Tech Talk for Tuesday March 6th 2018

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Pre-opening Comments for Tuesday March 6th

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

UPS added $2.09 to $107.90 after Stifel Nicolaus upgraded the stock to Buy from Hold.

Target eased $1.08 to $74.06 after reporting slightly lower than consensus fourth quarter earnings.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/03/05/stock-market-outlook-for-march-6-2018/

Note seasonality charts on the Utilities sector, U.S. REIT Index and the Transportation industry.

Observation

NAFTA negotiations are not going well. According to U.S. trade officials, only 6 of about 30 issues have reached agreement. Tariffs on steel and aluminum have aggravated negotiations, especially with Canadian negotiators. Canadian negotiators already indicated that offsets are planned if the U.S. imposes its tariffs on Canadian steel and aluminum. Not surprising, The Canadian Dollar has “tanked” as rhetoric escalates. The Canadian Dollar broke support at US 77.41 and US 77.40 cents, establishing a new intermediate downtrend.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Mixed. Breakouts: $XL $SO $AKAM. Breakdowns: $VFC $DLTR

Editor’s Note: After 10:00 AM EST, breakouts included $MKC, MSI and ATVI. No breakdowns.

Manulife $MFC.CA moved below $23.69 extending an intermediate downtrend.

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Shawcor $SCL.CA moved below $24.85 extending an intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for March 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for March 5th 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 March 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

A timely topic on today’s blog: http://www.valuetrend.ca/is-steel-a-steal/

 

S&P 500 Momentum Barometer

The Barometer jumped 7.40 to 40.60 yesterday. It recovered from intermediate oversold to intermediate neutral.

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TSX Momentum Barometer

The Barometer added 2.85 to 31.30 yesterday. It remains intermediate oversold despite the gain.

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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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13 Responses to “Tech Talk for Tuesday March 6th 2018”

  1. sp Says:

    Yesterday’s comment was worked, so the fear is no more or till 1st week of May stay in the market? Us stocks are preforming better then Canadian, do you have any information about NAFTA effect on TSX stocks? CD $ looks easily goes lower if NAFTA keep going like this? Does anyone have stock or sectors how to play? Enjoy reading

  2. Larry/ON Says:

    $CAD – Interesting how it rebounds this morning right after Techtalk declares a new intermediate downtrend but I can see the technical reasoning Techtalk uses and agree it broke important support as RON/BC and I mentioned at 77.50. I so often find that something breaks support only to rebound immediately. $CAD was oversold on Stochastics so maybe a short-term bounce with some profit taking by currency traders. The factors causing the pressure on $CAD have not gone away. Sherri’s posting about international investment pouring out of Canada is also relevant. I will enjoy seeing the federal Liberals squirm after they thought they were geniuses last year with the temporary high GDP growth figures. They are putting a wrench into the Canadian economy by attacking small business at the worst time. Interest rate forecasts are being lowered. A year from now you won’t see rates much higher than they are now. Forget about the big hikes that some had predicted. The outcome of that will be lower $CAD.

  3. roy Says:

    Hello Ron/BC
    Thanks so much for the detailedinfo on Coast Capital yesterday. I just want to clarify this statement you made:
    I also found out today that if rates do go up within the 33 month term and you have bought this Term Deposit you can switch it into the new Term Deposit at the higher rate.
    Can you please confirm that? Usually once you are locked in,you cannot break a term deposit.

  4. Ron/BC Says:

    Roy
    Yes within the 33 month term deposit if rates rise and they offer another term deposit with a higher rate than 4% you can switch it into the new term deposit at the higher rate at no cost. I had commented that 4% may not look so good in a year and that’s what they told me. I actually called back and spoke to someone else there to confirm. I meet this morning and will go over it all again thoroughly before I sign on the dotted line. But I can’t find anything wrong with this deal. I was surprised I could use my TFSA money which I’m doing to avoid too much cash commitment. Made me wonder if I could use my RIF money but I doubt that. But I’ll ask about that too as at this stage of my life I’m not into dealing with bear markets and financial implosions. I have little faith in the markets and zero faith in this federal government that’s going to make Canada break again. Nice to see some deal now that isn’t just a coin flip.

  5. Ron/BC Says:

    Telus T.to continues to poke its nose above $47 resistance and back off again. Each time up it does remove resistance. Need to see price clear and hold above $47 to expect price to run up to a double top and further. T.to has outperformed most Utility stocks.

    http://stockcharts.com/h-sc/ui?s=T.TO&p=D&yr=1&mn=0&dy=0&id=p99828591699&a=579408585

  6. Sandra Says:

    Still learning …

    https://chartyourtrade.com/dont-let-money-be-your-top-motivator-when-trading/

  7. JP/BC Says:

    Roy:

    I got into the Coast Capital 33 month term deposit last week. I was told you can move to a higher rate just once during the term. That is still a pretty good deal.

    Like what was said earlier, I too am concerned that the priorities of the current Federal government will be detrimental to the Canadian economy and dollar. I’m looking for an entry point for DLR. Does anyone have an opinion?

  8. roy Says:

    Thanks Ron and JP
    Any idea if it is only for BC residents?
    Is it only for individuals or also for company/business deposits?

  9. JP/BC Says:

    Roy:

    I beleive the term deposit deal is only for British Columbians. Interestingly, the reason they are raising capital is that they want to expand across Canada.

  10. roy Says:

    Thanks JP/BC

  11. Ana Says:

    $SPX $ES

    Oh my, I posted on another blog and did not post here. There does not seem to be any day trading postings here.

    H & S pattern for $SPX $ES to 2692. Target for HVU.TO, 29.25 – 29.30. Target for UVXY, 17.90 – 17.95.

    Might go lower than that tomorrow. I will have to recalculate the targets for hvu.to and uvxy before the open.

    There does not seem to be a pattern for much lower price. I will have to do some charting tonight.

  12. Ana Says:

    Thank you Wayne for the link that you gave yesterday!

    Safe travels!

  13. Ana Says:

    Dow Futures -393

    SPX Futures -34

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