Tech Talk for Thursday March 8th 2018

Daily Reports Add comments

Pre-opening Comments for Thursday March 8th

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

Index futures were virtually unchanged following release of Weekly Jobless Claims at 8:30 AM EST. Consensus was an increase to 220,000 from 210,000 last week. Actual was 231,000.

The Canadian Dollar was virtually unchanged following release of Canada’s February Housing Start report. Consensus was an annualized rate of 218,000 versus 216,182 in January. Actual was 229,000.

The European Central Bank’s overnight lending rate was unchanged.

Hess added $1.27 to $47.75 after the company announced a $1 billion share buy back program.

Costco dropped $1.56 to $185.80 after reporting lower than consensus quarterly results. JP Morgan lowered its target price to $206 from $211.

Express Scripts jumped $12.89 to $86.31 after Cigna announced a cash and share offer to acquire the company valued at $96.03 per share.

Kroger dropped $1.32 to $24.91 after reporting lower than consensus fourth quarter results.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/03/07/stock-market-outlook-for-march-8-2018/

Note seasonality charts on the Russell 2000 Index, Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and the U.S. Energy sector.

 

StockTwits @EquityClock comments from yesterday

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Breakouts: $HRB $BHGE $STX. Breakdown: $ROST.

Editor’s Note: After 10:00 AM EST breakouts included ESS, AIZ and IT. Breakdowns included PVH, XOM, KR and IP.

clip_image001

Aecon Group $ARE.CA moved below $18.69 extending an intermediate downtrend.

clip_image002

Finning International $FTT.CA moved below $32.06 completing a double top pattern.

clip_image003

Exxon Mobil $XOM, a Dow Jones Industrial stock moved below $73.90 to a 2 year low extending an intermediate downtrend.

clip_image004

S&P 500 continues to battle 50-day moving average; tariffs and employment report ahead. equityclock.com/2018/03/07/… $SPX $SPY $ES_

clip_image005

Kroger $KR completed a Head & Shoulders pattern on a move below $26.51.

clip_image006

Another jump in domestic production keeping oil inventories elevated, now higher than what they were at the end of 2017. $USO $CL_F $XLE

clip_image007

Canadian exports lower by 1.5% in January, imports lower by 3.3%, both falling more than average in first month of year #CDNecon #CAD $MA

clip_image008

clip_image008[1]

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for March 7th 2018

clip_image010

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for March 7th 2018

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Daily Seasonal/Technical Sector Trends for March 7th 2018

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

 

S&P Momentum Barometer

The Barometer slipped 1.00 to 40.80 yesterday. It remains intermediate neutral.

clip_image015

 

TSX Momentum Barometer

The Barometer slipped 1.22 to 32.52 yesterday. It remains intermediate oversold.

clip_image016

 

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

Sponsored By...



6 Responses to “Tech Talk for Thursday March 8th 2018”

  1. Larry/ON Says:

    QQQ – Chart looks really interesting. Ascending triangle and we are less than 1% away from breaking through critical resistance. This is happening at the same time that SPX is forming a coil that is under pressure to resolve up or down. The breakthrough could happen first on QQQ and then follow through on the broader market with SPX and DIA breaking through the 50 day. It is a tipping point. RON/BC what do you think? My confidence level in this market is not as high as before.

  2. Sandra Says:

    Ron/BC or those watching copper stocks:

    FM.TO and TECK.B/TO are usually down in March seasonality wise. Been down from highs and had a nice pull today. Price is approaching where I thought I would buy. But now appears it may come down further.
    What do you see in the charts Ron?
    Thanks

  3. Ron/BC Says:

    Larry/ON
    The shorter term chart going back two years where there was a low in January 2016 makes most uptrends since then look good. And it’s true enough that a breakout over $171 would be a new high and a breakout that should run up. Best to buy high momentum ETFs and stocks when the oscillators are oversold as the timing works best from there even if it’s just a bounce back. But the long term chart shows just how steep the uptrend has become over the last two years “relative to the long term trend”. At some point a major correction will occur and see prices come down to the long term uptrend area which right now is around 113. And this year being a mid term election year in the U.S. is a most likely year as well for a correction. And the length of time prices have not had a major correction is long overdue for one. But price is king and a breakout over 171 now would suggest another run up. If bought I’d keep a stop loss just under 171 to avoid riding a selloff down.

    http://stockcharts.com/h-sc/ui?s=QQQ&p=D&yr=2&mn=0&dy=0&id=p34413503862&a=579408331

    http://stockcharts.com/h-sc/ui?s=QQQ&p=D&yr=10&mn=0&dy=0&id=p65262724339&a=579408289

  4. Ron/BC Says:

    Sandra
    Here is TECK/B.to with FM.to overlaid in pink.They track each other closely. The last high was a double top high on a loss of momentum which showed up as a negative divergence. Price has fallen back and is approaching the previous low off 33.28 with the the 9 month uptrendline at 32 and price support at roughly 31.50. The 20,50,10 Modified MACD trend indicator turned down on the first high of the double top and is still falling. The lower longer Modified MACD 50,200,20 is still positive (barely)but being a long term trend indicator will never catch lows and highs as it is designed to catch ‘trends’ not short term moves. So it will always be somewhat late on signals. Shorter term indicators are RSI or Stochastics type indicators. Meanwhile price continues to selloff but is reaching a support ‘area’ with the oscillators approaching oversold. I wouldn’t chase after it myself until it tests support.Or until the 1st lower M.MACD curls back up over its 10ema.

    FM.to just broke below support at $19.75. Next important support is at $17.54 which is also its uptrendline. That’s the one I’d focus on as the chart is clearer with support very clear. The stock market has been a complete basket case for a couple of months now and very questionable.

    http://stockcharts.com/h-sc/ui?s=TECK%2FB.TO&p=D&yr=2&mn=0&dy=0&id=p71335051671&a=579408571

  5. Sandra Says:

    Ron/BC:
    Thanks for your reply. Agree, easy money in trades is gone and no love for dividends either even some of those stocks are down. 2018 will be rough.

    With copper around 3.08 today – number that has come up in few articles. It will tell the story they say!

    Here is a recent one: http://www.talkmarkets.com/content/us-markets/doc-copper-vulnerable-to-fall-hard-from-here?post=168630

  6. Larry/ON Says:

    Trump Speech – The market started dropping when he started flapping his gums while standing beside some people who didn’t leave their hardhats in the Whitehouse coat check. Market seems strangely resilient as we get to the close. Key comment he dropped was that he thinks there will be a NAFTA deal.

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in