Tech Talk for Friday April 5th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points at 8:35AM EDT.

S&P 500 futures added 8 points following release of the March Employment Report at 8:30 AM EDT. Consensus for March U.S. Non-farm Payrolls was a drop to 212,000 from 275,000 in February. Actual was an increase to 303,000. Consensus for the March Unemployment Rate was unchanged from February at 3.9%. Actual was a slip to 3.8%. Consensus for March Average Hourly Earnings was an increase of 0.3% versus a gain of 0.1% in February. Actual was an increase of 0.35%. On a year-over- year basis, consensus for March Average Hourly Earnings was an increase of 4.1% versus a gain of 4.3% in February. Actual was an increase of 4.1%.

The Canadian Dollar dropped 0.32 to US73.42 cents following release of Canada's March Employment Report at 8:30 AM EDT. Consensus for March Employment Change was a gain of 25,900 versus a gain of 40,700 in February. Actual was a drop of 2,200. Consensus for the March Unemployment Rate was an increase to 5.9% from 5.8% in February. Actual was an increase to 6.1%.

Kara Sushi gained $7.40 to $111.25 after reporting higher than consensus second quarter revenues. The company also offered positive third quarter guidance.

Shockwave Medical added $4.51 to $324.63 on news that Johnson & Johnson has offered to acquire the company in a deal valued at $13.1 billion.

Technical Notes

Taiwan iShares $EWT moved above $49.15 to a two year high extending an intermediate uptrend.

South Africa iShares $EZA moved above $39.94 and $40.03 extending an intermediate uptrend. Responded to higher gold prices.

Copper Miners ETF $COPX moved above $44.61 to a 13 year high extending an intermediate uptrend.

Meta Platforms $META an S&P 100 stock moved above $523.57 to an all-time high extending an intermediate uptrend.

Breakdowns below intermediate support by five stocks in the Dow Jones Industrial Average triggered a move by the Average below its 20 and 50 day moving averages: Salesforce.com on a move below $293.77 completing a double top pattern, Johnson & Johnson on a move below $153.67 completing a double top pattern, Visa on a move below intermediate support at $276.16, Starbucks on a move below $88.19 and Amgen on a move below $268.17.

US Medical Devices iShares $IHI moved below $56.49 completing a double top pattern.

Royal Bank $RY.TO a TSX 60 stock moved above Cdn$136.67 to an all-time high extending an intermediate uptrend.

Constellation Software $CSU.TO a TSX 60 stock moved below Cdn$3,561.12 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 4th 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 4th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 4th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

These Sectors Are Poised to Lead in Q2: David Keller

These Sectors Are Poised to Lead in Q2 - YouTube

When Stocks Turn To Dust, In Gold We Trust: Jeff Huge

When Stocks Turn To Dust, In Gold We Trust - YouTube

Spot Big Reversals Using the ADX Indicator: Joe Rabil

Spot Big Reversals Using the ADX Indicator - YouTube

Commodities: "Let’s go for a Ride, It’s a Bull Market!" Tom Bowley

Commodities: "Let’s go for a Ride, It’s a Bull Market!" - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 7.00 to 68.00. It remains Overbought. Daily trend has turned down.

The long term Barometer dropped 1.60 to 78.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.89 to 61.61. It remains Overbought. Daily trend has turned down.

The long term Barometer was unchanged at 70.54. 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