Tech Talk for Monday April 22nd 2019

Apr 22 06:04 2019 Print This Article

 

The Bottom Line

U.S. equity markets were mixed again last week despite better than consensus first quarter results released to date by S&P 500 and Dow Jones Industrial companies. Strength in the U.S. Dollar Index dampened enthusiasm for U.S. equities. Canadian equities performed slightly better with the TSX Composite Index briefly touching an all-time high on Thursday.

Observations

Technical action by individual S&P 500 stocks moved slightly lower last week. Number of stocks breaking intermediate resistance totalled 37 while number of stocks breaking support totalled 42. Most of the breakdowns were in the Health Care sector. The Up/Down ratio dropped to (314/102=) 3.08 from 3.15.

Medium term technical indicators for U.S. equity markets (e.g. Percent of stocks trading above their 50 day moving average, Bullish Percent Index) moved lower last week, but remain overbought. See charts near the end of this report

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Timing the Market

Tech Talk is a free stock market letter service offering free daily reports on equity markets, sectors, commodities and exchangetraded funds. The Web site has recently received an average of 1.6 million hits per month from 130 countries.

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