Tech Talk for Wednesday April 20th 2022
U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points in pre-opening trade.
Investors are watching for news on U.S. interest rate trends in the Beige Book to be released at 2:00 PM EDT
The Canadian Dollar added 0.06 to U.S.79.82 cents following release of the March Canadian Consumer Price Index at 8:30 AM EDT. On a year-over-year basis, consensus for March CPI was an increase 6.1% versus a gain of 5.7% in February. Actual was an increase of 6.7%.
Netflix plunged $83.63 to $264.98 after reporting a 200,000 drop in first quarter subscriptions. The company also guided to a 2 million drop in second quarter subscriptions. Wedbush lowered its target price from $342 to $280.
IBM advanced $2.35 to $131.50 after reporting higher than consensus first quarter revenues and earnings. The company also offered positive second quarter guidance.
Walt Disney dropped $6.38 to $125.651 after Florida Governor Ron DeSantis pushed to end Disney's self-government. The drop in subscriptions by Netflix also had an influence.
EquityClock's Daily Comment
Headline reads "Commentators are highlighting the extreme bearish sentiment of investors as reason the market should rally, but looking at how investors are positioning rather than what they are saying provides an alternate viewpoint of the state of the market".
Following is a link:
http://www.equityclock.com/2022/04/19/stock-market-outlook-for-april-20-2022/
Technical Notes released yesterday at
Both the 10-year treasury yield and the US Dollar Index are reaching towards critical levels of resistance, the reaction to which could have significant implications for the equity market. equityclock.com/2022/04/18/… $STUDY $MACRO $TNX $USDOLLAR
Marriott $MAR a NASDAQ 100 stock moved above $184.99 to an all-time high extending an intermediate uptrend.
Kinder Morgan $KMI an S&P 100 stock moved above $19.67 to a 6 year high extending an intermediate uptrend.
Capital One Financial $COF an S&P 100 stock moved above $141.20 completing a double bottom pattern. Seasonal influences are favourable to July 8th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/capital-one-financial-corp-nysecof-seasonal-chart
Pfizer $PFE a Dow Jones Industrial Average stock moved below intermediate support at $50.37.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 19th 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 (except TSX)
Josef Schachter returns as a guest on BNN
Josef will be appearing on BNN Market Call today at 10:00am MDT (Noon EDT) with an update opinion on the energy sector.
S&P 500 Momentum Barometers
The intermediate term Barometer added 9.62 to 61.12 yesterday. It changed from Neutral to Overbought on a recovery above 60.00.
The long term Barometer added 2.61 to 50.50 yesterday. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer added 3.45 to 61.82 yesterday. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 2.10 to 65.00 yesterday. It remains 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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