Tech Talk for Thursday April 25th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 50 points at 8:35 AM EDT.

S&P 500 futures dropped another 14 points following release of U.S. first quarter annualized GDP at 8:30 AM EDT. Consensus was an increase of 2.5% versus a gain of 3.4% in the fourth quarter. Actual was an increase of 1.6%.

Meta Platforms plunged $70.18 to $423.32 after offering second quarter revenue guidance less than consensus.

The other "Fantastic Four" stocks responded to the downside following release of the META report. Microsoft dropped $8.84 to $400.72 and Amazon dropped $4.69 to $171.90.

IBM dropped $12.68 to $171.42 despite reporting higher than consensus first quarter earnings. The company also announced plans to acquire Hashicorp for $6.4 billion.

Ford gained $0.35 to $13.30 after reporting higher than consensus first quarter results.

Chipotle added $98.24 to $3,025.00 after reporting higher than consensus first quarter results.

Technical Notes

China large cap iShares $FXI moved above $24.89 completing a reverse Head & Shoulders pattern.

Texas Instruments $TXN an S&P 100 stock moved above $177.75 extending an intermediate uptrend. The company reported higher than consensus first quarter results.

Procter & Gamble $PG a Dow Jones Industrial Average stock moved above $162.09 to an all-time high extending an intermediate uptrend.

Coca Cola $KO a Dow Jones Industrial Average stock moved above $61.43 extending an intermediate uptrend.

Old Dominion Freight $ODFL a NASDAQ 100 stock moved below $208.32 and $205.89 setting an intermediate downtrend.

Canadian National Railway $CNR.TO a TSX 60 stock moved below intermediate support at Cdn$171.02. First quarter results were less than consensus.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 24th 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 24th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 24th 2024

Green: Increase from previous day

Red: Decrease from previous day

Next Canadian Association for Technical Analysis Presentation

Next presentation on Zoom is offered this evening at 8:00 PM EDT. Presenter is Jon Vialoux. Everyone is welcome. Not a member of CATA? Contact CATA Meeting – April 25 – Jon Vialoux – Events – Canadian Association for Technical Analysis (canadianata.ca)

Links offered by valued providers

Buy the Dip or Sell the Rip? David Keller

Buy the Dip or Sell the Rip? - YouTube

The market is recovering from a ‘pseudo-recession’, says Stifel’s Barry Bannister

The market is recovering from a ‘pseudo-recession’, says Stifel’s Barry Bannister - YouTube

Pinpoint Next Buying Opportunity in SPY: Joe Rabil

Pinpoint Next Buying Opportunity in SPY - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.20 to 45.20. It remains Neutral.

The long term Barometer was unchanged at 76.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer was unchanged at 67.86. It remains Overbought.

The long term Barometer dropped 1.79 to 57.59. It remains Neutral

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