Pre-opening Comments for Tuesday April 30th
U.S. equity index futures were lower this morning. S&P 500 futures dropped 23 points at 8:35 AM EDT.
The Canadian Dollar dropped 0.22 to US 72.90 cents following release of Canada’s February GDP report. Consensus was an increase of 0.3%. Actual was an increase of 0.2%
NXP Semiconductor advanced $9.39 to $256.52 after reporting higher than consensus first quarter earnings.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-12.png "clip_image001[1]")
F5 dropped $19.49 to $162.64 after reporting less than consensus quarterly revenues.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-13.png "clip_image002[1]")
Coursera plunged $2.07 to $9.82 after reporting less than consensus quarterly revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-11.png "clip_image003[1]")
Chegg dropped $0.37 to $6.80 after lowering second quarter revenue guidance.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0041-6.png "clip_image004[1]")
Technical Notes
Tesla $TSLA a NASDAQ 100 stock moved above intermediate resistance at $184.25.
Target Stores $TGT an S&P 100 stock moved below $162.21 completing a short term Head & Shoulders pattern.
Roper Technologies $ROP a NASDAQ 100 stock moved below $523.74 completing a double top pattern.
Pembina Pipeline $PPL.TO a TSX 60 stock moved above Cdn$48.97 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 29th 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 29th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 29th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Citi upgrades energy sector
Citi upgrades energy sector, says stocks can recover quickly from geopolitical jolts | Seeking Alpha
The Sell in May and Go Away Trade in Technology? Guy Adami, Dan Nathan and Carter Worth
The Sell in May and Go Away Trade – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.40 to 50.20. It remains Neutral.
The long term Barometer added 2.20 to 76.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.45 to 55.80. It remains Neutral.
The long term Barometer added 0.89 to 67.86. 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 30th, 2024 at 9:05 am
More confirmation of the weakness of the Canadian economy from the GDP report and CAD resumes its’ downward path. The Fed’s not cutting at least until September and a June rate cut looks like it is in the bag here. For Canadian stocks you want exporters. Anything consumer dependent here is suspect. You might get a short-term bump in high dividend bond proxies but I wouldn’t treat them as “investments.” If you have good performing US stocks enjoy the currency direction. Somebody please tell me what is going right economically in Canada. Oct 2025 can’t come soon enough. The cap gains changes if anything are going to act as a further drag on growth. Sorry for being so negative here.