Tech Talk for Thursday September 28th 2017

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Pre-opening Comments for Thursday September 28th

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 point in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for last estimate of second quarter real GDP was an increase to 3.1% versus the previous estimate of 3.0%. Actual was 3.1%. Consensus for Weekly Jobless Claims was an increase to 270,000 from 259,000 last week. Actual was 272,000.

RiteAid dropped $0.07 to $2.21 after reporting lower than consensus same store sales.

Southwest Airlines fell $0.13 to $55.75 after lowering guidance due to impact of Hurricanes Harvey and Irma.

Blackberry gained $0.68 to $9.91 after reporting a surprising profit and higher than expected revenues in its fiscal second quarter.

McCormick (MCK $) added $2.60 to $99.95 after reporting higher than consensus quarterly revenues and earnings.

Sherwin Williams dropped $3.13 to $346.71 after lowering guidance for third quarter earnings due mainly to impact of Hurricanes Harvey and Irma.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/09/27/stock-market-outlook-for-september-28-2017/

Note seasonality charts on the Financial sector, Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and FTSE 100 Index

Jon Vialoux on BNN’s Market Call Tonight

Jon will be the guest analyst on Friday. Please forward your questions to BNN and tune in at 5.30 pm EDT on Friday.

Observations

All-time highs set by the S&P 500 Index, S&P Mid-cap Index, Russell 2000 Index and related ETFs!

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Strength in equity indices was concentrated in the financial sector.

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Canadian financials led strength by TSX stocks.

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Strength in financials was triggered by an 8 basis point spike in 10 year Treasury yields and a corresponding expectation for wider interest rate spreads.

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The U.S. Dollar Index quickly responded to higher Treasury yields.

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Long term Treasury bond prices and related ETFs dropped sharply.

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Ditto for interest sensitive equity indices and related ETFs!

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:10: Bullish. Breakouts: $DG $SBUX $BAC $DFS $ETFC $HBAN $KEY $CFG $PBCT $SCHW $STI $ZION $CTAS

Editor’s Note: After 10:10 AM EDT, breakouts included HES, MUR, CMA, FITB, HBAN, TWK, PBCT and UNM.

Technical breakdowns to 10:10: $NKE $PG $UA

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Editor’s Note: Breakdowns after 10:10 AM EDT included KO and HCN

Procter & Gamble $PG. a Dow Jones Industrial stock moved below support at $91.66 and 50 day moving average at $91.87.

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Starbucks $SBUX, a Dow Jones Industrial stock moved above $55.28 completing a double bottom pattern.

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S&P Financial Index and ETF $XLF moved to nine year highs extending an intermediate uptrend.

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Canadian National Railway $CNR.CA, a TSX 60 stock moved above $102.32 resuming an intermediate uptrend.

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CAE $CAE.CA moved above $21.08 resuming an intermediate uptrend.

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Royal Bank $RY.CA, a TSX 60 stock moved above $95.32 resuming an intermediate uptrend.

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More technical confirmation that the U.S. Dollar Index has bottomed! $UUP moved above its 50 day moving average.

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Coca Cola $KO, a Dow Jones Industrial stock moved below support at $44.89 and 50 day moving average at $45.42

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S&P Bank SPDRs $KBE moved above $44.57 resuming an intermediate uptrend.

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Domestic #Oil production charting new YTD high, elevating days of supply at a time when demand is waning. $USO $CL_F

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US Durable Goods Orders higher by 3.0% (NSA) in August, above average increase of 2.0%. #Economy $MACRO

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S&P Regional Bank SPDRs 4KRE moved above $56.37 resuming intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for September 27th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for September 27th 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 September 27th 2017

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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The Barometer added 0.40 to 65.00 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added another 2.89 to 67.36. It remains intermediate overbought.


http://www.valuetrend.ca/wp-content/uploads/2015/02/valuetrend_logo.jpg

Big tech is consolidating, but the game isn’t over

Big tech is consolidating, but the game isn’t over

September 27, 2017 by Keith Richards

 
 
 
 


 

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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6 Responses to “Tech Talk for Thursday September 28th 2017”

  1. Larry/ON Says:

    Ron/BC – Thanks for those USD charts yesterday. Of course now $CAD and Euro are stronger this morning but when you look at the size of the USD drop since the beginning of year coupled with Yellen’s recent statements of considerably higher interest rates you can’t help but think that the balance of probabilities lead to a reversal for more USD gains. The only caveat for $CAD is the WTI price which may remain strong.

  2. Sherri Says:

    posted Armstrong DOW update late last night in case anyone who wants to read it missed it. Have a great day!

  3. Mick/NV Says:

    IPL.to has had a nice run the past month, up almost 18% since its Aug lows although the stock is still down over 8% ytd. Well overbought right now but still may test the r2 pivot point resistance, then should pull back. Has a nice 6% yield with a dividend that has increased each yr for the past 8. Do own this one, but may sell some shares into this rally as I am well overweight in the pipeline sector.

    http://stockcharts.com/h-sc/ui?s=IPL.TO&p=D&b=5&g=0&id=p03755222243&a=459847553

  4. bruce morris Says:

    tuvm Sherri for the Armstrong update…….

  5. Mick/NV Says:

    Telus has had 2 very good days, currently just above the main pivot point resistance. Not sure whether it will hold today or not, if it does may run up to around $46 before pulling back. stock is up 9.2% ytd and 78% the last 5 years, with steady dividend increases along the way. This is my biggest holding so won’t be adding, also would not buy at this level but if it gets down to around the $43 level again certainly would be a good entry point for a long term hold.

    http://stockcharts.com/h-sc/ui?s=T.TO&p=D&b=5&g=0&id=p69153466219&a=415869692

  6. Neil/Ab Says:

    IBG.t
    This is a small cap (250M) infrastructure, architecture company that I have held for about a year and a half but don’t think I have mentioned.
    The reason I do so now is two fold. Over the last few months it has developed a nice cup formation (no handle yet). Also, it has just broken to new 3 year highs.
    Many years ago it traded much higher, then got caught up in massive debt and almost went under. It still has a lot of debt but has paid down about half over the last three years. It is still quite cheap at around 14x earnings. It is semi-volatile and only trades about 30,000 a day. It is up about 25%ytd. Other than that I don’t know much about the fundamentals.
    I’m certainly not suggesting anyone buy it, I have no plans to add, but I have noticed on this site an increased interest in cup type chart formations – I fear I may be somewhat responsible. Anyway, just thought it may be a little known and interesting one follow for the next while.

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