Tech Talk for Thursday May 31st 2018

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StockTwits released yesterday @EquityClock

Laurentian Bank $LB.CA moved below $46.94 extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakouts: $HRL $BIIB. Breakdown: $KORS

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included AMD, CHD, DGX, EQR, EXC, EXPE, NEE PGR and VTR

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NASDAQ Biotech ETF $IBB moved above $108.07 completing a double bottom pattern. Typical strength prior to the annual ASCO conference June 1-5.

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U.S. REIT ETF $IYR moved above $78.26 extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for May 30th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 30th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for May 30th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

Barometer added 10.20 to 62.80 yesterday. It returned to an intermediate overbought level.

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TSX Momentum Barometer

Barometer gained 6.22 to 72.20 yesterday. It remains intermediate overbought.

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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 Thursday May 31st 2018”

  1. KC Says:

    Hello Ken,

    #35 yesterday, can you please post your chart and comments on TGZ.TO ?

    Thanks,
    KC

  2. Larry/ON Says:

    Nasdaq – Yesterday was the highest close since March 16th. We did not break through the intra-day high of May 14. We are really close but will it break through?
    GOOGL – looks really interesting – was squeezed up by the 50 and 200 day with a big pop this morning
    FB – highest since Jan peak – Tech stocks are building momentum
    AMZN – my earlier panic pessimism proved wrong
    SHOP – broke through resistance to levels not seen since March

  3. Roy Says:

    Larry/On
    Thanks so much for continuing to post. I really appreciate the time you take to update.

  4. Wayne Says:

    Larry/On,
    FB – long the 185 weekly calls from this am. after the pop from yesterday. Expected strong momo
    – a nice run from $ 3.50 open.

    Appreciate your posts. Good eye! Keep em coming!

  5. Ken Says:

    KC

    I don’t know how to post, but if you pull up the one year daily on TGZ.TO, you’ll clearly see its been on a tear from Dec 2017. Once it got decisively above the 20 EMA, price has been bouncing off of it since. The 30 min chart is choppy, not as pretty. I don’t have a position yet and have not looked at the fundamentals. The way its trading, not even sure if it is really a gold company!

    MU: Tried to catch that falling knife and got in this morning with a tight stop but it got triggered. I thought it was ready to bounce at gap support before the evidence presented itself. See what happens when you don’t follow your own rules!

  6. Larry/ON Says:

    MU – Downgrade by MS from outperform to sector perform with $65 target was well-timed along with a couple of questioning media reports. Some people in the MS boiler-room are making some great trades
    Listened to the webcast today – Mostly a rehash of the previous conference day. A lot of optimistic ideas about demand. The interesting tidbit was that MU sales for cloud storage in 2016 was less than $500 mil and in the first half of 2018 it was $1.6 Bil so more than 6 times growth for full year. AI demand is growing and in very early stages – Amount of data mem and storage in autonomous vehicles is absolutely huge but this will still be years away.

  7. Vik Says:

    MU

    Larry, I agree with you that MS is the reason behind today’s drop. They are probably looking to add at some point and want the price to pull back…

    Seems like the story is that as technology advances and permeates our life even more there will be an increasing demand for memory and MU is well placed for all that.

    Earnings are Wed. June 20 @ 4PM.

  8. Sherri Says:

    Armstrong on the DOW

    “There is no shot at electing a Monthly Bearish Reversal, but we do have a Minor Monthly Bullish at 24328 and we are trading at 24580 at the time of this post. We are building a base a closing ABOVE the April high of 24858.97 will be a technical bullish signal as well. A closing above 24328 will imply that we are starting to firm up for the broader term.”

  9. bruce Says:

    tnx again Sherri…….

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