Tech Talk for Friday April 23rd 2021
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening comments.
American Express dropped $4.84 to $142.32 after reporting lower than consensus first quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/04/clip_image0011-4.png "clip_image001[1]")
Intel dropped $1.10 to $61.47 after reporting higher than consensus first quarter earnings, but less than consensus first quarter revenues. The company also released lower than consensus second quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/04/clip_image0021-7.png "clip_image002[1]")
Mattel gained $1.81 to $22.69 after reporting higher than consensus first quarter sales and earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/04/clip_image0031-4.png "clip_image003[1]")
Skechers advanced $3.11 to $47.62 after reporting higher than consensus first quarter sales and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/04/clip_image0041-7.png "clip_image004[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/04/22/stock-market-outlook-for-april-23-2021/
Technical Notes for Thursday April 22nd
Danaher (DHR), an S&P 100 stock moved above $248.62 to an all-time high extending an intermediate uptrend.
Visa (V), a Dow Jones Industrial Average stock moved above $228.23 to an all-time high extending an intermediate uptrend.
AT&T (T), an S&P 100 stock moved above $31.81 and $30.99 resuming an intermediate uptrend.
Israel iShares (EIS) moved above $67.89 to an all-time high extending an intermediate uptrend.
Observation
Responses to first quarter S&P 500 company reports released Wednesday and yesterday are flashing a warning sign. In most cases, sales and earnings exceeded consensus estimates. When companies reported positive "blowout" first quarter results (e.g. Mattel, Sketchers, AT&T), their stock prices responded accordingly. However, most companies that merely reported higher than consensus first quarter results saw their share price decline. Examples include Chipotle, Biogen, Blackrock, Southwest Airlines, Intel, Verizon, United Rental, Halliburton, Union Pacific and Dow. Companies that reported lower than consensus results saw their share price hit hard (e.g. Las Vegas Sands)
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 22nd 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 22nd 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 22nd 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
S&P 500 Momentum Barometers
The intermediate Barometer slipped 3.41 to 83.77 yesterday. It remains Extremely Overbought.
The long term Barometer slipped 0.20 to 96.79 yesterday. It remains Extremely Overbought.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.50 to 73.00 yesterday. It remains Overbought.
The long term Barometer fell 2.50 to 79.50 yesterday. It changed from Extremely Overbought to Overbought on a drop below 80.00.
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
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