Pre-opening Comments for Wednesday April 5th
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points at 8:30 AM EDT.
Johnson & Johnson added $4.75 to $165.25 after announcing an $8.9 billion settlement on talc claims.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0011-1.png "clip_image001[1]")
UnitedHealth Group gained $4.55 to $497.80 after Raymond James upgraded the stock from Outperform to Strong Buy.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0021-2.png "clip_image002[1]")
Cigna advanced $2.46 to $259.00 after Raymond James upgraded the stock from Outperform to Strong Buy.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0031-1.png "clip_image003[1]")
Meta Platforms added $0.67 to $215.39 after Jefferies raised its target price from $225 to $250.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0041.png "clip_image004[1]")
Technical Notes
Eurozone iShares $EZU moved above $45.38 extending an intermediate uptrend.
Lockheed Martin $LMTan S&P 100 stock moved above $487.64 extending an intermediate uptrend.
Gold $GLD and Silver bullion $SLV ETFs moved above resistance extending an intermediate uptrend
Related gold equity ETFs quickly responded to higher precious metals prices. Gold equity ETFs breaking resistance and extending an intermediate uptrend included GDX, GDXJ and XGD.TO
Loblaws $L.TO and George Weston $WN moved above intermediate resistance to an all-time high.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 4th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 4th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 4th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 8.80 to 44.40. It remains Neutral.
The long term Barometer dropped 2.80 to 57.60. It changed from Overbought to Neutral on a move below 60.00.
TSX Momentum Barometers
The intermediate term Barometer slipped 2.99 to 50.00. It remains Neutral.
The long term Barometer slipped 0.85 to 64.10. 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
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April 5th, 2023 at 5:17 pm
Ron/BC,
Here is an old XGD.TO chart of yours. It has had a good run along with all the rest of the gold sector, but underperforming GDX this time. Seems to be coming up to a resistance line from a year ago. Will it stop here or continue? It will be interesting to see what happens.
https://schrts.co/dMjvkMjF
April 5th, 2023 at 7:04 pm
Paula
See the significance of 20.50. That was May 2021 high and after it was cleared it served as support in March 2022 and then broke down. So here we are again back to 20.50 and even though price cleared obvious resistance at the January high of 19.83 I wouldn’t bet it will clear that 20.50 and hold anytime soon. Note the extreme overbought reading of the RSI 8 as well. It looks like the horse is out of the barn and a bit late to catch. I wouldn’t bet against it though as XGD.to has outperformed GDX and even GLD for some time now. A pullback would be preferable to get long from where I sit. What has really blown me away is the outperformance of WPM.to. Would like to catch that on a pullback for sure.
I bought ZEB.to the other day as it’s chart pattern could not have looked better. Then Jamie Dimon said to the news media that the banking crisis is not over and the banks plunged. Thankfully I exited as soon as I could and actually made $58,lol. But I am anxious to get long precious metals on a good chart pattern.
https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=2&mn=0&dy=0&id=p26669761483&a=673066400
https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p18756452022&a=1040472218
April 5th, 2023 at 7:11 pm
Paula
I put another chunk of cash in a one year GIC within a TFSA at 5.05%. I was reluctant to do it but it does look like the rate hikes are over for now so thought I’d better lock in some cash. At least it’s safe from me meanwhile,lol.