Tech Talk for Tuesday January 9th 2018

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Pre-opening Comments for Tuesday January 9th

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

The Canadian Dollar was virtually unchanged following release of Canadian December Housing report. Starts at 8:15 AM EST. Consensus was 211,000 versus 251,000 in November. Actual was 217,000.

Target gained $2.40 to $69.58 after raising its fiscal fourth quarter profit and sales estimates

Under Armour dropped $0.58 to $14.20 after lowering fiscal fourth quarter guidance. Also, Susquehanna downgraded the stock to Negative from Neutral.

Amazon gained $7.13 to $1,254.00 after Piper Jaffray raised its target price on the stock to $1,400 from $1,200.

PayPal added $1.02 to $80.07 after Cowen upgraded the stock to Outperform from Market Perform. Target was raised to $88 from $67.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/01/08/stock-market-outlook-for-january-9-2018/

Note seasonality chart on Margin Debt.

Observation

STOXX Europe 600 Index moved above 398.05 to a 30 month high extending an intermediate uptrend.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:15: Bullish. Breakouts: $CBOE $NDAQ $INFO $ROP $RTN $FLIR $NVDA. Breakdowns: $ESS $FRT

Editor’s Note: After 10:15 AM EST, breakouts included ALGN, HRS, NTAP, XRX, FAST, XRX, DHR, CSX and ALB. Breakdowns: BBBY, CELG

Pan American Silver $PAAS moved above $15.89 completing a reverse Head & Shoulders pattern.

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‘Tis the season for Pan American Silver $PAAS to move higher to the end of February!

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Toronto Dominion $TD.CA, a TSX 60 stock moved above $75.09 to an all-time high extending an intermediate uptrend.

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Canadian “gassy” stocks remain under pressure. Breakdowns by $PEY.CA and $BIR.CA

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Another oil services stock, Ensign Energy Services $ESI.CA breaks out. ‘Tis the season for strength to April!

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for January 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for January 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contract

 

Daily Seasonal/Technical Sector Trends for January 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer was unchanged yesterday at 82.80. It remains intermediate overbought.

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TSX Momentum Barometer

The Barometer dropped another 3.33 yesterday to 56.25. It remains intermediate overbought and rolling over.

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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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12 Responses to “Tech Talk for Tuesday January 9th 2018”

  1. Ron/BC Says:

    Telus:T.to couldn’t hold onto support at $47 and broke down today. Next support is at the two year uptrendline and price support at $45. BCE.to has pulled back to its two year uptrendline and is very oversold.

    http://stockcharts.com/h-sc/ui?s=T.TO&p=D&yr=2&mn=0&dy=0&id=p08745818359&a=502812062

    http://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=2&mn=0&dy=0&id=p07454628078&a=490971233

    The large U.S.Utility ETF:XLU on the NYSE is also very oversold at testing the $50-$51 support level. EMA.to remains in a very tight $46.60-$47.26 range.

    http://stockcharts.com/h-sc/ui?s=XLU&p=D&yr=2&mn=0&dy=0&id=p06294172527&a=275946197

  2. Sandra Says:

    Hi Ron/BC:
    Do you think Teck.B/TO will pullback down after red today or go to R2 on daily chart? Is at 35.51 recovered from drop to 35.09 today.

    Thanks!

  3. NRG Says:

    TFSA

    Which stocks are you dividend investors putting your $5500 contribution into this year?

  4. Mick/NV Says:

    NRG

    I moved 50 shares of CNR.to from my margin account to my TFSA, have about $300 of room left, that will be just cash.

  5. Ron/BC Says:

    Sandra
    TECK/B.to broke out over the November high of $35 but is also very overbought. Support is the previous breakout point at $31.40 which is also the present Pivot Point P. With the breakout price could run up to R-2 at $37 but with the present overbought level I’d keep a tight stop on it meanwhile. I’m not a big fan of Pivot points but put them on the chart if you follow them. The long term chart (2nd chart) shows the strong resistance level at $37. You can only get so much milk out of one cow…………..

    http://stockcharts.com/h-sc/ui?s=TECK%2FB.TO&p=D&yr=1&mn=3&dy=0&id=p54056274742&a=491071783

    http://stockcharts.com/h-sc/ui?s=TECK%2FB.TO&p=D&yr=10&mn=0&dy=0&id=p39670922755&a=380075481

  6. roy Says:

    NRG – For me it is BEP.UN

  7. Sandra Says:

    Ron/BC:
    Thanks for #5. Agree, time to look for another cow!

    Mining stocks are pulling back or may be just profit taking after a nice ride for last couple of weeks. SU, CNQ and so many others look so overbought. Can’t find anything to buy!
    Dividend paying stocks (defensive sector mostly) on my list are still pulling back.

  8. Sandra Says:

    Oil bullish …

    http://stockcharts.com/h-sc/ui?s=%24WTIC&p=M&yr=5&mn=0&dy=0&id=p88594557476&a=569004423

  9. Bernie Says:

    NRG,

    Re: TFSA
    I plan to go with a new momentum focused strategy in my TFSA starting later this month. I’ll be trimming my AD.TO and CJT.TO. Then, depending on valuations, new purchases will likely be PEO.V, IBG.TO, AGF-B.TO, CGY.TO and RME.TO.

  10. Bernie Says:

    Speaking of TFSA’s, I like the way this guy thinks and acts:
    http://www.moneysense.ca/save/investing/tfsa/a-tperfect-tfsa-portfolio/

    Definitely a DGI.

  11. Sandra Says:

    Dividend stocks pulling back :

    http://stockcharts.com/h-sc/ui?s=AQN.TO&p=D&st=2017-01-01&en=today&id=p03733094354&a=552037321

  12. dave/ab Says:

    nrg #3. I have been focusing on stocks that have been down for a while with a western Canada focus. Look at Liquor Stores- liq. Just broke above long-term resistance of 11.00.

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