Tech Talk for Wednesday March 7th 2018

Daily Reports Add comments

Pre-opening Comments for Wednesday March 7th

U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Investors are responding to the resignation of Gary Cohn, top White House economic advisor.

U.S. equity index futures were virtually unchanged following release of the February ADP employment report at 8:15 AM EST. Consensus was a slip to 203,000 from 234,000 in January. Actual was 235,000.

The Canadian Dollar slipped 0.21 to US 77.36 cents prior to the Bank of Canada’s statement on monetary policy at 10:00 AM EST. Canada’s overnight lending rate is not expected to change.

Dollar Tree dropped $12.11 to $92.25 after reporting lower than consensus fourth quarter results.

Abercrombie & Fitch added $0.95 to $22.30 after reporting higher than consensus fourth quarter results.

DR Horton (DHI $43.34) is expected to open higher after Wedbush upgraded the stock to Outperform from Neutral.

Jon Vialoux’s EquityClock Daily Market Comment

Following is a link:

Note seasonality charts on Gold, Silver, Natural Gas, Natural Gas Storage, Manufacturing New Orders, Autos & Components, and Brewers


StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Breakouts: $HPQ $WDC $UHS $CBOE. Breakdown: $DG.

Editor’s Note: After 10:00 AM EST, breakouts included K, NDAQ and BLL.

Cenovus Energy $CVE.CA, a TSX 60 stock moved above $10.33 completing a double bottom pattern.


First Majestic Silver $FR.CA moved above $7.69 completing a double bottom pattern.


‘Tis the season for First Majestic Silver $FR.CA to move higher to July.


Another silver stock completed a double bottom pattern. Wheaton Metals $WPM moved above $20.18



Trader’s Corner

Daily Seasonal/Technical Equity Trends for March 6th 2018


Green: Increase from previous day

Red: Decrease from previous day


Daily Seasonal/Technical Commodities Trends for March 6th 2018


Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts


Daily Seasonal/Technical Sector Trends for March 6th 2018


Green: Increase from previous day

Red: Decrease from previous day


S&P Momentum Barometer

The Barometer added 1.20 to 41.80 yesterday. It remains intermediate neutral.



TSX Momentum Barometer

The Barometer gained another 2.44 to 33.74 yesterday. It remains intermediate oversold.



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

13 Responses to “Tech Talk for Wednesday March 7th 2018”

  1. Larry/ON Says:

    Trump Is Going To Kill The Market – The resignation of Chief Economic Advisor Gary Cohn is bad bad news. He resigned because he knew Trump is not going to back down from his course of action. The White House is now occupied by very stupid people. Pretty much anyone smart has abandoned ship. These people are doing the work of Vladimir Putin as they create disunity among the countries of the West and now economic chaos with a trade war. Unless Trump backs down quickly (which doesn’t seem likely) I am betting that the SP500 will easily retest the 200day MA. Under a worst case scenario with a full-scale trade war we will go down much much further.

  2. Wayne Says:

    When you get a moment, can you contact me. Thanx!

  3. Ana Says:

    $SPX $ES

    Back checked the shoulder level, should be heading back down, at least to the lows of last evening.

  4. Larry/ON Says:

    Tariffs – Trump set to sign presidential proclamation tomorrow. Markets are pretty calm which is great but I just see too much risk. When the EU announces its’ retaliatory measures I can’t see anything good happening. $CAD tanking. 0.74 on its’ way.

  5. Ana Says:

    #2. Wayne,

    Probably will not have time to contact you today or tomorrow. Is there anything you were wondering about that I can clarify for you?

    At at very important time in the market, have to watch my positions.

  6. Wayne Says:

    No urgency. Just had a strategy that might interest you.

  7. Sherri Says:

    Hi Ana
    I’m off work today – I work four days a week full time so I’m not trading at the moment.
    Actually just sitting on a lot of cash trying to decide what to do! I’m finding it hard to balance work/home/stocks so I have to simplify my investing and take a little longer term strategy, but not buy and hold forever! I hope you’re making some good $$ with these crazy, volatile markets. Thanks for posting your thoughts on I H & S, and other chart patterns – I enjoy reading them all.

  8. Sherri Says:

    Armstrong DOW today:

    “AT the time of this post, the Dow is trading at 24,701. We have a Minor Daily Bearish at 24421, but the key support lies at the 23360 area. We see Friday with a bit more volatility, but the key weeks remain 03/19 as a MINOR target and the more important target is the week of 04/02. Strategic months remains March, May and July.

    A closing today above 24595 will keep the market in a neutral position. Support will lie at the 24442 level into Thursday with resistance at 25200.”

  9. bruce Says:

    tnx Sherri…

  10. rick Says:

    Trump is only “noise” .
    We should look at numbers , charts , Technical indicators …..
    1. Semiconductor index is at new high
    2. SPX higher low in March comparative with the low in February
    3. buybacks from companies

  11. Sandra Says:

    Copper shows an Inverse H& S which can take us to 3.26 . Can anyone confirm pls?

  12. Larry/ON Says:

    Rick – Hopefully you watched the interview with Sid Mohktari on BNN at 4pm. This guy was spot on calling the Feb correction. His point which is shared by many is that it should be an ABC correction which is quite common. We are now waiting for the C. You could make the case that SPX is making a coil formation that will resolve direction quite shortly which should be in the original trend direction which is up. It could be that the double bottom correction will be months apart and you have an interim minor up period. Mohktari shows historical performance in mid-election cycle years which becomes negative starting in April. You are now looking at the prospect of the Democrats taking control in Congress. How will that impact market sentiment as we go forward? I like your comment about ignoring noise which I am guilty of getting caught up in this week. The point is that there is more volatility coming.

  13. Ana Says:

    #6. Wayne,

    Thank you!

    I am always interesting in something that will improve my trading!

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in