Pre-opening Comments for Tuesday April 16th
U.S. equity index futures were higher this morning. S&P 500 futures added 13 points at 8:35 AM EDT.
S&P 500 futures added 11 points following release of the March Housing Start report at 8:30 AM EDT. Consensus was a drop to 1.480 million units versus 1.521 million units in February. Actual was a drop to 1.32 million units.
The Canadian Dollar dropped US0.13 to US72.40 cents following released of Canada’s March Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 0.3% in February. Actual was an increase of 0.6%. On a year-over-year basis, consensus was an increase of 2.9%. Actual was an increase of 2.9%. Excluding food and energy, consensus on a year-over-year basis for CPI was an increase of 3.0%. Actual was an increase of 2.8%.
Canadian investors are waiting for release of the Federal Government’s budget scheduled for release at 4:00 PM EDT today.
Live Nation dropped $8.51 to $91.26 on report of a pending Justice Department antitrust suit.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0011-8.png "clip_image001[1]")
UnitedHealth Group advanced $30.37 to $476.00 after reporting higher than consensus first quarter revenues.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0021-9.png "clip_image002[1]")
Morgan Stanley added $3.01 to $90.00 after reporting higher than consensus first quarter revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/04/clip_image0031-7.png "clip_image003[1]")
Technical Notes
S&P 500 Index dropped below its 50 day moving average.
NASDAQ Composite Index dropped below its 50 day moving average
Emerging Markets iShares (EEM) were significantly weaker. Notable weakness was recorded by Taiwan iShares $EWT and Vietnam ETF $VNM
U.S. Real Estate iShares $IYR moved below $83.92 completing a double top pattern. Responding to higher interest rates!
Auto ETF $CARZ moved below $56.98 completing a double top pattern.
S&P 100 and NASDAQ 100 stocks that broke support setting intermediate downtrends included Salesforce.com on a move below at $293.77, Advanced Micro Devices on a move below $161.81,Workday on a move below $262.56, GlobalFoundries on a move below $48.12,
Match on a move below $32.33, NXP Semiconductor on a move below $232.00, Synopsis on a move below $546.91, Zoom on a move below $60.14, Intuitive Surgical on a move below $376.60 and AT&T on a move below $16.16
TC Energy $TRP.TO a TSX 60 stock moved below Cdn$49.39 extending an intermediate downtrend.
Hydro One $H a TSX 60 stock moved below Cdn$37.73 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 12th 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 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
5 Stock Chart Leaders You Can’t Miss: Larry Tentarelli
5 Stock Chart Leaders You Can’t Miss – YouTube
Market is topping and signaling recession: technical analyst
Market is topping and signaling recession: technical analyst – YouTube
Tax changes that could come this Federal budget: Talking Tax with BMO’s John Waters
Tax changes that could come this Federal budget: Talking Tax with BMO’s John Waters – YouTube
Death, Taxes and Higher For Longer with Liz Young and Chris Verrone
Death, Taxes and Higher For Longer with Liz Young and Chris Verrone – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer plunged another 8.00 to 36.40. It changed from Neutral to Oversold on a move below 40.00. Daily downtrend was extended.
The long term Barometer dropped another 1.60 to 70.20. It remains Overbought. Daily trend remains down.
TSX Momentum Barometers
The intermediate term Barometer dropped another 0.89 to 52.68. It remains Neutral. Daily trend remains down.
The long term Barometer dropped 4.02 to 63.84. It remains Overbought. Daily trend remains down.
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 16th, 2024 at 12:05 pm
Here is the $SPX with the TSX overlaid in orange. Price is now testing first support at 5050.
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p76395019593&a=1581615000
April 16th, 2024 at 5:45 pm
Ron/BC,
Re #7 yesterday: It is now well known (through neurology studies) that the rush people get from making money in the market is akin to the rush from gambling and from drugs. Sorry I don’t have a link for this. So, the moral is to be aware of your level of greed and be willing to leave something on the table/take profits and let someone else buy at the top. Or, as you say, have a trailing stop so that you are automatically out when the trend changes. And be satisfied if you have made money even it is not as much as you could have made…
Re #8 yesterday: Yes, government policy can be fickle. In the example I gave, even though I was a close relative, there were others who were closer so I had no involvement as far as being a beneficiary or power of attorney. It did seem like a good option under the circumstances. Good luck with the cliff…
Re #1 today: Thanks for this chart. It will be interesting to see how much of the rally since the October low is given up. It’s already oversold on the RSI(8) so there could be a bounce soon before heading lower.
April 16th, 2024 at 6:30 pm
Paula
Re:#2
Being a beneficiary in a will of the dying person changes things dramatically.
Here is the Fear and Greed Index. It has some very helpful data in it well worth thinking about.
https://www.cnn.com/markets/fear-and-greed
April 16th, 2024 at 9:16 pm
Paula
Agree with your comments basically. I’ve known a few people over the years that have done well financially and seen them bragging and posturing about it. That is the end of the road for them usually and like Trump blame everyone else for their losses. Even contractors who have done exceptionally well get big headed and act like they rule the world. Human nature it seems. But when you are winning big time it’s easy to feel on top of the world. That’s the time to pay off your debts and back off. It doesn’t seem smart at the time but proves to be the right trade in hindsight. I have two tfsas coming due in May and not sure where I’ll put the cash. Two banks are still paying 5.35% so may consider that again for a one year term. It is tax free and risk free money too. Hopefuly I don’t find a hot condo deal meanwhile,lol.