Tech Talk for Friday April 26th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 46 points at 8:35 AM EDT.

S&P 500 futures added 11 points following release of the March PCE Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.3% in February. Actual was a 0.2% increase. On a year-over-year basis, consensus for the March Index was a gain of 2.6% versus a gain of 2.5% in February. Actual was a 2.7% increase. Excluding food and energy, Consensus for the March PCE Price Index was an increase of 0.3% versus a gain of 0.3% in February. Actual was a 0.3% increase. On a year-over-year basis, consensus was an increase of 2.6% versus a gain of 2.8% in February. Actual was a 2.8% increase.

Microsoft gained $17.42 to $416.46 after reporting higher than consensus third quarter earnings.

Alphabet added $18.30 to $174.30 after reporting higher than consensus first quarter earnings.

Intel dropped $3.11 to 32.00 after reporting less than consensus fiscal second quarter revenues.

Gilead gained $1.73 to $67.00 after reporting higher than consensus first quarter earnings.

Technical Notes

Chinese equities and related ETFs added to gains. JD.com a NASDAQ 100 stock moved above $27.68 completing a reverse head & shoulders pattern

United Kingdom iShares $EWU moved above $34.53 to an all-time high extending an intermediate uptrend.

Communication Services SPDRs $XLC moved below $77.86 and $77.71 setting an intermediate downtrend. Largest individual holding with a 23.22% weight is META. Alphabet (GOOG and GOOGL) have a combined 24.59% weight.

S&P 100 and NASDAQ 100 stocks moving below intermediate support following META's news after the close on Wednesday included Meta, Comcast, O'Reilly Automotive, Bristol Myers, IBM and Dow Holdings

Philip Morris $PM an S&P 100 stock moved above $99.67 to an all-time high extending an intermediate uptrend.

AstraZeneca $AZN a NASDAQ 100 stock moved above $74.91 to an all-time high extending an intermediate uptrend.

HudBay Minerals $HBM.TO a base metals producer moved above $11.10 to a three year high. Responding to takeover activity in the base metals sector as well as higher base metal prices.

BHP and Anglo American, two major base metals producers are in talks either for a takeover by BHP or for a merger.

Waste Connection $WCN.TO a TSX 60 stock moved below $225.90 and $222.68 completing a Head & Shoulders pattern.

Wolf on Bay Street

Don Vialoux is a guest on the radio show this week. Discussion starts with "Sell in May and go away"? The show is available at 7:00 PM EDT on Saturday on Corus Radio (Radio 640).

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 25th 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 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

MoneyTalk – How the new capital gains rules could impact you

MoneyTalk – How the new capital gains rules could impact you - YouTube

Meta Plunge Spooks Wall Street: Guy Adami and Liz Young

Meta Plunge Spooks Wall Street - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.40 to 42.80. It remains Neutral.

The long term Barometer slipped 0.80 to 75.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.02 to 53.57. It remains Neutral.

The long term Barometer dropped 1.34 to 66.52. 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