")
Technical Notes
Lockheed Martin $LMT an S&P 100 stock moved above $462.87 and $469.50 extending an intermediate uptrend.
Goldman Sachs $GS an S&P 100 stock moved above $419.20 to an all-time high extending an intermediate uptrend.
Capital One $COF an S&P 100 stock moved above $149.27 extending an intermediate uptrend.
Walmart $WMT a Dow Jones Industrial stock moved below $58.88 completing a double top pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 23rd 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 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Weak Charts Keep Getting Weaker: David Keller
https://www.youtube.com/watch?v=8-XROOtdKCU
Gold's Sharp Selloff Shallow Correction or Major Trend Reversal? Gary Wagner Charts Gold, Silver
https://www.youtube.com/watch?v=e_GXKz4Zbf8
Too Early to Call a Market Bottom!! Tom Bowley
https://www.youtube.com/watch?v=UhSeD12vNNM
Eric Nuttall’s Market Outlook
https://www.bnnbloomberg.ca/market-call/eric-nuttall-s-market-outlook~2909478
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.20 to 45.40. It remains Neutral.
The long term Barometer added 2.70 to 76.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 5.36 to 59.38. It remains Neutral.
The intermediate term Barometer added 2.23 to 67.86. 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
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