U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EDT.
Nucor dropped $11.63 to $180.00 after reporting lower than consensus first quarter earnings. The company also lowered second quarter guidance.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0015-3.png "clip_image001[5]")
Cadence Design Systems dropped $20.63 to $264.39 after lowering second quarter guidance.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0025-4.png "clip_image002[5]")
Cleveland Cliffs dropped $0.70 to $20.15 after reporting lower first quarter earnings.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0035-2.png "clip_image003[5]")
General Motors added $1.79 to $45.00 after reporting higher than consensus first quarter earnings.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0045-4.png "clip_image004[5]")
Technical Notes
Kraft Heinz $KHC an S&P 100 stock moved above $38.17 extending an intermediate uptrend.
Southern Companies $SO an S&P 100 companies moved above $72.65 and $72.81 extending an intermediate uptrend.
Pepsico $PEP a NASDAQ 100 stock moved above $176.23 extending an intermediate uptrend.
Trading Desk $TTD a NASDAQ 100 stock moved below $76.42 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for April 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
What to Expect from Big Earnings This Week: Guy Adami and Dan Nathan
What to Expect from Big Earnings This Week – YouTube
The corrective phase could last into the early summer months: Fairlead Strategies’ Katie Stockton
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 5.20 to 42.20. It changed from Oversold to Neutral by moving above 40.00.
The long term Barometer added 3.20 to 74.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 1.79 to 54.02. It remains Neutral.
The long term Barometer added 0.45 to 65.62. 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 23rd, 2024 at 1:23 pm
Paula
Here is a one year chart of the $SPX again. I put on the ADX (+D1 & -D1) on the chart below. What exactly are you looking for on this indicator?
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p99857498298&a=1581235834
April 23rd, 2024 at 3:10 pm
Ron/BC
Your 6 month chart yesterday with the ADX overlaid made it difficult to see.
This chart shows it more clearly. I am looking for the +DI (green) to cross above the -DI (red), assuming we are talking about buying. The opposite if we are selling.
Also, the ADX (black) is turning up and continuing up. At some point, it will turn down, which indicates that the trend is weakening but as long as the green line is above the ADX line, it is still bullish until the ADX line rolls over and the red line crosses above the ADX and then above the green line. Then if the ADX turns up, along with the red line going up, it is bearish. In this example the ADX rolled over just around the end of December which did lead to a trading range until the green line crossed above it again and basically stayed above it until early April when it turned down decisively along with the red line crossing above it and then crossing above the green line. This was followed by the ADX turning up as the green line crossed below it. I showed the two major buy and sell signals in the green and red boxes on the ADX portion of the I sent on Monday. Here it is again:
https://schrts.co/DbXtqxeV
The gradual down trend in the ADX since about mid-February indicated that the trend was not as strong but the market was still able to continue up, as long as the green line was above it. This is actually a divergence just like the RSI’s were showing divergences. I could probably have left out these vertical lines since they were not helpful as long as the trend line was still intact.
Hope that makes sense but I could understand if this is just too confusing.
April 23rd, 2024 at 8:50 pm
Paula
Thanks for the explanation.I’ll spend some time on it again.