Pre-opening Comments for Tuesday April 2nd
U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points at 8:30 AM EDT.
PVH dropped $25.48 to $114.25 after the company predicted a drop in fiscal first quarter 2025 revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011.png "clip_image001[1]")
Acord Therapeutics dropped $5.47 to $8.00 after the company filed for bankruptcy protection.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-1.png "clip_image002[1]")
Transocean gained $0.29 to $6.66 after WTI crude oil advanced in overnight trade to a six month high.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031.png "clip_image003[1]")
NetEase dropped $11.20 to $151.60 after the company received a lacklustre response to launch of its latest videogame.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0041.png "clip_image004[1]")
Technical Notes
U.S. Dollar $USD moved above 104.88 extending an intermediate uptrend.
The U.S. Dollar ETN $UUP moved above $28.35 to an 18 month high extending an intermediate uptrend.
TSX Gold iShares $XGD.TO moved above Cdn$18.42 extending an intermediate uptrend.
Gold Miners ETF $GDX moved above $32.35 extending an intermediate uptrend.
Oil and Gas Exploration SPDRs $XOP moved above $155.15 to a 21 month high extending an intermediate uptrend.
Emerging Markets iShares $EEM moved above $41.42 extending an intermediate uptrend.
Gold Bug Index $HUI moved above $254.06 extending an intermediate uptrend.
Alphabet $GOOG a NASDAQ 100 stock moved above $155.20 to an all-time high and GOOGL moved above $153.78 to an all-time high extending an intermediate uptrend
MMM $MMM a Dow Jones Industrial Average stock moved above $91.01 completing a reverse Head & Shoulders pattern.
NetEase $NTES a NASDAQ 100 stock moved below $101.16 completing a double top pattern.
Home Depot $HD a Dow Jones Industrial Average stock moved below intermediate support at $368.87
Thomson Reuters $TRI.TO a TSX 60 stock moved below Cdn$209.49 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 1st 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 1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Link offered by a valued provider
What Gold’s All-Time High Says About The Market: Dan Nathan and LizYoung|
https://www.youtube.com/watch?v=ke9I6oSozBE
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 4.60 to 80.60. It remains Overbought.
The long term Barometer dropped 1.80 to 84.00. It remains Overbought
TSX Momentum Barometers
The intermediate term Barometer dropped 2.68 to 69.64. It remains Overbought.
The long term Barometer dropped 2.23 to 73.66. 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 2nd, 2024 at 10:12 am
BCE – I must have had a brain fart yesterday. I was just musing about it. It’s in free fall. For anyone who didn’t hear BMO downgraded all telcos due to stiff competition with a $46 PT on BCE.
April 2nd, 2024 at 10:35 am
CNQ – BMO just increased its’ PT to $115 from $110. We should get more PT increases from other sources which will work to propel the stock price further. All of the energy sector must be in the process of being re-rated.
April 2nd, 2024 at 1:07 pm
BCE.TO broke a 14 year uptrendline and $50 price support but is also testing support at $43 and is oversold. If short I’d cover here as a bounce back to the $50 area is close by. (There will be a story to explain it all away.)
https://stockcharts.com/h-sc/ui?s=BCE.TO&p=W&yr=15&mn=0&dy=0&id=p71355788779&a=1646330134
April 2nd, 2024 at 3:04 pm
RE: BCE.TO: This is one of the main things that bugs me about analysts and their downgrades/upgrades. Now he downgrades it? Where was this analyst $15 ago? This might just mark the bottom. The volume is not nearly as high as it was mid-March.
Ron/BC, Thanks for the updated long term weekly chart.
April 2nd, 2024 at 3:13 pm
RE: CNQ.TO: Did anyone hear Eric Nuttal on Market Call? I believe he said he sold his CNQ since it doesn’t have as much upside as some other smaller cap energy stocks. He really likes CVE.TO. To me it looks like it is about to test its previous high and is already overbought so poor risk/reward.
https://schrts.co/ShztXERu
April 2nd, 2024 at 3:55 pm
CNQ – Nuttal has never been terribly keen on CNQ but was forced to buy because he manages an energy fund and CNQ was racking up relative outperformance numbers while his small cap names were getting trashed. Now smaller names may have more alpha so he dumps on CNQ. If you are short-term you would look for some kind of pull-back in the whole sector. Look at RSI on XLE, XOP, and CNQ. It is more elevated than it has been in years. On the other hand oil prices don’t look vulnerable to any kind of downturn. China is a huge potential source of extra demand that has been in the doldrums for an extended period and we have world-wide emerging markets growth. You might sell some into strength here but I would not exit any core holding now.