Tech Talk for Wednesday May 9th 2018

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Pre-opening Comments for Wednesday May 9th

Index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade. Most of the gains came from the energy sector. Crude Oil advanced $1.67 to $70.73 per barrel in overnight trade.

Index futures were virtually unchanged following release of the April Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.2%.

First quarter reports continue to pour in. Reporting companies included ADT, Coty, Disney, Electronic Arts, Monster Beverages, Mylan Labs, Office Depot, Trip Advisor and Wendy’s .

Trip Advisor jumped $7.51 to $46.29 after reporting higher than consensus quarterly results.

Monster Beverages dropped $3.68 to $49.40 after reporting less than consensus quarterly results. Stifel Nicolaus lowered its target price to $63 from $71. JP Morgan downgraded the stock to Neutral from Overweight and lowered its target price to $52 from 67.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/08/stock-market-outlook-for-may-9-2018/

Note seasonality chart on Job Openings.

Observations

Responses to President Trump’s announcement on Iran at 2:00 PM EDT were muted.

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Responses by Mexican equity indices and related ETFs suggest that finalization of NAFTA negotiations is not going well.

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StockTwits Released Yesterday @EquityClock

Chile iShares $ECH moved below $51.29 completing a double top pattern.

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Frontier iShares $FM moved below $32.25 completing a double top pattern.

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Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $FOX $BHF $EXPD $IT $JEC. Breakdown: $SRE

Editor’s Note: After 10:00 AM EDT, breakouts included MLM, EVHC, WFC, FIS, NTAP and ADBE. Breakdowns: DTE, D, MTD and WBA.

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TMX Group $X.CA moved below $73.77 completing a double top pattern.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for May 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for May 8th 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 May 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer slipped 0.80 to 46.80 yesterday. It remains intermediate neutral

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TSX Momentum Barometer

The Barometer added another 0.29 to 71.19 yesterday. It remains intermediate overbought, but 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 Wednesday May 9th 2018”

  1. Sandra Says:

    Bernie:
    Had bought EIF.TO first time I wanted to hold it for dividend but so overbought today. Sold at 32 (first time ever sold at high!) and will jump in again. A good stock to have. Chart looks more like a trading stock.

    I will call Mackenzie and check about tax treatment. Will let you know.

  2. Larry/ON Says:

    GOOGL – Nice pop to the 1070’s. A lot of potential to this stock to the mid 1100s once QQQ starts moving above resistance at 167.

  3. Ana Says:

    Noticing some bullish statements about purchasing stocks in the last few days:

    My charts indicate that GOOGL will see 1000 – 1010 before you see the mid 1100s

    Sorry to rain on your parade.

  4. Sandra Says:

    Ana:
    Waiting for that 1000 to buy Googl. I use it so much time for it to pay me back!

  5. Sandra Says:

    Sell in May and go away!

    http://business.financialpost.com/investing/funds/selling-in-may-and-going-away-rings-true-this-year

  6. rick Says:

    I don’t care if GOOGL will be 1000 or 1150 first , but I am hoping that it will be 1200 soon .
    If GOOGL and QQQ trend will change from neutral to an up trend , than we will have to follow the trend and to ignore the oscillators like RSI or Stochastics .

  7. Larry/ON Says:

    QQQ cleared resistance at 167. The market rally is falling into place. Tech leading the market and semis leading tech. Financials recovering.

  8. Larry/ON Says:

    MU – Micron Technology – That’s the ticket! Anyone into tech needs to look this one up and read Morgan Stanley’s take on it. I started buying at $47

  9. Larry/ON Says:

    Sell In May Not Applicable – Seasonality has been off for more than two years. This year we had a weak period during what was supposed to be a seasonally strong period Jan 31-Mar30. The whole period from Jan1 to Apr 30 was negative. We should now have a decent run for a couple of months.

  10. Ana Says:

    6. rick,

    This is an interesting statement. What seasonal or technical analysis do you follow to indicate the trend?

  11. roy Says:

    Hello Ron/BC – What do you make of CNQ.TO wrt T.A? Thanks

  12. Ron/BC Says:

    Here is a chart of the U.S.10 Year Treasury Yield. Price is bumping up against the multi decade long downtrendline and price resistance at 3% once again. A break above this line projects a rally to 4% for starters. That will change the perception of many things. Those heavily in debt best get their act together as this multi decade long downtrend in rates with cheap money borrowed is clearly over.

    http://stockcharts.com/h-sc/ui?s=%24TNX&p=D&yr=20&mn=0&dy=0&id=p15161984519&a=579408387

    http://stockcharts.com/h-sc/ui?s=%24TNX&p=D&st=1980-01-01&id=p06486117139&a=579408348

  13. Ron/BC Says:

    Roy
    CNQ.to has been bumping its head against $46 several times for over ten years now never clearing and holding above for long. Reminds me of Lucy and the Football with Charlie Brown. It also reminds me of the saying “If it’s obvious,it’s obviously wrong.” Doesn’t mean it will not breakout and run higher but resistance is resistance and all the b.s. stories in the world can’t change that. If I had a gun at my head I’d prefer XEG.to “IF” it clears $13. At least with this ETF it includes CNQ and SU in a major way being 45% of the ETF plus has a variety of other related stocks in it. To keep it simple just follow the arrows on the bottom of the chart. They seem to know where to go,lol.

    http://stockcharts.com/h-sc/ui?s=CNQ.TO&p=D&yr=13&mn=0&dy=0&id=p33562992056&a=579408250

    http://stockcharts.com/h-sc/ui?s=XEG.TO&p=D&yr=2&mn=6&dy=0&id=p08062591700&a=579408452

  14. roy Says:

    Thank you kind sir. re # 13
    Seems like tit just might have broken through 46 as the volume was high yesterday

  15. Larry/ON Says:

    Close Near The Highs – When you close at or near the highs your odds of a continued rally the next day are high. IMO we just got started but everyone is looking for resistance at 2800 on the SP500.

  16. rick Says:

    Ana ,

    I use these overlays ema 10,20 ,30 ,40 ,50 and SAR
    and these indicators ADX 10 , PPO 10,20,5 or MACD 10,20,5

    http://schrts.co/tLqC4u

    If :
    1.there is an up trend : investors should stay long and traders should buy the dips
    2.there is a down trend : investors should stay in cash and traders should sell the tops
    3.there is no trend : investors should wait for a trend and traders should buy the dips and sell the tops (heaven for them )
    traders should use the oscillators = stochastics , rsi , williams %R, CCI….

    Black line from ADX is an indicator of the strength of the trend
    For a trader : watch the Black line ADX , when that line is going down the “no trend” is starting = the trend is weakening

    But Nothing is 100 % sure .

    The worst moment :
    1.when a trader is selling a top thinking =the no trend will continue , but an up trend is starting and the market will stay overbought longer that he/she want or afford.
    2.when a trader is buying a dip thinking =the uptrend will continue , but a no trend or even a down trend is starting and the market will stay oversold longer that he/she want or afford .

    I use these for indexes : SPX, NDX = works better than for an individual stock .

    investing is easier than trading =
    1. an investor should buy an index and have the time to wait
    2. a trader have to be right twice = when he/she buy and when he/she sell

  17. Sandra Says:

    So many excellent informative posts. Thank you everyone.

  18. Ana Says:

    #16. rick,

    So glad to see that you have an investment plan. A drop to $1000.00 in Google does not seem to bother you. Your investment style is for someone in their 40’s or 50’s. Wishing you all the best with your investment trading.

    You know, as I have often stated that I am a day or swing trader. So why bother to post a negative comment about my comment on the action of a stock? Just ignore my posts if you are interested in long-term investments.

    Thank you for the information as other may find it very interesting and helpful. All contributions to the forum will find their audience that they can assist.

  19. Ana Says:

    #18.

    Another observation, an investor also has a buy and a sell date. To say that you only have a sell date when investing is incorrect. You slant things in favour of your own thinking. It might catch up to one of these days.

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