Tech Talk for Thursday October 5th 2017

Daily Reports Add comments

Pre-opening Comments for Thursday October 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 point in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was a drop to 265,000 from 272,000 last week. Actual was 260,000. Consensus for August Trade Deficit was $42.7 billion. Actual was $42.2 billion.

The Canadian Dollar dropped 0.26 to US 79.86 cents following release of Canada’s August Merchandise Trade Deficit. Consensus was a deficit of $3.0 billion. Actual was a deficit of $2.6 billion.

Wynn Resorts gained $0.64 to $147.61 after JP Morgan raised its target price to $150 from $127.

Constellation Brands added $13.70 to $214.88 after reporting higher than consensus fiscal second quarter revenues and earnings.

General Motors added $10.12 to $43.90 after RBC Capital raised its target price to $44 from $38

Amerisource Bergen gained $2.76 to $85.50 after Baird raised its rating from Neutral to Outperform

Microsoft gained $0.72 to $75.41 after Canaccord upgraded the stock to Buy from Neutral.

TransCanada Pipelines cancelled its Energy East pipeline proposal and will take a $1 billion write off.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/10/04/stock-market-outlook-for-october-5-2017/

Note seasonality charts on TSX Composite Index, Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and the Railroad industry.

Observation

Canadian “gassy” stocks are under technical pressure.

clip_image001

clip_image002

 

StockTwits Released Yesterday @EquityClock

MMM $MMM, a Dow Jones Industrial stock moved above $214.65 to an all-time high extending an intermediate uptrend.

clip_image003

Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $UHS $MYL $SYK $MMM $DWDP $CTL. Breakdown: $RSG

Editor’s Note: After 10:00 AM EDT, one more breakout: TEL. No breakdowns.

clip_image004

Cogeco Cable $CCA.CA moved above $94.43 to an all-time high extending an intermediate uptrend.

clip_image005

Days of supply of #Oil starting to come down following four weeks of significant gains – now at 30.3. $USO $CL_F

clip_image007

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for October 4th 2017

clip_image009

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for October 4th 2017

clip_image011

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Daily Seasonal/Technical Sector Trends for October 4th 2017

clip_image013

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

image

The Barometer added another 2.80 to 72.40 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

image

The Barometer slipped 1.24 to 73.66 yesterday. It remains intermediate overbought.

 

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

Sponsored By...



21 Responses to “Tech Talk for Thursday October 5th 2017”

  1. bruce morris Says:

    Hi Sherri
    would you give us Armstrong’s comments on the DJ please?……tu……

  2. Sherri Says:

    bruce morris

    Here’s this mornings comments on the DOW:

    “Caution is now advisable because we have three back-to-back Directional Change targets on the daily level. We have closing resistance that can form at 22687 with intraday resistance at 22708 and 22903 with technical resistance at 228008. There is a potential that if we fail to exceed yesterday’s high or we make a new high and then close lower, that a break of yesterday’s low of 22632.80 will signal a correction that could move into Monday the 9th.

    So be on guard today if you are a short-term trader.”

    The rest I posted late Monday or Tuesday on the blog. Happy trading!

  3. Paula Says:

    RE: TRP.TO: Possible double bottom on false downside break this am. Cancelling Energy East was big news for them – keeping BNN busy today. LOL

    This is Ron/BC’s chart:

    http://stockcharts.com/h-sc/ui?s=TRP.TO&p=D&yr=2&mn=0&dy=0&id=p44819827213&a=546097929

  4. Larry/ON Says:

    SHOP – Under a bogus short seller attack timed at a market height for tech stocks when share holders are nervous about a possible drop on any kind of negative news. IMO this is a stock to keep your eye on for bottoming action as an opportunity to get in at a much more reasonable price. I did it when EQB was under attack and it was a bit of a hair-raising experience not for the faint of heart and I have little hair but I made a quick buck. SHOP is also good as a long-term holding so if you are patient you can buy at lower levels and hold but it will be volatile. I am not a tech stock aficionado so on a fundamental basis I find the value of tech stocks somewhat nebulous. I would suggest that the confident tech analysts like RON/BC have a look for a potential bottom to watch for.

  5. Larry/ON Says:

    SHOP – I should be more careful with my wording and say IMO this is very likely to be a bogus short seller attack

  6. Paula Says:

    Caution…Extreme greed in the market now:

    http://money.cnn.com/data/fear-and-greed/

  7. Sandra Says:

    Paula and Sherrie:
    Thanks for your posts!

    A nice pop on FM.TO and Teck/b.TO this morning.

  8. bruce morris Says:

    tuvm Sherri and Paula……duly warned…..

  9. Sandra Says:

    tuvm ???

  10. Ron/BC Says:

    The U.S.$ ETF:UUP broke out above its downtrendline with the U.S.$ Index bouncing off of major price support at the 92 area. UUP is now bumping up against the August high price resistance at 24.39. A breakout is needed still to confirm a reversal and suggest higher prices ahead. The price pattern presently could be 2/3 of an Inverse Head and Shoulder pattern with the left shoulder and head completed. If so a pullback here would be needed to form an H&S pattern. A breakout that holds above 24.39 would also suggest an uptrend with higher prices ahead. The CD$ that tends to trade inverse to the U.S.$ ‘most of the time’ is also breaking down below support intraday but has not yet completed a breakdown.

    http://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=1&mn=6&dy=0&id=p28758457671&a=457564685

    http://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=0&dy=0&id=p46732900221&a=522673478

  11. bruce morris Says:

    Sandra
    the only acronym I know is ‘thank you very much” tuvm…..

  12. Ron/BC Says:

    The Canadian banks ETF:ZEB.to has reached a double top at the February high of $28.55 and is very overbought. Price would need to clear and hold above this level to suggest a continuation of this uptrend. The Royal Bank, RY.to is also doing the same thing at $98 and BMO.to is trying to clear and hold above its July high resistance at $96.50. And BNS.to is bumping up against its February high at $80.73. Big battle going on at these double tops with short sellers and buyers.

    http://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=6&dy=0&id=p46719530344&a=525411284

    http://stockcharts.com/h-sc/ui?s=RY.TO&p=D&yr=1&mn=0&dy=0&id=p06062671915&a=441076408

  13. Ron/BC Says:

    Paula
    Thanks for that link. Extreme sentiment tells traders and investors a lot. Do you happen to know where a person can get the C.O.T. numbers from? I have seen the raw numbers on a small chart before but would like to have those important futures positions quantified by some site without having to wade through too much detail. You know, “Just the facts Ma’am” type of analysis and perhaps some charts on the timeliness of the data with prices. If anyone else knows of a site that does this please post.

  14. Ana Says:

    $SPX $ES

    My first calculation for this wave three was 2533.

    Now that we are past that, looking for 2586.

  15. Paula Says:

    Ron/BC
    Re COT:

    https://www.oanda.com/forex-trading/analysis/commitments-of-traders

  16. Ron/BC Says:

    Paula

    Thanks for the link. I would like to find a site that puts the C.O.T.numbers together with the $SPX and other markets such as currencies. I’ve always felt compiling this type of info with the markets would be good to view together on some charts.

  17. Kam Says:

    Ron/BC,

    Barcharts are as close as can be to perfect for COT reports. Here is link for Gold.
    http://tiny.cc/lo13ny

    Ana,

    Yes, 2573 is 1.618% ext of 3rd however the extensions of EW 3 are striking higher and higher. No end in sight.
    Fear and Greed index today at 95, extreme Greed. Only 5 more to go so stay long,lol. I am trading very little and day trade. Also started doing little bit of futures trading.only 1 contract at a time. bought puts on 95 SVXY Nov today that is it. Let’s see.

  18. Neil/Ab Says:

    Larry/ON
    Re: shop.t
    I guess I kind of agree with your take. But, bogus or not, the ‘report’ has provided a needed correction. Is it ‘fair’ that one shorts a stock, then produces a ‘short report ‘ to reap the benefits? Well, maybe not, but is it fair that a brokerage finances a company and then their analyst says it’s a ‘strong buy’? This is how markets work and the ‘big boys’ make their money off of us. On this report, bogus or not, I think it makes the stock worth watching for a long term hold.

  19. Neil/Ab Says:

    Larry/On
    For disclosure, I don’t own any SHOP.t. I owned it last fall till spring. Did well. Sold. I was afraid of a market correction (not a short report) and thought it could get really pummelled. Now, interested again.

  20. Sandra Says:

    Bruce Morris:
    Learnt something new from you today… tuvm .

  21. Ana Says:

    #17. Kam

    I think we have different counts. My first coutn of 2531 was the 1.62%.

    Just as the markets were closing the macd on the 30 minute crossed which means that we might have a down day tomorrow.

    I just noticed that the hourly crossed tonight as well.

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in