Tech Talk for Tuesday April 16th 2019
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade. Strength was prompted by a 2.39% gain by the Shanghai Composite Index to 3.253.60.
Several North American equity indices are testing their all-time highs this morning. All-time highs are 2,940.91 for the S&P 500 Index, 8,133.30 for the NASDAQ Composite Index, 7,700.56 for the NASDAQ 100 Index and 16,586.26 for the TSX Composite Index. The TSX 60 Index broke to an all-time high yesterday.
Bank of America (BAC $29.84) is expected to open higher after reporting higher than consensus first quarter sales and earnings.
UnitedHealth Group (UNH $230.20) is expected to open higher after reporting higher than consensus first quarter sales and earnings. The company also raised guidance for 2019.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0021-10.png "clip_image002[1]")
Johnson & Johnson tacked on $2.50 to $176.52 after reporting higher than consensus first quarter sales and earnings. The company also raised guidance for 2019.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0031-7.png "clip_image003[1]")
JB Hunt Transport (JBHT $105.50) is expected to open lower after reporting lower than consensus first quarter sales and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0041-9.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/04/15/stock-market-outlook-for-april-16-2019/
Note seasonality chart on the Empire State Manufacturing Survey.
StockTwits released yesterday @EquityClock
The sentiment of manufacturers in the New York region is running above average into the spring. $MACRO #Economy
Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdown: $NFLX
Editor's Note: After 10:00 AM EDT, intermediate breakouts included ICE, SO, PEP and K. No breakdowns.
Another base metal stock breakout! Lundin Mining $LUN.CA moved above $7.09 extending an intermediate uptrend.
Industrial Alliance $IAG.CA moved above $52.07 extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for April 15th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 15th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 15th 2019
Green: Increase from previous day
Red: Decrease from previous day
Hap Sneddon on BNNBloomberg's Market Call
Market Outlook
https://www.bnnbloomberg.ca/video/hap-sneddon-s-market-outlook~1660708
Past Picks
https://www.bnnbloomberg.ca/video/hap-sneddon-s-past-picks~1660709
Top Picks
https://www.bnnbloomberg.ca/video/hap-sneddon-s-top-picks~1660711
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com
Following is a link to the weekly report:
http://enrichedinvesting.com/wp-content/uploads/2019/04/Collapsing-Volatility.pdf
S&P 500 Momentum Barometer
The Barometer dropped 3.21 to 80.76 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
Barometer added 0.82 to 69.14 yesterday. It remains intermediate overbought.
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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