Pre-opening Comments for Wednesday April 3rd
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points at 8:30 AM EDT.
Intel dropped $1.82 to $42.12 after announcing a higher than consensus loss from its foundry business
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-1.png "clip_image001[1]")
Vanda Pharmaceutical gained $1.20 to $5.11 after receiving FDA approval for Fanapt.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-2.png "clip_image002[1]")
Taiwan iShares is expected to open lower after Taiwan was hit by a massive earthquake.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-1.png "clip_image003[1]")
Cal-Maine Foods added $4.09 to $63.00 after reporting higher than consensus fiscal third quarter revenues.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0041-1.png "clip_image004[1]")
Technical Notes
20+ U.S. Treasury Bond iShares $TLT moved below $91.42 extending an intermediate downtrend.
Conversely, yield on 10 year U.S. Treasury Bonds moved above 4.354% extending an intermediate uptrend.
Healthcare SPDRs $XLV moved below $143.99 completing a double top pattern.
Healthcare Providers iShares $IHF moved below intermediate support at $52.07
UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved below $466.35 extending an intermediate downtrend.
Other big cap U.S. equities moving below support setting intermediate downtrends included Apple on a move below $168.49, Starbucks on a move below $90.10, Costco on a move below $711.01, Walgreens Boots on a move below $19.45 to a 13 year low and Ross Stores on a move below $142.96.
TSX Global Gold iShares $XGD.TO moved above Cdn$18.42 resuming an intermediate uptrend. Gold Miners ETF $GDX moved above $32.35 and Junior Gold Miners ETF $GDXJ moved above $39.82 resuming an intermediate uptrend.
Lundin Mining $LUN.TO a major base metals producer moved above Cdn$14.08 to an all-time high extending an intermediate uptrend.
Open Text $OTEX a TSX 60 stock moved below US$37.39 setting an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 2nd 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 2nd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 2nd 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Should You be Concerned About These Four Stocks? David Keller and Julius de Kempenaer of RRG Research
Should You be Concerned About These Four Stocks? – YouTube
Strength Reverses Ahead of THE FED: Tom Bowley
Strength Reverses Ahead of THE FED – YouTube
Market Sells Off: What’s the New Risk On Trade? Dan Nathan, Guy Adami, Carter Worth
Note comments on Silver and Gold
Market Sells Off: What’s the New Risk On Trade? – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 6.20 to 74.40. It remains Overbought.
The long term Barometer dropped 1.40 to 82.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.36 to 64.29. It remains Overbought and has started to trend down.
The long term Barometer dropped 2.23 to 71.43. 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 3rd, 2024 at 11:20 am
In a ripping bull market today is one of those days that so far shows the perils of taking profits too early. You just don’t know how far the market will go and if you sell the higher it goes the more unlikely you will be able to get back in below or even at the price you sold at. There is a lot of money that wants to come into this market and specifically on the best performing sectors on any kind of dip. The 20 day MA continues to hold as support for SPX
April 3rd, 2024 at 12:24 pm
One of the best stock analysts I ever came across had a few very wise sayings. One of his best was : “If it’s obvious, it’s obviously wrong.” That thought saved me and made me a lot of money over the years as a warning not to get too bullish or too bearish about anything. One needn’t worry about missing anything up or down as everything comes back to reality over time.
April 3rd, 2024 at 1:34 pm
Nice breakout over $32.50 on GDX. Price needs to stay above this level to be a valid breakout.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=0&id=p69488677694&a=673066134
April 3rd, 2024 at 1:44 pm
Canadian oil companies and specifically CNQ now getting exposure on CNBC by Goldman analyst.
https://www.cnbc.com/video/2024/04/01/constructive-on-canadian-oil-complex-as-oil-demand-peak-hits-next-decade-says-goldmans-mehta.html
April 3rd, 2024 at 10:24 pm
Yes, lot of bullishness in the market overall. Looks like Oil is getting the love again. Commodities in general like copper also getting a nice run too.
Larry good point about getting out too early. I did that on 2 names when I thought support would break..now have to buy back higher than what I sold or look for a pullback.
Eric Nuttal was on BNN the other day and the message is the same- Cdn oil names dont need $120 like we had last year or so. Making lot of cash now.
Interesting how he is not keen on the big names like CNQ and TOU but later that day or the next day another guest liked and recommended IMO and CNQ.