Tech Talk for Wednesday March 23rd 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade.

General Mills advanced $1.19 to $63.87 after reporting higher than consensus first quarter earnings. The company also raised guidance.

Adobe dropped $10.45 to $456.00 despite reporting higher than consensus fiscal first quarter revenues and earnings. The company also lowered guidance for the second quarter below consensus estimates.

NetApp added $0.29 to $87.90 after the company authorized an additional $1 billion share buyback.

Bank of Montreal added $0.91 to $154.63 after announcing a $2.7 billion bought deal share offering.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2022/03/22/stock-market-outlook-for-march-23-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

The performance of the NASDAQ 100 relative to the S&P 500 Index has shed the "froth" that was derived during the pandemic and retraced back to its long-term rising range. equityclock.com/2022/03/21/… $NDX $QQQ $XLK $STUDY

Base metals iShares $PICK moved above $50.28 expanding an intermediate uptrend.

Industrial SPDRs $XLI moved above $102.71 extending an intermediate uptrend.

Amazon. $AMZN an S&P 100 stock moved above $3,276.69 completing a double bottom pattern. Seasonal influences are favourable to June 17th . If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/amazon-com-inc-nasdaqamzn-seasonal-chart

Tesla $TSLA a NASDAQ 100 stock moved above $942.77 extending an intermediate uptrend.

Editor's Note: Amazon.com and Tesla are 40% of Consumer Discretionary SPDRs (XLY).

Apple $AAPL an S&P 100 stock moved above intermediate resistance at $168.91.

Nvidia $NVDA a NASDAQ 100 stock moved above $50.28 setting an intermediate uptrend.

ASML $ASML moved above intermediate resistance at $691.24.

Canadian National Railway $CNR.CA a TSX 60 stock moved above $167.26 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to May 30th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/canadian-national-railway-company-tsecnr-seasonal-chart

Natural gas ETN $HUN.TO moved above Cdn$14.00 extending an intermediate uptrend.

Canadian "gassy" stocks such as Birchcliffe Energy $BIR.CA are responding to higher North American natural gas prices. Nice breakout by Birchcliffe above Cdn.$7.33! Seasonal influences for the sector are favourable to earlyJune. If a subscriber to EquityClock, see seasonality chart at

https://charts.equityclock.com/birchcliff-energy-tsebir-seasonal-chart

Open Text $OTEX a TSX 60 stock moved above US$43.36 completing a double bottom pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 22nd 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 22nd 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 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 (except TSX)

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.61 to 57.92 yesterday. It remains Neutral. Trend remains up.

The long term Barometer added 2.20 to 52.10 yesterday. It remains Neutral. Trend remains up.

TSX Momentum Barometers

The intermediate term Barometer added 2.05 to 76.19 yesterday. It remains Overbought. Trend remains up.

The long term Barometer slipped 0.14 to 66.67 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.