Tech Talk for Tuesday June 13th 2017

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Pre-opening Comments for Tuesday June 13th

U.S. equity index futures were higher this morning. The S&P 500 Index gained 5 points in pre-opening trade.

Index futures were virtually unchanged following release of the May Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.5% in April. Actual was unchanged. Excluding food and energy, consensus for the May Producer Price Index was an increase of 0.2% versus a gain of 0.4% in April. Actual was an increase of 0.3%.

FANG stocks (Face Book, Amazon, Netflix, Google) moved higher in overnight trade.

Scotts Miracle Grow slipped $3.11 to $80.75 after the company lowered its profit and sales outlook.

Cheese Cake Factory dropped $5.33 to $53.00 after the company lowered its second quarter guidance.

Consolidated Edison (ED $83.30) is expected to open lower after Jefferies downgraded the stock to Hold from Buy.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/06/12/stock-market-outlook-for-june-13-2017/

 

Observations

More early warnings on European equities! The Euro Stoxx 600 Index briefly moved below386.46 completing a double top pattern.

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Strength (breakout) by the Canadian Dollar is related to expectations that the Bank of Canada will follow the Fed Fund Rate increase on Wednesday by increasing its overnight lending rate to major banks.

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StockTwits Released Yesterday @EquityClock

Technology sector benchmark reverses gains after it charts first all-time high in 17 years. See

http://www.equityclock.com/2017/06/09/stock-market-outlook-for-june-12-2017/

Technical action by S&P 500 stocks to 10:00: Bullish.21 stocks broke intermediate resistance. 5 stocks broke support.

Editor’s Note: After 10:00 AM EDT, breakouts included IP and CSRA. No breakdowns.

Home Depot $HD, a Dow Jones Industrial stock moved below $152.41 completing a double top pattern.

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Chevron, $CVX, a Dow Jones Industrial stock moved above $102.09 completing a double bottom pattern.

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Exxon Mobil $XOM, a Dow Jones Industrial stock moved above $83.46 completing a base building pattern.

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Another fertilizer stock and ETF broke resistance setting intermediate uptrends: $MOS $SOIL

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Infrastructure/China sensitive stocks lead market higher: $NUE $X $SLX $AKS $XME

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Enerplus $ERF.CA moved above $11.44 establishing an intermediate uptrend.

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General Electric $GE, a Dow Jones Industrial stock moved above $28.50 completing a double bottom pattern

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Eldorado Gold $ELD.CA moved below $3.69 extending an intermediate downtrend.

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Another gold breaks support. Yamana $YRI.CA moved below $3.30 extending an intermediate downtrend.

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Loblaw $L.CA moved below $75.45 completing a double top pattern.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 12th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 12th 2017

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Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for June 12th 2017

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Green: Increase from previous day

Red: Decrease from previous day

Keith Richards’ Top Picks

Keith was on BNN’s Market Call last night. Following is a link to his top picks:

http://www.bnn.ca/keith-richards-top-picks-june-12-2017-1.776714

 

CSTA Event

Oakville Chapter Meeting

7:00 PM EDT on Wednesday June 14th at Oakville Town Hall

Speaker: Sarah Potter from SheCanTrade.com

Topic: Using Multiple Time Frame Analysis to Execute and Manage Trades

Everyone is welcome.

 

S&P 500 Momentum Barometer

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The Barometer added another 2.40 to 72.20%. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 4.08 to 41.63. It remains intermediate neutral and trending down.

 

Disclaimer: Seasonality and technical ratings offered in this report and 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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5 Responses to “Tech Talk for Tuesday June 13th 2017”

  1. Larry/ON Says:

    $CAD – Massive short-covering rally still going on. If you look at the chart $CAD broke above the 200day MA. There is a multi-month resistance level at 75.69 which I think it will ultimately clear. Target is 77.00. All of this was warned ahead of time by many technicians including David Rosenberg and Larry Berman. Purchasing power parity apparently is around $0.80. The volume of shorts was extraordinary and $CAD was lagging other major currencies in relation to $US. If you are holding US equities you need to hedge for currency.

  2. rick Says:

    Good article regarding dividend growth investing, I like the graphics ….

    http://tenfactorialrocks.com/dividend-investing-vs-indexing-part-5/

  3. Bernie Says:

    rick,

    Re: #2
    Very good article Rick. It explains the strategy well. This is why I feel DGI is better suited for the older investor who seeks income/income growth with less volatility. As the Fidelity study concluded, and several others as well, the best performing investors are long term buy and holders. Younger investors have time on their hands so they’re better suited with a growth portfolio or a DGI portfolio which concentrates more on growth than income.

  4. Ron/BC Says:

    The Europe ETF:IEV is bumping up against a decade long price resistance level top of $46. Major resistance for sure. Clearing and holding above this resistance would be very bullish. Seeing is believing……………….

    http://stockcharts.com/h-sc/ui?s=IEV&p=D&yr=12&mn=0&dy=0&id=p75858449251&a=516440486

  5. Bernie Says:

    Rick,

    Per our discussion on the Tawcan article on Thursday, I asked the author in a private message if he tracks his DGI stock portfolio total returns to compare to benchmarks. He said he does track them but hasn’t posted anything on his blog. He also said from what he can see he is performing better than dividend ETFs and often better than index ETFs. His frugal nature and “stick to it” philosophy seems to be working well for him.

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