Tech Talk for Wednesday February 14th 2018

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Pre-opening Comments for Wednesday February 14th

U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points in pre-opening trade.

Index futures moved lower following release of economic news at 8:30 AM EST. Consensus for January Consumer Prices was an increase of 0.3% versus a gain of 0.1% in December. Actual was an increase of 0.5%. Excluding food and energy, consensus for January Consumer Prices was an increase of 0.2% versus a gain of 0.3% in December. Actual was an increase of 0.3%. Consensus for January Retail Sales was an increase of 0.3% versus revised no change in December. Actual was down 0.3%. Excluding auto sales, consensus for January was an increase of 0.5% versus a downwardly revised decline of 0.2% in December. Actual was unchanged

Chipotle tacked on $28.69 to $280.02 after that Taco Bell’s former CEO has become Chipotle’s new CEO.

Netflix gained $5.63 to $263.90 after SunTrust raised its target price to $270 from $175.

Molson Coors added $2.05 to $77.75 after reporting higher than consensus fourth quarter earnings.

Celgene gained $1.15 to $93.13 after announcing an additional $5 billion share buyback program.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/02/13/stock-market-outlook-for-february-14-2018/

Note seasonality charts on U.S. Consumer Prices, Corn, Soybeans and the Baltic Dry Index

Observations

Short term momentum indicators (Stochastics, RSI, MACD) for U.S. equity indices and most major sectors have turned up from oversold levels. See tables below.

Copper and copper stocks were notably stronger yesterday. ‘Tis the season for copper and copper/base metal stocks to move higher into early May!

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Potential equity ETFs in this sector include ZMT.CA in Canada and PICK and COPX in the U.S.

Strength in commodity prices yesterday (precious metals, base metals, grains, lumber, natural gas, gasoline) can be attributed to a rollover by the U.S. Dollar Index from short term overbought levels.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:30: Quiet. Breakout: $UAA. Breakdowns: $HSIC $PDCO.

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Editor’s Note: No additional breakouts or breakdowns by S&P 500 stocks after 10:30.

First Quantum Minerals $FM.CA moved above $19.75 to a 3.5 year high extending an intermediate uptrend.

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‘Tis the season for First Quantum Minerals $FM.CA to move higher to mid-May!

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Soybeans ETN $SOYB moved above $18.58 setting an intermediate uptrend.

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CGI Group $GIB.A.CA, a TSX 60 stock moved above $72.39 to all-time high extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for February 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for February 13th 2018

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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 February 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer gained another 2.80 to 28.60 yesterday. It remains intermediate oversold and showing early signs of bottoming.

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TSX Composite Momentum Barometer

The Barometer was unchanged yesterday at 17.96. It remains deeply intermediate oversold

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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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17 Responses to “Tech Talk for Wednesday February 14th 2018”

  1. Tawny Says:

    Sheri,
    Thanks for explanation yesterday 🙂

  2. Sherri Says:

    Armstrong this morning:

    “Our Energy Models do not indicate that we are dealing with a major high. They suggest that we will be making new highs again in the future. We can see that the Weekly Energy Model was just finally starting to breakout making new highs. The same pattern of making a new high on the Daily Level also appeared.

    The decline in the Dow was a perfect 10 days down. The Oscillator crossed on the 30th of January to the downside confirming a shift in trend. Energy peaked 2 days prior so the primary difference between an Oscillator and our Energy Model is the Energy is much more responsive to the market movements whereas the Oscillator can remain in an overbought position for a long time and it tends to be a lagging indicator providing more of a confirmation rather than a leading indicator.”

    Without the accompanying charts, this may not make sense to some – S

  3. BrianK Says:

    Has 5i had any comments on Chemtrade che.un-t recently? They were beaten up this year due to a temporary plant shut down but still released pretty good earnings today. The div is over 7% due to the drop in share price but is sustainable.

  4. bruce Says:

    tnx again Sherri……..for what it’s worth the s&p is much stronger than the DJ to-day…..

  5. Ron/BC Says:

    Here is the $SPX Weekly chart. Price rallied at a much steeper rate of incline from the Jan 2016 low compared to the long term uptrendline from 2009. The Dow is even steeper and more parabolic than the $SPX. The recent selloff has tested this steeper 2 year uptrendline and bounced off of it. A break below this line would strongly suggest a test of the 2200 price support level as this is also the long term uptrendline from 2008. Odds favour a sideways to lower market after such a steep 2 year uptrend and then a sharp selloff. Lower trend indicators being the 20ema/50ema relationship and the 50ema/200ema relationship are still bullish being above the zero line. I would expect a lot of choppiness ahead both up and down in a wide range.

    http://schrts.co/qcbV6H

  6. Larry/ON Says:

    Happy Valentines Day Everyone – Don’t forget your spouse! Nice rebound the last few days. US banks basically back where they started before the decline in $CAD terms. I continue to advocate ZBK as a no-brainer investment along with BAC. Canadian banks bottomed nicely now with room to run.

  7. FishFat Says:

    Continental Gold (CNL.t)
    The chart for CNL look promising. The M.MACD (20,50,1) is just crossing the zero line and the SCTR has recently moved above the 75 level indicating strength. I am waiting for a close and hold above resistance at $4.05

    Despite the positive vibs on the chart, this is a gold miner with no cash flow and a Columbian mine in development. This is speculative and not something you want to bet the ranch on.
    http://schrts.co/Ug44yQ

  8. Larry/ON Says:

    Three Riskiest Stocks With Stratospheric PE Multiples Performed Best In the Downturn – SHOP – new high close, AMZN – new high close, NVDA – about 2% away from highest close. There is an appetite for risk and it is in transformational companies. AMZN is just a monster that is taking over everything.

  9. rocketdave Says:

    SPX500…is it gonna top and roll over for a continuation down or is it going to continue higher tomorrow…

  10. Sherri Says:

    Armstrong end of day today:

    “The Daily Bullish Reversals start at 25106 followed by 25521. We need a closing above both to signal a retest of the high. The low came within 10 basis points of the technical support.”

    “Saying that we would need to close ABOVE both Bullish Reversals to imply a retest of the highs is NOT a forecast. This is simply defining what would happen “IF” that took place. We have no indication that this is the likely outcome. Keep in mind that today is a Directional Change and the next turning point will be on Friday. Volatility should rise again starting tomorrow.”

  11. Kam Says:

    “Girlfriends are for weak people. Brave men do get married and play with fire”, lol.

    Happy Valentine day folks.

    Rocketdave,

    According to EW,we have a chance to hit low of today’s or all the way to 2593,It can turn here or by 2725 for that before marching ahead north of 2800. Lets see. Its all probabilities not certainty so do own DD.

  12. rocketdave Says:

    Kam,

    Yeah i agree.

  13. Kam Says:

    Ana,

    Re-Vix

    That post re VIX beat down from last night worked today so far. Let’s see for how long. Can’t help getting into Svxy.

  14. Ana Says:

    $VIX

    Contango is – 0.56%

  15. Ana Says:

    “Ana Says:
    February 12th, 2018 at 7:12 pm
    $SPX $ES

    H & S to take us to 2629”

    Got there this am, just wish I could get the timing better.

  16. Ana Says:

    #13. Kam

    Yes, hvi.to is trying very hard to get rolling.

  17. Ana Says:

    Happy Valentine’s Day!

    Futures look like they a lazily rolling over after getting up to 2708.

    Option Expiration Week is usually a bull week, but might have a small pull back tomorrow.

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