Tech Talk for Tuesday March 20th 2018

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Pre-opening Comments for Tuesday March 20th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

The Federal Reserve Open Market Committee meets today and tomorrow to examine U.S. monetary policy.

Oracle plunged $4.56 to $47.39 after reporting lower than consensus fiscal third quarter revenues. The company also lowered its guidance. Stifel Nicolaus downgraded the stock to Hold from Buy.

PPG Industries (PPG $113.22) is expected to open higher after Deutsche Bank upgraded the stock to Buy from Hold.

FedEx gained $1.75 to $251.36 on news that its plans to launch 500 locations in U.S. Wal-mart stores.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/03/19/stock-market-outlook-for-march-20-2018/

Note seasonality charts on the Technology sector, U.S. Housing Starts, Job Openings and Industrial Production.

Observations

U.S. equity markets were de-FAANGed yesterday (Facebook, Amazon, Apple, Netflix, Google/Alphabet). They led U.S. equity markets on the downside. The VIX Index responded by jumping 3.68 to 19.48 (23.29%). Technical selling further was triggered by drops by equity indices and sectors below their 20 day moving average.

 

StockTwits Released Yesterday @EquityClock

Coal ETF $KOL completed a double top pattern on a move below $16.14.

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Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdowns: $$CMCSA $AET.

Editor’s Note: After 10:00 AM EST, North American equity indices further deteriorated. Intermediate breakout: EXC. Breakdowns: MNK, CERN, BEN, CBS, GIS, BIIB, DWDP and CTL

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Broadly based North American equity indices move below their 20 day moving average: $SPX $TSX $INDU $COMPQ $RUT $SPTSE

Uranium ETF $URA moved below $12.50 extending an intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for March 19th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for March 19th 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 19th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

Following is a link:

http://www.valuetrend.ca/musings/

 

S&P 500 Momentum Barometer

The Barometer plunged 8.40 to 42.80 yesterday. It remains intermediate neutral.

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TSX Momentum Barometer

The Barometer added another 0.82 to 42.21 yesterday. It remains intermediate neutral.

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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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9 Responses to “Tech Talk for Tuesday March 20th 2018”

  1. dutchcanuck Says:

    Neil/AB
    Director Scott Blair Edmonds bought 58,000sh of PHO yesterday at $1.86 in the open market.

  2. dutchcanuck Says:

    Mark Zuckenburg sold $200M of stock in the last 2 weeks leading up to the recent flap in the news.

  3. Sandra Says:

    dutchcanuck: Re: FB

    I don’t own FB shares but am on FB to stay in touch with family friends mostly overseas (other than USA). I started to dislike its operations when my post started going to friends/relatives contacts who I did not even know. And ads to check personality, offers for free iphones etc started showing up. Mark sold $200M of shares -is shrewd eh!

  4. Sandra Says:

    Anyone watching Teck.B/TO and FM.TO? Where do you think support is?
    Copper has pulled back to Feb 8-9 lows.
    Thanks!

  5. dutchcanuck Says:

    Sandra #3
    Never used Facebook as it always smelled to me. Did own the stock for quite some time.
    I use LinkedIn as it is far more professional. All these sites now use a new set of AI based software that makes them much more intrusive, hence the constant bombardment.

    Have owned a full pos of TECK/B for years and trade around with anywhere from 20%-50% of the pos. It’s a hold for me here.

    And you have a nice day!

  6. Sandra Says:

    First Quantum halted. Might be involved in tax fraud in Zambia.

  7. Harry Vella Says:

    Tarrif from Zambia

  8. Harry Says:

    If this tarrif goes thru there is other players in Zambia, I think Barrick gold is there also.

  9. Larry/ON Says:

    David Burrows Today
    “With multi-month relative strength new highs vs. the $SPY in High Beta $SPHB, Semis $XSD, High Momentum equities $MTUM and Capital Markets Equities $IAI it is unlikely that the market is signalling MAJOR CORRECTION…internal strength and clear leadership! $QQQ $IWM #equities”

    The US banks (KBE) and tech QQQ are holding above the 50 day MA. I think those two are the pillars of this market.

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