Tech Talk for Friday October 13th 2017

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Pre-opening Comments for Friday October 13th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Index futures moved higher following release of economic news at 8:30 AM EDT. Consensus for September Consumer Prices was an increase of 0.65 versus a gain of 0.5% in August. Excluding food and energy, consensus for September Consumer Prices was an increase of 0.2% versus a gain of 0.2% in August. Actual was an increase of 0.5%. Consensus for September Retail Sales was an increase of 1.4% versus a decline of 0.2% in August. Actual was an increase of 1.6%. Excluding auto sales, consensus for September Retail Sales was an increase of 0.4% versus a decline of 0.1% in August. Actual was an increase of 0.1%.

JB Hunt (JBHT $108.35) is expected to open lower after reporting lower than consensus third quarter sales and earnings.

Netflix added $2.54 to $198.40 after JP Morgan raised its target price to $225 from $210.

McDonalds gained $0.26 to $164.17 after RBC Capital increased its target price to $180 from $175.

Bank of America added $0.22 to $25.67 after reporting higher than consensus third quarter earnings.

Wells Fargo dropped $1.41 to $53.80 after reporting lower than consensus third quarter revenues and earnings.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/10/12/stock-market-outlook-for-october-13-2017/

Note study on KBW Index and seasonality charts on KBW Index, Dow Jones Transportation Average, Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil, Natural Gas Inventories, Natural Gas, Initial Jobless Claims and Airlines.

Observations

Bank earnings report season is off to a rough start. JP Morgan and Citigroup reported higher than consensus third quarter results. Traders sold on news.

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Not a good technical sign for big box retailer stocks during the historically strong fourth quarter!

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Traders are skeptical that Mexico can reach an agreement during NAFTA negotiations.

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Australia All Ordinaries Composite Index moved above 5,863.80 establishing a new intermediate uptrend.

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AT&T plunged after announcing an unexpected decline in TV subscribers.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. No breakouts. Breakdowns: $SIG $ULTA $CMCSA $CHTR $TRIP.

Editor’s Note: After 10:00 AM EDT, breakouts included EXC, AMZN, SPG, ACN, ADSK, SBUX, SO and IDXX. Breakdown: PCG.

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Software iShares $IGV moved above $149.77 to all-time high extending an intermediate uptrend.

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Rogers Communications $RCI moved above US$53.15 to an all-time high extending an intermediate uptrend.

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Wheat ETN $WEAT moved below $6.33 extending an intermediate downtrend.

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Starbucks $SBUX, a Dow Jones Industrial stock moved above $55.87 completing a base building pattern.

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‘Tis the season for strength in Starbucks $SBUX to early December!

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Continuing Jobless Claims once again chart a new multi-decade low at 1.57M. #Employment $MACRO

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Constellation Software $CSU.CA moved above $723.45 to all-time high extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for October 12th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for October 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 October 12th 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 1.40 to 76.20 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 1.23 to 80.25 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

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10 Responses to “Tech Talk for Friday October 13th 2017”

  1. Mick/NV Says:

    RY.to has been trying to break thru and hold above the r1 pivot point resistance the last few trading days. The stock is way overbought so even if it closes above that level today not sure whether it will hold. Price is close to an all time high but looks like it will flatten out also goes ex-div next week so should drop. Ry.to is up almost 12% ytd, well ahead of the TSX and it’s closest peer TD.to which is up a little over 10% ytd.

    http://stockcharts.com/h-sc/ui?s=RY.TO&p=D&b=5&g=0&id=p58190005457&a=402353557

  2. NRG Says:

    Markets

    Can’t help but wonder when this run up in the TSX will peak. It’s nice to look at my total value of RRSP and Investing accounts, but what goes up will come down. Whatever happened to September being the worst month for stock? Still I am more interested in my dividends return in my Investing account and my interest/div. return in my RRSP. Waiting to see what my end year return is and my dividend increases year over year.
    Will be living off of dividends next year. Hope everyone has some sort of success story this year.

  3. dutchcanuck Says:

    Mick/NV
    Follow up to your post on ATD/B.TO. The Motley Fool has an article re ATD/B possibly launching a takeover bid for Kroger’s 784 convenience stores. This would be a sufficient size to move the needle for ATD. Great synergies on such a deal. The stores have sales of $4.4B with 62Q’s of growth. This would also allow ATD to penetrate Pensylvia where they currently do not exist.
    Thank you for your posts. Always food for thought!

  4. Mick/NV Says:

    dutchcanuck

    Thanks for the info, saw similar on TDW a few days ago, I think their share bought offering was to purchase the MRU shares, not sure if the run up in price is related to the possible Kroger purchase or the MRU purchase, regardless the bought offering closed so quickly couldn’t have bought even if I had wanted to.

  5. Bernie Says:

    Ron/BC,

    You’ve been MIA all week. Hope all is well!

  6. Sherri Says:

    Armstrong for Thursday the 12th (sorry one day late)

    “We need to be concerned today about a pause in the uptrend. We can see that our indicators held in a Bullish posture at the August low, which was the indicator that there was not going to be any follow-through to the downside.. Today has opened lower and a break of yesterday’s low intraday may signal the start of another retest of support. A close below yesterday’s low of 22821.66 would be a confirmation for the near-term. Focus today.

    Our first primary target resistance was this 23000 zone which we have reached. This is where the market will congest. The projections we gave are the NORMAL projections and do not reflect a Phase Transition. That is what will happen when we exceed these normal projections and find them converted from resistance into support.

    Keep in mind that there is still a risk that this week could close lower than last week 22773.67. The Daily Bearish Reversal lies at 22730.

    Keep in mind that we see a turning point in 2 weeks. This can be a cycle inversion unfolding as a rally rather than a decline if we hold yesterday’s low and close higher today. Then exceeding this week’s high next week would signal a sharp rally is possible. Then we get closer to our actual projected resistance at 23700.

    This week, resistance stands at 23064 and 23174. Support underlies the market at 22574 and 22364.”

  7. Ron/BC Says:

    Bernie
    Yes, I’m ok thanks. Have had some family issues to deal with.

  8. bruce Says:

    tnx again Sherri………appreciate getting Armstrong in full……..

  9. Bernie Says:

    Re: #7

    Sorry to hear it Ron! Also serious family matters with our family which have escalated. I’m flying out to AB today.

  10. Ron/BC Says:

    Bernie NTR

    Good luck with your family issues. So far mine ‘appear’ to be basically ok,so far. But at the same time I guess we all know that no one gets out alive. I’m running out of family to worry about. It often seems like someone is shooting at us from above and hitting us randomly. Much like the sniper did in Los Vegas. But we can’t shoot back.

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