Tech Talk for Tuesday April 24th 2018

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Pre-opening Comments for Tuesday April 24th

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade.

First quarter reports poured in since yesterday’s close. Reporting companies included Alphabet, Biogen, Canadian National Railways, Caterpillar, Coca Cola, Corning, Freeport McMoran, Google, Harley Davidson, JetBlue, Lockheed Martin, MMM, Masco, Restaurant Brands International, Sherwin Williams, TD Ameritrade, Travelers, United Technologies and Verizon.

Alphabet slipped $3.01 to $1070.80 despite reporting higher than consensus first quarter results. Target on the stock was raised by Stifel Nicolaus, Monness and SunTrust.

Caterpillar added $5.81 to $159.90 after reporting higher than consensus first quarter results.

Verizon gained $1.59 to $50.26 after reporting higher than consensus first quarter results.

MMM dropped $10.29 to $205.59 after lowering guidance.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/04/23/stock-market-outlook-for-april-24-2018/

Note seasonality charts on 10 Year Treasury Note Futures, U.S. Dollar Index, Existing Home Sales and Inventory of Existing Homes for Sale.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:15: Quiet. No intermediate breakouts. Breakdowns: $IBM $FBHS

Editor’s Note: After 10:15 AM EDT, intermediate breakouts: ALK, OXY. Intermediate breakdowns: CBOE, AAPL.

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U.S. Dollar ETF $UUP moved above $23.77 completing a double bottom pattern.

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Apple $AAPL, a Dow Jones Industrial stock moved below $164.47 completing a double top pattern.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for April 23rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for April 23rd 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 23rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 1.40 to 49.40 yesterday. It remains intermediate neutral and trending up.

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TSX Momentum Barometer

The Barometer added 2.07 to 62.40 yesterday. It remains intermediate overbought, but continues to trend up.

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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 April 24th 2018”

  1. NRG Says:

    Bernie

    NTR

    Retirement life is good. I have gone from 100’s of trades a year to 20. Not buying too much, as we are both retired now. One thing I have found out it that I don’t buy a lot of stuff other than the essentials ( food, gas, insurance). Winter in Arizona, summer in Alberta. So all in all I am in great physical and financial state. Have a very large portfolio of dividend stocks which I will rely on to support my lifestyle. I really could sell my house in Alberta and rent, but my wife needs her space and stuff. Bought a Harley last year and put 8000 km on it. Will sell it as I was cut off by stupid drivers twice. Scared me. Really wanted to tour BC on it and drop by Nelson. Maybe by car one day. Take care.

  2. FishFat Says:

    Precision Drilling (PD.to, PDS.nyse) reports earnings this week. It has beat earnings the last eight quarters in a row. I am expecting it might do the same this week. Since Oct 2017 the weekly chart has formed a higher high and a high low – both are minor movements but suggest bullish sentiment. Overall, price is in a basing pattern. I like how the Full STO is moving up from the oversold area – on the weekly chart this often occurs at the start of a rally. The RSI(21) is working well as a Bullish/Bearish indicator – it is still Bearish but set to cross the 50-level into Bullish territory. Precision has operations in the US oilfields where the strong oil price has spurred more drilling activity than in Canada (where we remained hobbled by the pricing differential).

    http://schrts.co/gGRGBD

  3. Rol Lew Says:

    FishFat,

    One Year Charts – Drillers (basing?) or refiners (en fuego) – that’s the question.

    http://stockcharts.com/freecharts/candleglance.html?NE,PDS,TCW.TO,NOV,SLB,HAL,NBR,MDR,FRAC,RDC,DO,OIH|D| none. got out of NE last week.

    http://stockcharts.com/freecharts/candleglance.html?CRAK,MRO,HFC,HES,RDS.A,VLO,PSX,ANDV,PBF,CVI,CVRR,|D| none.

  4. Ana Says:

    Large head and shoulder formation.

    Target is below 2600.

  5. Sandra Says:

    Ana: Target 2600 will be below 200EMA

  6. Ana Says:

    $SPX $ES

    Head and Shoulder target is 2588 – 2594.

    Have to trade my charts.

  7. Sandra Says:

    https://www.marketwatch.com/story/charting-a-false-breakout-sp-500-returns-to-jagged-range-2018-04-24-121033656

  8. Ana Says:

    #7. Sandra,

    Your fellow says:

    “In the process, the S&P 500 has returned to its former range, capped by familiar resistance matching the 2017 peak (2,695) and the 50-day moving average.”

    The 50 day moving average is 2688.

    My advice to you, make your own charts, follow them, trade them.

    If they are correct, it is good, they are accurate.

    If they are incorrect, it is good, you can revise them so that they are accurate.

    Everything is good. You are learning.

  9. FishFat Says:

    Rol Lew

    No doubt the refiners are on fire. Hopefully, it will spread to the drillers.

    To better illustrate my comment that Precision Drilling is basing, I have attached the daily chart of the stock on the Canadian markets. No guarantees of success, much depends on the earnings announcements later this week.

    I am bullish on Precision Drilling because the SCTR has recently moved above the 75 level. The short term modified MACD (20,50,10) is turned up and set to cross the zero line. And the long term modified MACD (50,200,20) (although flat) has crossed the signal line. OBV has also turned up. One fly in the ointment is that Full STO has rolled over from overbought levels.

    http://schrts.co/vXKbfF

  10. Ana Says:

    #5. Sandra,

    What is your target, then?

  11. Ana Says:

    #3.

    Good to see you post again Rol Lew!

    Hope you are well.

  12. Bernie Says:

    NRG,

    NTR
    Sorry to hear you’re giving up on your Harley I recall you being excited about its purchase to kick off your retirement. Thank God you’re healthy and still with us after those close calls on the road and your bout of pneumonia! I’m fairly healthy too and happy to be retired in Nelson. We made it through this winter/spring without any flooding issues, the sump pump is doing its job. Looking forward to golfing again shortly. Due to the pesky spring the course didn’t open until two days ago. That’s a late opening for around here. I might get away for a spell to visit my folks this summer but no holidays planned until January when we depart on an 11 day Caribbean cruise out of New Orleans. In October my wife is off to Kenya for a two week missions engagement. As for financial health, we can’t complain. My wife still wants to work. Her income plus all our other income streams is far more than adequate for our needs and most wants. Hope your health and happiness continues for you! All the best!

  13. Sandra Says:

    Ana, Re: #10 $SPX
    It has been coming down for last months. This month is a doji.
    Daily, my fellow (lol!) is right it has breached 2017 high (2695) and 50 MA (2689).Negative divergence is still playing.Stocks with good results are also getting sold off instead of taking markets higher. If 200MA is violated (2607 today) 27 points away we are going lower.
    If H&S is completed support is at 2532. Before that 2586 .
    Feel free to criticize me Ana.

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