Tech Talk for Thursday April 12th 2018

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Pre-opening Comments for Thursday April 12th

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

Index futures were virtually unchanged following release of the Weekly Jobless Report at 8:30 AM EDT. Consensus was 230,000 versus 242,000 last week. Actual was 233,000.

Delta Airlines added $1.33 to $52.80 after reporting higher than consensus first quarter earnings.

Blackrock gained $6.69 to $532.00 after reporting higher than consensus first quarter sales and earnings.

Bed Bath & Beyond dropped $3.68 to $17.82 after lowering second quarter sales guidance. At least four investment dealers lowered their target price on the stock.

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/04/11/stock-market-outlook-for-april-12-2018/

Note seasonality charts on U.S. Consumer Price Index, Crude Days of Supply, Gasoline Days of Supply and Crude Oil.

New Seasonal Chart Database Members Section

http://www.equityclock.com/2018/04/10/new-seasonal-chart-database-members-section/

 

Celebrating 15 years of service

Tech Talk’s first report was released on April 12th 2003

Observations

The CRB Index and its related ETF, GSG are testing the top of a 30 month base building pattern to be completed on a move above 201.19.

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The CRB Index was bolstered yesterday by intermediate breakouts in precious metal and energy prices triggered by missile strikes into Saudi Arabia from Yemen.

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Energy and gold stocks on both sides of the border responded accordingly.

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StockTwits comments released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $BHGE $FTI. Breakdowns: $AMG $FAST

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Editor’s Note: After 10:00 AM EDT, breakouts includedVLO, RIO, WY, FLS and NOV. Breakdowns: AAL

Oil Services ETF $OIH moved above $25.42 moved above #25.42 completing a double bottom pattern.

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Crude Oil ETN $USO moved above $13.30 to a 30 month high extending an intermediate uptrend.

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Another Canadian oil stock breakout: Crescent Point Energy CPG.CA completed a double bottom pattern on a move above $9.87.

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More “gassy” stocks break to highs extending an intermediate uptrend: $AAV.CA $CR.CA

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First Majestic Silver $AG moved above US$6.51 extending an intermediate uptrend.

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Industrial Alliance $IAG.CA moved below $$51.34 extending an intermediate downtrend.

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Another Canadian oil stock, Peyto Explorations $PEY.CA moved above $12.00 completing a double bottom pattern.

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Franco-Nevada $FNV, a TSX 60 stock moved above US $71.07 completing a double bottom pattern.

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Another gold stock, Yamana Gold $YRI.CA moved above $3.69 completing a double bottom pattern.

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Suncor $SU.CA, a TSX 60 stock moved above $47.28 extending an intermediate uptrend.

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Junior Gold ETF $GDXJ moved above $33.69 setting an intermediate uptrend.

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U.S. “gassy” ETF $FCG moved above $21.17 completing a double bottom pattern. ‘Tis the season for strength til mid-June.

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Intertape Polymer $ITP.CA moved below $19.54 extending an intermediate downtrend.

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Jump in domestic production and imports lifted US #Oil stockpiles last week. Still running below average change on year. $XLE $USO

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US CPI up 0.2% (NSA) in March, well short of 0.5% average increase for month. #Inflation #Economy $MACRO

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for April 11th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for April 11th 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 April 11th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer dropped 4.40 to 36.60 yesterday. It dropped back to intermediate oversold, but continues to trend higher.

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TSX Momentum Barometer

The Barometer added 4.12 to 50.62 yesterday. It remains intermediate neutral and continues to trend higher.

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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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19 Responses to “Tech Talk for Thursday April 12th 2018”

  1. Shawn Says:

    Don, Thank you for sharing your knowledge with us over the past 15 years! You have shaped my trading strategies more than anyone else out there. Keep up the great work.

  2. Ana Says:

    Congratulations Don and Jon on your 15th Anniversary!

    Great information each and every trading day.

    I joined you in 2008. It has been an interesting journey!

    “I wish that I knew what I know now
    When I was younger.
    I wish that I knew what I know now
    When I was stronger.”

  3. Ana Says:

    Of course, I see a very interesting pattern about to be played out.

    Anyone else day trading today?

  4. Sandra Says:

    Celebrating 15 years of service! Congratulations Don and Jon.

    Ana:
    Don’t keep us in suspense! I am around. Hoping for a set up in HVU.TO. Lol!

  5. Ron/BC Says:

    Amazing how many stocks have bounced back off support lines and after a dead cat bounce like it’s rally time again, quickly fail and drop back below support again,only to see price bounce back again. I tried to buy BMO on the NYSE to avoid the CD$ plunges and rallies that affect the price charts and didn’t get a fill, only to see it jump up for two days. Looked like I’d missed another one but price quickly pulled back but also sold off below support but is now above that level again. Looking at many stocks and the major Indexes, these markets are complete basket cases and until they settle down and decide on direction are just going to whipsaw everyone in and out.

    http://stockcharts.com/h-sc/ui?s=BMO&p=D&yr=1&mn=6&dy=0&id=p80958726758&a=579408630

    http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=5&dy=0&id=p81748562471&a=582707024

  6. Sandra Says:

    Ron/BC:
    Agree with your observation.
    Expect this to continue until Trump is harnessed.

  7. Ana Says:

    #4. Sandra

    Just watching, my charts are usually early, waiting for direction.

    Go ahead, post a chart.

  8. Ron/BC Says:

    I see $INDU DOW is poking its nose above the 24500 resistance level. “AND” the long term 50,200,20 Modified MACD Histogram has for the first time crossed back above the zero line which it only tends to do on directional changes. Something to pay close attention to as perhaps it’s rally time again. Keep in mind the day isn’t over yet either. A price reversal would reverse this by end of day. And the Indexes have been having several hundred point days both up and down daily. Watch that resistance level and downtrendline and the Modified MACD zero line as clearing these levels would ‘suggest’ this consolidation is over and has been resolved to the upside. With the bearish Descending Triangle there must be a huge amount of short sales that have accumulated within this past two and a half months which by the way is a typical correction period. They will have to cover should these markets breakout to the upside. That alone would create an explosive rally. So the proof is in the pudding and we need to see these resistance levels cleared and held to see a reversal back up again. If they do the financial news media will pull out some fantastic bullish story to justify it all as they always to to explain it all away. If these present resistance levels fail to clear more shorts will jump on the pullback to the bottom of the range. Big test here now!

    http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=0&mn=5&dy=0&id=p19793479449&a=587927219

  9. Ron/BC Says:

    #8 Correction
    Should read 20,50,10 Modified MACD Histogram not the longer one.

  10. Ana Says:

    #8. Ron/BC

    I have been watching that chart all morning plus others all morning. It changes from a positive to negative Macd Histogram every half hour.

    I would post another chart, but I think people would think that I have finally lost it. So will wait until it is confirmed.

  11. Ron/BC Says:

    Ana
    The $SPX has been running up to 2672 and backing off for over three weeks now and today was the 3rd time up. Nice Inverse H&S pattern and a breakout would project a rally to the mid March high at 2800. Much easier to see on a 60 minute chart. Note how that was today’s high. Looks like everyone got short there again. Another time up to that price point and I don’t think the shorts will be so lucky.

  12. Sandra Says:

    Ron/BC, Ana,
    Dow above the resistance line on your chart Ron but another 1.5 hr in closing.

  13. Ron/BC Says:

    Sandra
    Price needs to clear AND hold above resistance points to be bullish. Nose pokes don’t count.

  14. Ana Says:

    #11. Ron/BC

    Yes, you are correct as usual, $SPX has been running up to that resistance line for a long time now. There have been some really good days to day trade. Today, not so much.

    At the end of the day, I have to go with my charts. So I better shut off my music and pay attention here.

  15. Sandra Says:

    Ron/BC:
    Re: DOW
    Right. Has to hold.

    What do you think of EMA.TO (utilities)? Do you see it going down to 39 or even 37? I had bought it for dividends than sold it. Lol! Good in hindsight.

  16. Sandra Says:

    Ana:
    Did you notice that on 5 min chart at the close HVU.TO and $SPX both went down?

  17. Bernie Says:

    Mawer First Quarter 2018 Report:
    http://www.mawer.com/assets/Newsletters/Mawer-Quarterly-1Q18-Series-A.pdf

  18. Ron/BC Says:

    Sandra
    EMA.to like most Utility stocks broke its uptrendline support and typically continued to break price support. No significant sign of a reversal. The Utility ETF:CU.to does look like it’s about to turn up again but is not yet convincing.

    http://stockcharts.com/h-sc/ui?s=EMA.TO&p=D&yr=5&mn=0&dy=0&id=p61680368690&a=579408684

    http://stockcharts.com/h-sc/ui?s=CU.TO&p=D&yr=2&mn=0&dy=0&id=p32341259881&a=579408612

  19. Ana Says:

    #16. Sandra,

    I did not trade yesterday. Was no definite signal on my charts yesterday. Watching today, though.

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