Tech Talk for Tuesday March 27th 2018

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Pre-opening Comments for Tuesday March 27th

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

Apple gained $0.93 to $173.70 prior to launch of new products later today.

Red Hat added $10.26 to $163.35 after reporting higher than consensus fourth quarter earnings. Stifel Nicolaus and RBC Capital raised their target price on the stock.

Newell Brands slipped $0.94 to $25.12 after SunTrust downgraded the stock to Hold from Buy.

McCormick gained $4.00 to 110.97 after fiscal first quarter earnings beat consensus estimates.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/03/26/stock-market-outlook-for-march-27-2018/

Note seasonality charts for the PHLX Semiconductor Index, Intel and the Technology sector.

Don Vialoux on “Wolf on Bay Street”

Taped Friday afternoon. Following is a link:

https://globalnews.ca/toronto/program/the-wolfgang-klein-show

 

Observations

Nice bounce by the S&P 500 Index, Dow Jones Industrial Average and Dow Jones Transportation Averge from near their 200 day moving average!

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U.S. Dollar Index and related ETF remains under technical pressure despite talks of another two increases in the Fed Fund rate this year.

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Weakness in the U.S. Dollar Index is having a positive impact on gold and gold equities/ETFs.

Nice double bottom pattern completed by the Gold Bug Index yesterday!

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdown: $VIAB.

Editor’s Note: After 10:00 AM EDT, breakdowns included NSC and CL. No breakouts.

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IGM Financial $IGM.CA moved below $38.72 extending an intermediate downtrend.

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Industrial Alliance $IAG.CA moved below $52.51 extending an intermediate downtrend.

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HudBay Minerals $HBM.CA moved below $9.14 extending an intermediate downtrend.

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Interfor $IFP.CA moved below $23.09 completing a double top pattern.

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Canadian Utilities $CU.CA moved below $33.17 extending an intermediate downtrend.

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Laurentian Bank $LB.CA moved below $48.09 extending an intermediate downtrend.

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Stantec $STN.CA moved below $31.47 extending an intermediate downtrend.

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Power Financial $PWF.CA moved below $31.81 extending an intermediate downtrend.

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TransCanada PipeLines $TRP.CA, a TSX 60 stock moved below $52.05 extending an intermediate downtrend.

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Facebook within points of fulfilling head and shoulders pattern which suggested a target of $147 $FB

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for March 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for March 26th 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 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

http://www.valuetrend.ca/let-show-begin/

 

Next Wealth 365 Conference: April 9-14th

An excellent conference featuring over 70 well known speakers! The conference is free and is done over the web. Following is a link:

https://summit.wealth365.com/register/

 

S&P Momentum Barometer

The Barometer jumped 13.20 to 28.80 yesterday. It remains intermediate oversold and showing signs of bottoming.

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TSX Momentum Barometer

The Barometer gained 4.10 to 38.93 yesterday. It remains intermediate oversold and appears to be resuming an upward trend.

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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 27th 2018”

  1. dave/ab Says:

    Just looking at the PWF graph and then reading about them on Stockchase. What is the difference between Power Financial Corp (Pwf) and Power Corp (pow)? thanks

  2. Sandra Says:

    dave/ab :
    not a rcent article on google but explains it.

    check out https://www.fool.ca/2015/02/17/power-corporation-of-canada-vs-power-financial-corp-which-should-you-own/

  3. Ron/BC Says:

    The Utility ETF:CU.to continues to “trend” downwards. The spread between the 50ema and 200ema (Modified MACD)continues to fall and remains below the 20ema of this spread. (If this doesn’t make sense just follow the arrows.) The shorter term Modified MACD below is choppier and more suited for shorter term traders rising and falling above and below its 10ema. Price is testing support at the Dec/16 low of $33.19 and is also testing the more recent February low double bottom at this same price level. And the shorter Modified MACD has crossed back above its 10ema while the the major long term trend remains down. The longer term Modified MACD is not a timely indicator as it measures the trend and ignores short term bounces and selloffs. But it is starting to narrow its spread and is curling back up a little. No cigars until it crosses back up. The Histogram is much easier to read at a glance as it is very clear ‘most of the time’ when above or below the zero line. Swing traders would buy the double bottom and support level test at the $33.40 area. But this ETF’s trend and price action should have implications for other Utility stocks.

    http://stockcharts.com/h-sc/ui?s=CU.TO&p=D&yr=2&mn=0&dy=0&id=p04920208914&a=579408612

    http://stockcharts.com/freecharts/candleglance.html?fts.to%2Cema.to%2Cbce.to%2Ct.to%2Ccu.to

  4. Ana Says:

    “Ana Says:
    March 26th, 2018 at 7:39 pm
    $SPX $ES

    Just a suggestion, do not throw out the idea that Friday’s bottom was the end of Wave Three and we have just competed Wave Four so down for Wave Five.

    Today certainly had some funds thrown in it for such a low volume day. Check out the volume for February 6th and 9th. We were nowhere close to those two days in volume.”

    Now, does this dip lower than the 200 sma to provide a bear trap?

  5. Sandra Says:

    Patience is virtue if you are not a fast one!

  6. Sherri Says:

    Armstrong blog, re interest rates:

    https://www.armstrongeconomics.com/markets-by-sector/interest-rates/the-fed-is-raising-rates-because-of-the-pension-crisis/

  7. Ron/BC Says:

    Monday’s post is still something to consider even if important price support has not broken…….yet.

    March 26th, 2018 at 12:35 pm

    Looking at the long term charts of the $SPX and $INDU one can see price support on the $SPX is the 2015 highs at 2134 which is also the uptrendline from the market low in 2009 and roughly a Fib 38% retracement of the bull market. A pullback to this level would be typical as it is the only significant price support below current levels. Major multi year support is the 1550 area double top of 2000 and 2007 which is also a Fib 61.8% retracement. Price support on the $INDU is roughly 6000 points lower at 18350 which is also its uptrendline from the market bottom in 2009 which is roughly the Fib 38% retracement level. The 2007 high is the Fib 61.8% retracment level. It’s always a good idea to look back at where you’ve come from to get an idea of where you may be going.

    http://stockcharts.com/h-sc/ui?s=%24SPX&p=M&st=1980-09-20&id=p77879385908&a=579408442

    http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=20&mn=0&dy=0&id=p01983390202&a=580429410

  8. bruce Says:

    sherri
    interesting blog from Armstrong re interest rates………5% in a matter of
    months? and May has a minor panic cycle…..hmmmm….

  9. Sherri Says:

    JP/BC

    As far as Armstrong’s track record in forecasting, I think it’s pretty good but I do not have the facts at my finger tips. I know he forecast the 2008 crash years ahead and also forecast Russia’s invasion of the Ukraine not long ago.

  10. Bernie Says:

    I really like Kurtis Hemmerling’s analytical work and articles on Seeking Alpha. He writes mostly about U.S. securities but is Canadian, based in Kamloops, B.C.

    If anyone is looking for a U.S. dividend ETF the one written about in this linked article, SPDV, looks very promising. In the article its compared to another equal weighted ETF, SDOG. I don’t own any ETFs but would strongly consider SPDV if I were looking. Because its domiciled in the U.S. it should only be held in an RRSP or RRIF.
    https://seekingalpha.com/article/4157765-aam-s-and-p-500-high-dividend-value-etf-spdv-ditch-high-yield-dog-etf

  11. dave/ab Says:

    Thanks, Sandra #2

  12. dutchcanuck Says:

    TRP.TO raises div by 10.4%.

  13. Ana Says:

    #4.

    Sorry, my post comes across as “I told you so”.

    What I really mean by these posts is, please check your charts, might be good for a short position.

    This might run into tomorrow so check first thing in the morning when the markets open.

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