Tech Talk for Tuesday June 26th 2018

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Pre-opening Comments for Tuesday June 26th

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

NVidia added $3.58 to $242.70 after Benchmark initiated coverage with a Buy rating. Target is $280.

Netflix gained $7.84 to $392.32 after Imperial Coverage initiated coverage with an Outperform rating.

Lennar advanced $3.27 to $52.49 after the company reported higher than consensus fiscal second quarter earnings.

Intel dropped $0.91 to $49.80 after Bernstein downgraded the stock to Under Perform from Market Perform.

EquityClock’s Daily Market Comment

http://www.equityclock.com/2018/06/25/stock-market-outlook-for-june-26-2018/

Note seasonality chart on New Home Sales

Observations

The Dow Jones Industrial Average closed below its 200 day moving average for the first time in 27 months after five Dow Industrial stocks broke intermediate technical support.

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Volatility spiked on trade war fears.

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StockTwits Released Yesterday @EquityClock

Cisco $CSCO, a Dow Jones Industrial Average moved below $42.52 setting an intermediate downtrend.

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JP Morgan $JPM, a Dow Jones Industrial Average moved below $104.96 extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Bearish. Another 21 S&P 500 stocks broke support including $CCL $FITB $JPM $CSCO $FLIR $MU $AOS $SIVB

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Goldman Sachs $GS, a Dow Jones Industrial stock moved below $224.09 extending an intermediate downtrend

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Intel $INTC, a Dow Jones Industrial stock moved below $50.92 completing a double top pattern.

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S&P Utilities stocks breaking out this morning: $DUK $LNT $SO $NEE

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Detour Gold $DGC.CA moved above $10.05 completing a double bottom pattern.

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More S&P Utilities stocks breaking out: $AEE CNP $AWK $AEP $NI

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Early signs of recovery in U.S. Inflation? TIPS ETF $IPE moved above $55.37 extending an intermediate uptrend.

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Air Canada $AC.CA moved below $22.55 extending an intermediate downtrend.

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Margin debt continues to trend below average this year as investors remain cautious of equities amidst the headline risk

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New Home Sales rise 4.8% (NSA) in May, diverging from the average decline of 0.6% for the month $MACRO #Economy #Housing

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More S&P 500 stock breakdowns: $MPC $BAC $DFS $A $SNPS

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Canadian base metal equity breakdowns: $TECK $FM.CA $LUN.CA

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Industrial Alliance $IAG.CA moved below $50.67 extending an intermediate downtrend.

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Utilities SPDRs $XLU moved above $51.50 extending an intermediate uptrend.

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Martinrea $MRE.CA moved below $14.97 completing a Head & Shoulders pattern.

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IBM $IBM, a Dow Jones Industrial stock moved below$138.36 extending an intermediate downtrend.

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Energy SPDRs $XLE moved below$73.16 completing a double top pattern.

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Trader’s Corner

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Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for June 25th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 25th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer plunged 8.60 to 64.60 yesterday. It dropped from intermediate overbought to intermediate neutral and is trending down.

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TSX Momentum Barometer

The Barometer plunged 7.47 to 61.00 yesterday. It remains intermediate overbought and trending down.

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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 Tuesday June 26th 2018”

  1. Paula Says:

    Ana, have not heard from you for quite awhile. Trust that all is well. Are you still day trading?

  2. Bernie Says:

    Ron/BC,

    Re: Your Mick/NV inquiry on the weekend
    I was wondering the same thing about Mick. I checked the archives this morning. The following comment, dated Mar 2, was the last one Mick made.

    “Mick/NV Says:
    March 2nd, 2018 at 5:03 pm
    Ron/BC

    Ntr

    Arrived a couple of hours ago, nicely settled in, pleasantly warm not hot which is nice, beats the rain in van.”

    I hope Mick is ok and comments back!

  3. Bernie Says:

    5i article…
    “Technical Analysis: Consumer Staples and Telecommunication Stocks Breaking out on Seasonal Cue”
    https://www.5iresearch.ca/blog/technical-analysis-consumer-staples-and-telecommunication-stocks-breaking-out-on-seasonal-cue

  4. dutchcanuck Says:

    Bernie #3
    Great input, nice charts.
    Must be the season for rounded bottoms!!!

  5. Ron/BC Says:

    Bernie NTR

    Well I recall that post and he said he was going away for a month which would have had him back in early April. That was about 3 months ago. Perhaps he is busy with other more exciting things………….

  6. KC Says:

    Hello Ron/BC,

    Curious to know your thoughts about AC.TO and WJA.TO please. Have you ever traded there or usually stay away ? Is AC.TO as a strong support here ? Do you see WJA not finding support till $13.90 ?

    Thanks,
    KC

  7. BrianK Says:

    Bernie, thanks for the 5i note. I have been watching and thinking of getting into BCE for the first time in many years. Has a nice div of 5.6%.

  8. Paula Says:

    Rick, I have been rereading some of your comments (directed to Bernie re dividends), specifically on HXQ.TO:

    “HXQ.to is a great investment but a little bit more volatile ( you need a stronger stomach or a little bit more beer )
    No tax on American dividends inside TFSA or non registered account because is a Total Return index etf (tax efficiency ) = 15 % tax on dividends payable to US government that you can recover in non registered account but not inside TFSA
    A good alternative to energy which is even more volatile .
    From their prospect : benefits =
    not expected to make taxable distributions and would not be subject to U.S. withholding tax or estate tax
    • Potentially higher after-tax returns. Dividends are automatically reflected in the value of ETF
    • Increased portfolio diversification. Direct exposure to this Index can complement domestic exposure to Canadian equities, which is heavily weighted towards financials and energy.”

    HXQ.TO has even lower volume than ZQQ.TO, which I have been trading in recent months.HXQ.TO is unhedged to CAD but ZQQ.TO is hedged to CAD. HXQ.TO has outperformed ZQQ.TO for most of this year. Perhaps that is due to “Dividends are automatically reflected in the value of ETF” and also the effect of the rising USD (this year). Do you hold this as an investment or is it a trading vehicle? The latter would be difficult to do with such thin volume.

  9. Ana Says:

    #1. Paula,

    Thank you for inquiry about my absence.

    I am still swing trading and day trading.

    I disagree with some of the very bullish views, as my thoughts are that the $SPX will reach the 200 sma. I also have some lower targets.

    Hope your trades are going well!

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