Pre-opening Comments for Tuesday April 18th
U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points at 8:35 AM EDT.
Index futures were virtually unchanged following release of March U.S. Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.420 million units from 1.450 million units in February. Actual was 1.420 million units
The Canadian Dollar added 0.05 to US74.80 cents following release of Canada’s March Consumer Price Index at 8:30 AM EDT. Consensus was an increase 0.5% versus a gain of 0.4% in February. Actual was an increase of 0.5%. On a year-over-year basis, consensus was an increase 4.3% versus a gain of 5.2% in February. Actual was an increase of 4.3%. On a year-over-year basis, core CPI was expected to increase 4.8% versus a gain of 4.7% in February. Actual was an increase of 4.6%.
JB Hunt dropped $3.27 to $173.38 after reporting less than consensus first quarter revenues and earnings.
Charles Schwab advanced $2.00 to $52.77 after reporting higher than consensus first quarter earnings.
Goldman Sachs dropped $7.56 to $332.12 after reporting lower than consensus first quarter revenues.
Bank of America advanced $0.48 to $30.85 after reporting higher than consensus quarterly earnings.
Johnson & Johnson gained $2.53 to $168.20 after reporting higher than consensus first quarter earnings. The company also raised guidance.
EquityClock’s Daily Comment
Headline reads “Manufacturer sentiment in the New York region showed a shocking and abrupt rebound for April, raising questions as to how imminent an economic recession may be”.
http://www.equityclock.com/2023/04/17/stock-market-outlook-for-april-18-2023/
Technical Notes
Teck Resources $TECK and $TECK.B.TO a TSX 60 stock moved above US$48.05 and $61.59 Cdn. to an all-time high extending an intermediate uptrend. Rumored takeover suitors include VALE, Anglo American, Freeport McMoran and Glencore.
A good example of strength in Chinese equities! NetEase $NTES a NASDAQ 100 stock moved above $92.89 extending an intermediate uptrend.
Applied Materials $AMAT a NASDAQ 100 stock briefly moved below intermediate support at $109.48.
State Street $STT moved below $68.68 on less than consensus first quarter earnings extending an intermediate downtrend.
Palladium moved above $1,532.00 per ounce completing a double bottom pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
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Earnings are going to be better than expected, says Hightower’s Stephanie Link
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S&P 500 Momentum Barometers
The intermediate term Barometer added 3.60 to 57.80. It remains Neutral. Daily trend remains up.
The long term Barometer added 1.80 to 62.00. It remains Overbought. Daily trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 1.72 to 62.50. It remains Overbought. Daily trend remains up.
The long term Barometer added 0.43 to 67.67. It remains Overbought. Daily trend remains up.
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
