{"id":175117,"date":"2024-04-01T02:22:00","date_gmt":"2024-04-01T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=175117"},"modified":"2024-04-01T08:46:21","modified_gmt":"2024-04-01T12:46:21","slug":"tech-talk-for-monday-april-1st-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/04\/01\/tech-talk-for-monday-april-1st-2024\/","title":{"rendered":"Tech Talk for Monday April 1st 2024"},"content":{"rendered":"

Pre-opening Comments for Monday April 1st<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 5 points at 8:30 AM EDT. <\/em><\/p>\n

June Gold futures <\/b>gained another $26.80 to US$2,254.80 per ounce in pre-opening trade.<\/em><\/p>\n

\"clip_image001\"<\/a><\/p>\n

Tesla<\/b> added $1.20 to $176.99 after the company raised the price of its Model Y car in the United States by $1,000.<\/em><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

United Parcel Services<\/b> advanced $2.75 to $151.38 after reaching an air cargo deal to expand its United States Postal Service Partnership.<\/em><\/p>\n

\"clip_image002[2]\"<\/a><\/p>\n

FedEx<\/b> dropped $5.94 to $283.80 after the company confirmed expiry of its contract with United States Postal Services on September 29th<\/sup>.<\/em><\/p>\n

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 <\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

World equity markets were mixed last week, typical when intermediate momentum indicators are overbought: <\/b>U.S. equity indices moved in a narrow trading range. S&P 500 Index gained 0.39% <\/b>and the NASDAQ Composite Index slipped 0.30%. ETFs representing European, Canadian and Merging Markets were slightly higher. ETFs representing Far East markets were slightly lower<\/b><\/p>\n

Finally, an all-time inter-day high for the TSX Composite Index!<\/b> High for the Index on Thursday was 22,220.91, beating the previous all-time high at 22,213.07set on April 5th <\/sup>2022. <\/p>\n

Most of the upside action last week occurred in the Commodity sector, led by gold.<\/b> Strength in the sector was recorded despite strength in the U.S. Dollar Index.<\/p>\n

February Core PCE Price Index released on Friday morning is expected to have a mixed impact<\/b> on U.S. equity markets on Monday<\/b>. Consensus was a year-over-year increase of 2.8%. Actual was an increase of 2.8%.<\/p>\n

 <\/p>\n

Consensus for Earnings and Revenues for S&P 500 Companies<\/strong><\/font><\/p>\n

Source: www.FactSet.com<\/a><\/p>\n

Analysts slightly increased earnings estimates and slightly reduced revenue estimates for the first quarter of 2024. C<\/b>onsensus on a year-over-year basis calls for an earnings increase of 3.6% (versus a 3.4% increase last week). Revenues are expected to increase 3.5% (versus a 3.6% increase last week).<\/b><\/p>\n

Earnings gains accelerate in the second and third quarters. <\/b>Consensus for the second quarter calls for a 9.4% earnings increase (versus a 9.3% increase last week) and a 4.6% increase in revenues (versus a 4.7% increase last week). Consensus for the third quarter calls for an 8.5% increase in earnings (versus a previous 8.4% increase) and a 5.0% increase in revenues (versus a previous 5.1% increase). <\/p>\n

Impressive earnings gains were lowered for the fourth quarter<\/b>. Consensus for the fourth quarter calls for an 11.0% increase in earnings (versus a previous 17.4% increase) and a 5.0% increase in revenues (versus a previous 5.8% increase). <\/p>\n

For all of 2024<\/b>, consensus calls for an 11.0% increase in earnings (versus a previous increase of 10.9%) and a 5.0% increase in revenues (versus a previous 5.1% increase)<\/p>\n

Estimates for fiscal 2025 were raised slightly. <\/b>Consensus calls for a 13.4% earnings increase (versus previous 13.3% increase) and a 6.0% revenue increase (versus a previous 5.9% increase).<\/p>\n

<\/b><\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

March U.S. Construction Spending<\/b> released at 10:00 AM EDT on Monday is expected to increase 0.5% versus a decline of 0.2% in February<\/p>\n

March ISM Manufacturing PMI<\/b> released at 10:00 AM EDT on Monday is expected to increase to 48.5 from 47.8 in February.<\/p>\n

February U.S. Factory Orders<\/b> released at 10:00 AM EDT on Tuesday are expected to increase 1.0% versus a decline of 0.8% in January.<\/p>\n

March ISM Non-manufacturing PMI<\/b> released at 10:00 AM EDT on Wednesday is expected to slip to 52.5 from 52.6 in February.<\/p>\n

February U.S. Trade<\/b> Deficit<\/b> released at 8:30 AM EDT on Thursday is expected to ease to $66.50 billion from $67.40 billion in January.<\/p>\n

February Canadian Trade <\/b>is released at 8:30 AM EDT on Thursday<\/p>\n

March U.S. Non-farm Payrolls<\/b> released at 8:30 AM EDT on Friday are expected to drop to 198,000 from 275,000 in February. March Unemployment Rate is expected to remain unchanged from February at 3.9%. March Average Hourly Earnings are expected to increase 0.3% versus a gain of 0.1% in February. On a year-over- year basis, March Average Hourly Earnings are expected to increase 4.1% versus a gain of 4.3% in February.<\/p>\n

Canadian March Employment Change<\/b> released at 8:30 AM EDT on Friday is expected to gain 20,000 versus a gain of 40,700 in February.<\/p>\n

 <\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

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<\/b><\/p>\n

<\/b><\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for March 28th<\/sup> 2024<\/p>\n

\"clip_image004\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for March 28th<\/sup> 2024<\/p>\n

\"clip_image006\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/b><\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

 <\/p>\n

Sectors <\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for March 28th<\/sup> 2024<\/p>\n

\"clip_image008\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/em><\/p>\n

Technical Scores<\/em><\/strong><\/font><\/p>\n

<\/em><\/font><\/strong><\/p>\n

<\/em><\/b><\/p>\n

Calculated as follows:<\/em><\/b><\/p>\n

<\/em><\/strong><\/p>\n

Intermediate Uptrend based on at least 20 trading days: Score 2<\/em><\/p>\n

          (Higher highs and higher lows)<\/em><\/p>\n

Intermediate Neutral trend: Score 0<\/em><\/p>\n

          (Not up or down)<\/em><\/p>\n

Intermediate Downtrend: Score -2<\/em><\/p>\n

          (Lower highs and lower lows)<\/em><\/p>\n

<\/em><\/p>\n

Outperformance relative to the S&P 500 Index: Score: 2<\/em><\/p>\n

Neutral Performance relative to the S&P 500 Index: 0<\/em><\/p>\n

Underperformance relative to the S&P 500 Index: Score \u20132<\/em><\/p>\n

 <\/p>\n

Above 20 day moving average: Score 1<\/em><\/p>\n

At 20 day moving average: Score: 0<\/em><\/p>\n

Below 20 day moving average: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1<\/em><\/p>\n

Mixed momentum indicators: 0<\/em><\/p>\n

Down trending momentum indicators: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell\/short signals start when a security descends to 0, but preferably -2.0 or lower. <\/em><\/p>\n

<\/em><\/p>\n

Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower<\/em><\/p>\n

 <\/p>\n

<\/b><\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

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<\/b><\/p>\n

<\/b><\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

Michael Campbell\u2019s Money Talks for March 30th<\/sup> <\/b><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

 <\/p>\n

Germans About to Legalize Pot: Mark Leibovit<\/b><\/p>\n

Achtung Baby! Germans About to Legalize Pot \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

S&P 7000 by end of 2024?! Dave Keller and David Hunter<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=CMKSWU-c1oU<\/a><\/p>\n

 <\/p>\n

Best Start to a Year for Stocks since 2019: Buy Adami, Dan Nathan, Carter Worth<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=EI_wTzxN8Ao<\/a><\/p>\n

 <\/p>\n

<\/b><\/p>\n

Stock Picks Poised For Success: Danielle Shay<\/b><\/p>\n

Stock Picks Poised For Success \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

I\u2019d Rather Be A Bull with David Rosenberg | <\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=g-f9LoRwpIQ<\/a><\/p>\n

 <\/p>\n

An Indicator to Define the Trend and Quantify Momentum: Arthur Hill<\/b><\/p>\n

An Indicator to Define the Trend and Quantify Momentum | Art’s Charts | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Core PCE Data Has Powell Pleased – May Set Tone For Q2: Mary Ellen McGonagle<\/b><\/p>\n

Core PCE Data Has Powell Pleased – May Set Tone For Q2 | The MEM Edge | StockCharts.com<\/a><\/p>\n

 <\/p>\n

One Month of Positive Seasonality Remaining — OBV Says, "Maybe Not." Carl Swelin<\/b><\/p>\n

One Month of Positive Seasonality Remaining — OBV Says, "Maybe Not." | DecisionPoint | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Low VIX: Warning Sign for Bear Market? Tom Bowley<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=pLNL-lmgUas<\/a><\/p>\n

 <\/p>\n

Weekly Update with Larry Berman – March 30, 2024<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=L_K09cdAqaM<\/a><\/p>\n

 <\/p>\n

<\/b><\/p>\n

Stock Markets First Quarter a Near Record High: Bob Hoye<\/b><\/p>\n

Stock Markets First Quarter a Near Record High \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Trading Desk Report For March 30, 2024: Victor Adair<\/b><\/p>\n

Trading Desk Report For March 30, 2024 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Technical Scoop from David Chapman and <\/b>www.EnrichedInvesting.com<\/b><\/a> <\/b><\/p>\n

https:\/\/enrichedinvesting.com\/wp-content\/uploads\/2024\/03\/Bridge-disruption-weather-events-geopolitical-concerns-market-highs-living-cycle-persistent-inflation.pdf<\/a><\/p>\n

<\/b><\/p>\n

 <\/p>\n

Technical Notes for Thursday<\/strong><\/font><\/p>\n

Mexico iShares<\/b> $EWW moved above $69.39 to an all-time high extending an intermediate uptrend. <\/p>\n

\"clip_image011\"<\/a><\/p>\n

Russell 2000 iShares<\/b> $IWM moved above $209.88 extending an intermediate uptrend.<\/p>\n

\"clip_image012\"<\/a><\/p>\n

S&P Oil & Gas Exploration SPDRs<\/b> $XOP moved above $152.24 extending an intermediate uptrend.<\/p>\n

\"clip_image013\"<\/a><\/p>\n

Chevron<\/b> $CVX an S&P 100 stock moved above $152.24 extending an intermediate uptrend. <\/p>\n

\"clip_image014\"<\/a><\/p>\n

Bank of Nova Scotia<\/b> $BNS.TO a TSX 60 stock moved above Cdn$69.71 extending an intermediate uptrend.<\/p>\n

\"clip_image015\"<\/a><\/p>\n

Agnico-Eagle<\/b> $AEM a TSX 60 stock moved above US$59.22 and Cdn$80.29 extending an intermediate uptrend. <\/p>\n

\"clip_image016\"<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image017\"<\/a><\/p>\n

The intermediate term Barometer added 2.00 on Friday and gained 8.40 last week to 85.20. It remains Overbought.<\/p>\n

\"clip_image018\"<\/a><\/p>\n

The long term Barometer gained 1.40 on Friday and advanced 5.00 to 85.30 last week, a 33 month high. It remains Overbought.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image019\"<\/a><\/p>\n

The intermediate term Barometer slipped 1.79 on Friday, but gained 2.23 last week to 72.32. It remains Overbought. <\/p>\n

\"clip_image020\"<\/a><\/p>\n

The long term Barometer added 2.23 to 75.89 on Friday and gained 4.80 last week to 75.89. It remains Overbought.<\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Monday April 1st U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 8:30 AM EDT. June Gold futures gained another $26.80 to US$2,254.80 per ounce in pre-opening trade. Tesla added $1.20 to $176.99 after the company raised the price of its Model Y car in […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-175117","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/175117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=175117"}],"version-history":[{"count":3,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/175117\/revisions"}],"predecessor-version":[{"id":175128,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/175117\/revisions\/175128"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=175117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=175117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=175117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}