Tech Talk for Friday December 1st 2017

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Observations

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

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

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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

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

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

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

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

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

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

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

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

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

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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!

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S&P 500 Momentum Barometer

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

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TSX Momentum Barometer

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

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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

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

  1. Larry/ON Says:

    CM – Cracked $120 – As much as I have recently been in favour of US banks over Cdn what sweet revenge this is over the US short sellers. At least I still have some CM socked away for my son.

  2. Scot Says:

    Sherri – do you have Armstrong’s update from yesterday?

  3. Ron/BC Says:

    Ana
    NTR
    Re:Nov 30 #51 post: I can relate. I looked after my mom and dad for many years until each one had to be hospitalized at some point. Not an easy task but in hindsight am not sorry I did. Did the same thing with my wife as well. Seems odd that I’m not the nurturing type but ended up doing a lot of caring for relatives along the way. Perhaps it was a lesson I needed to learn. And I also got tired of constant home repairs my entire adult life. It was an eye opener working on retired customer’s homes and saw just how difficult it was to maintain a home and enjoy life as well with no set income anymore. So I also sold my home to exit the costs of home repair and move on to whatever I wished after. I highly recommend it. Nothing like being free with money in the bank. We all must recognize each new stage of our lives and move on. If you just sit there you will at some point get run over. So good luck with your decisions and all you can do is your best ‘within reason’. You must look after yourself to be of value and help to those around you. Consolidating your assets and cutting costs make that possible and even enjoyable. And I’ve read swimming is the best exercise one can do and enjoy. Removes a lot of stress as well and a great workout.

  4. Sherri Says:

    Will post Armstrong when I can stand up. Have the flu

  5. Ron/BC Says:

    Hard to believe KL.to or KL on the NYSE is a Gold stock as it continues its uptrend no matter what Gold seems to do. Must be an exceptional ‘story’ on this one. Either listing is at a double or triple top so a breakout above would be bullish. KL over $15 and KL.to over $19.

    http://stockcharts.com/h-sc/ui?s=KL.TO&p=D&yr=1&mn=0&dy=0&id=p20576504202&a=557503941

    http://stockcharts.com/h-sc/ui?s=KL&p=D&yr=2&mn=0&dy=0&id=p95488267724&a=558846093

  6. Ron/BC Says:

    RE:#5
    Would prefer to buy on a pullback to its uptrendline. Note the negative divergence on the oscillators showing a loss of momentum. Not unusual at a double top though and price is king. Just something to watch for.

  7. Tawny Says:

    Sherri #4,
    Sorry to hear you are so unwell with the flu. Poking my nose in… maybe more updates later.
    Get well Sherri!

  8. Ron/BC Says:

    The Canadian dollar $CDW broke out above its downtrendline in late November and ran up to price resistance just under 79 cents. Price then pulled back to its October low to the mid 77 cent range. Friday price bounced sharply up off this support and is once again in the high 78 cent resistance area. So price is in a tight channel between mid 77 and 79 cents. A break through the top or bottom of the channel will determine direction.

    http://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=0&dy=0&id=p55122243721&a=459723983

    http://charts.equityclock.com/canadian-dollar-futures-cd-seasonal-chart

  9. Ron/BC Says:

    Here is the Stockcharts Seasonality chart for the comparison of the $CDW to the U.S.$. Shows the percentage of times the CD$ outperformed the $U.S.$ historically for each month.

    http://stockcharts.com/freecharts/seasonality.php?symbol=%24cdw&compare=%24usd

  10. Sherri Says:

    please see other December 1 blog for Armstrong update – thanks

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