Pre-opening Comments for Thursday April 20^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 33 points at 8:35 AM EDT.

Index futures dropped another 3 points following release of the April Philly Fed Index at 8:30 AM EDT. Consensus was a recovery to -19.9 from -23.2 in March. Actual was a drop to-31.3.

IBM advanced $2.60 to $129.00 after reporting higher than consensus first quarter earnings.

Las Vegas Sands gained $2.64 to $62.00 after reporting higher than consensus first quarter revenues. The company also offer positive second quarter guidance.

Lam Research dropped $4.08 to $486.94 after reporting less than consensus fiscal third quarter revenues.

Tesla fell $14.39 to $166.27 after reporting lower than consensus profit margins.

 

EquityClock’s Daily Comment

Headline reads “Doubt pertaining to the demand backdrop in the energy market has led to the break of the trend of crack spreads, threatening our lone Accumulate candidate in the energy sector”.

http://www.equityclock.com/2023/04/19/stock-market-outlook-for-april-20-2023/

Technical Notes

U.S. Bank SPDRs $KBE moved above $37.70 completing a double bottom pattern.

Medical Devices iShares $IHI moved above $56.14 extending an intermediate uptrend. Led by the breakout in ISRG.

Intuitive Surgical $ISRG a NASDAQ 100 stock moved above $285.09 on favourable first quarter results extending an intermediate uptrend.

CDW $CDW a NASDAQ 100 stock moved below $$184.34 and $174.83 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 19^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 19^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 19^th 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 slipped 1.20 to 59.20. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer added 0.80 to 62.60. It remains Overbought. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.29 to 64.22. It remains Overbought. Daily trend remains up.

The long term Barometer slipped 1.72 ti 64.38. 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

More from the network: Stock Market Outlook for December 30, 2024 Happy Holidays! Stock Market Outlook for December 24, 2024 Stock Market Outlook for December 23, 2024 Stock Market Outlook for December 20, 2024