Tech Talk for Friday December 1st 2017

Daily Reports Add comments

Pre-opening Comments for Friday December 1st

U.S. equity index futures were mixed this morning despite moving lower in overnight trade. S&P 500 futures were down 2 points in pre-opening trade.

The Canadian Dollar gained US 0.69 to 78.32 following release of Canadian economic news at 8:30 AM EST. Consensus for November Employment was an increase of 10,000 versus a gain of 35,300 in October. Actual was a gain of 79,500. Consensus for November Unemployment Rate was a decline to 6.2% versus 6.3% in October. Actual was a drop to 5.9%. Consensus for third quarter real GDP was growth at a 1.6% rate versus growth at a 4.5% rate in the second quarter. Actual was growth at a 1.7% rate. October GDP increased 0.2% versus a consensus increase of 0.1%.

MKM raised its target price on L Brands (LB $55.80) to $56 from $47.

Amazon added $1.75 to $178.50 after Oppenheimer raised its target price to $1,330 from $1,165.

Tiffany (TIF $94.50) is expected to open higher after KeyBanc Capital raised its recommendation to Outperform from Sector Perform.

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2017/11/30/stock-market-outlook-for-december-1-2017/

Note seasonality charts on the S&P 500 Index, Utilities sector, Dow Jones Transportation Average, Vehicle Miles Traveled and the Railroad industry.

Observations

U.S. equity markets “went parabolic” yesterday in anticipation of a positive vote by the U.S. Senate on the tax bill today.

image

Treasury bond prices and related ETFs are moving in the opposite direction

image

 

StockTwits Released Yesterday

Technical action by S&P 500 stocks to 10:30: Bullish. Breakouts: $BBY $JWN $KSS $LOW $M $SBUX $USP $USB $UPS. No breakdowns.

MMM $MMM, a Dow Jones Industrial stock moved above $237.70 to an all-time high extending an intermediate uptrend

image

Starbucks $SBUX, a Dow Jones Industrial stock moved above $57.70 extending an intermediate uptrend

image

Cdn. gold stocks break support on tax loss selling pressures: $ABX $GG $EGO $IMG.CA

image

Cdn. forest product stocks break support on softwood lumber dispute: $OSB.CA $IFP.CA

image

Restaurant Services $QSR.CA moved below $86.92 setting a new intermediate downtrend.

image

Cdn. Oil Service stocks move sharply higher: $PD.CA $TCW.CA $ESI.CA $CFW.CA

image

image

Material SPDRs $XLB moved above $59.62 to an all-time high extending an intermediate uptrend.

image

 

Editor’s Note: The sector is heavily weighted in the chemical industry. Nice breakout by the S&P Chemical Index!

image

 

Copper Miner ETF $COPX moved below $24.50 extending an intermediate downtrend

image

Nickel ETN $JJN moved below $13.53 completing a Head & Shoulders pattern

image

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for November 30th 2017

spx nov 30

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for November 30th 2017

crb nov 30

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Daily Seasonal/Technical Sector Trends for November 30th 2017

technology nov 30

Green: Increase from previous day

Red: Decrease from previous day

Mid-day comment on the energy sector yesterday by Colin Cieszynski

Editor’s note: Colin is the author of The Fundamental Technician, a new pay-per-view service that combines technical and fundamental analysis. More information and comments are available at https://www.thefundamentaltechnician.com/blog/

 

Energy stocks have been leading the charge today with the group gaining 1.6% in the US and 2.4% in Canada. The OPEC decision to extend current production cuts to December 2018 has had a bigger influence on oil stocks than the oil price today. The agreement provides some revenue confidence to producers by indicating that OPEC and Russia remain committed to propping up the commodity price through next year, reducing the price uncertainty facing higher cost US shale and Canadian oil sands producers

 

Editor’s Note: ‘Tis the season for the Canadian energy sector to form base building patterns prior to a strong seasonal upturn beginning in late January!

image

 

S&P 500 Momentum Barometer

The Barometer gained 2.80 to 78.80 yesterday. It remains intermediate overbought

image

 

TSX Momentum Barometer

The Barometer gained 5.00 to 57.08 yesterday. It remains intermediate overbought and trending down.

image

 

Disclaimer: Seasonality and technical ratings offered in this report and at

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...



8 Responses to “Tech Talk for Friday December 1st 2017”

  1. roy Says:

    Credit Suisse $64 target
    BMO $66 target
    for ENB

  2. Ron/BC Says:

    There are two December first reports and posts. The 1st one above November 30 is likely the one most will post on.

  3. roy Says:

    Thanks Ron/BC
    thats so weird.

  4. Sherri Says:

    Bruce
    Will post Armstrong this weekend. Have the flu can barely move

  5. bruce Says:

    tnx Sherri, I didn’t want to bug you for it since I feel like a nag……..take care…..get better now for the holidays……

  6. Ana Says:

    #4. Sherri,

    Oh no, hope you feel better soon! Get lots of rest.

  7. Sherri Says:

    I’m starting to feel better, thanks everyone.

    Armstrong’s latest: (the comments make more sense if you can see his charts)

    “We warned that the market was being boxed in cyclically and it would either fall back to create a bear-trap or it would invert and start to run away. All the domestic fundamental analysts have been constantly wrong because they are still trying to analyze this from a purely American perspective. They are clueless as to the real implications taking place.

    We showed that the Dow was breaking out on the Monthly level using the simple Uptrend Channel construction. The Breakout Channel construction top stands at 32,000 currently. Offered here is the Weekly Breakout Channel and you can see that the resistance stands at 25,078.61. The 25,000 to 26,000 zone is the next resistance area. But make no mistake about it, we are dealing with the rare even of a Vertical Market. We can see that even our Energy Models are by far no at a point that warns of a slowdown.

    There have been many people who refuse to accept what we have been warning about with Europe and the fate of the dollar. A storming rally in the dollar will only entice even more foreign investment inflows. Here is the DAX. In this case, here is the Breakout Channel, which is substantially different from the above picture with the Dow. We have the Dow breaking to new highs with this Directional Change this week and the DAX cannot muster a rally. WHY? This is yet another indication of the shift in confidence away from the EuroZone.

    All the American analysts who said buy Europe because the USA was overpriced, are getting their face smashed into the sidewalk. Here is the DAX in dollars. It was above the Breakout Channel during the first quarter and then crashed and penetrated the bottom. It tried desperately to rally back with expectations of a Merkel victory, but reality has set in and in dollar terms, the DAX is breaking support once again.

    Here we have the Dow in Euro. The top resistance in just the Breakout Channel stands at 21,403.61 in Euros and we closed today at 20,397.32. Clearly, we have not yet reach the breakout point for the Dow in Euros. Then that happens, then we are probably heading to the 32,000 level

    Our Daily Array for this week show today was the biggest target for Volatility and that has come into play. While we can still press higher tomorrow, what is happenings is simply the way the reversal system operates. We mentioned that 23500 was then an important (near double) Daily Bearish Reversal. The market resistance was 23770. So either the market fell back and ELECTED the Daily Bearish at 23500, or he was compelled to blast to the upside to provide more room.

    The TOP of the Monthly Uptrend Channel rested at 22583. You either fell back and encouraged all the shorts, or the market must enter a VERTICAL phase that just runs away and eventually compels people to start throwing in the towel and just buy.

    We must respect that exceeding the November high now in December on a sustained basis, points to a January high.If we pull back, then January will be a low and then watch-out for a sharp rally into March.

    Obviously, we will have to put out a special report in January on the Share Markets.”

  8. bruce Says:

    sherri

    tuvm for the report………much appreciated……..get well…..

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in