Tech Talk for Wednesday June 27th 2018

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Pre-opening Comments for Wednesday June 27th

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade. Index futures recovered about 10 points after concerns about an imminent trade war with China related to using U.S. technology will be re-examined.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for May Durable Goods Orders was a drop of 1.0%. Actual was a drop of 0.6%. Excluding transportation, consensus for May Durable Goods Orders was an increase of 0.3%. Actual was down 0.3%.

Lennar (LEN $51.65) is expected to open lower after JP Morgan lowered its target price on the stock to $73 from $77.

World Wrestling Entertainment gained $6.73 to $73.35 after announcing additional media exposure to its services.

General Mills gained $1.89 to $47.95 after reporting higher than consensus fiscal fourth quarter earnings.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/26/stock-market-outlook-for-june-27-2018/

Note seasonality charts on the U.S. Financial sector, Commercial and Industrial Loans, Consumer Loans, Margin Debt and Copper Futures.

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $PPG $CCI $DTE $PNW. Breakdowns: $DLPH $WHR $C $NKTR

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included SBAC, XEL and EQIX. Breakdown: MTB.

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Sun Life Financial $SLF.CA, a TSX 60 stock moved below $52.90 completing a double top pattern.

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Europe iShares $IEV moved below $44.45 extending an intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

Keith notes that a short term reprieve may be coming for the Loonie, but it likely won’t last. See

https://www.valuetrend.ca/short-termed-reprieve-may-be-coming-for-the-loonie-but-it-likely-wont-last/

 

S&P Momentum Barometer

The Barometer was unchanged yesterday at 54.60. It remains intermediate Neutral and trending down.

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TSX Momentum Barometer

The Barometer added 1.66 to 62.66 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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5 Responses to “Tech Talk for Wednesday June 27th 2018”

  1. Ron/BC Says:

    KC
    Here is a chart of AC.to. Price is testing $21.76 ‘area’ again. Not good to continue to test the same support as investors who bought there each time have seen the next rally fail each time and question the point of buying again. A break here would suggest a test of the uptrendline at $19. Price though is outperforming WJA.to consistently for whatever that’s worth. WJA.to seems to be in free fall with no visible support until just under $14. Not impressed with either actually. Buying might be like catching a falling piano.

    http://stockcharts.com/h-sc/ui?s=AC.TO&p=D&yr=2&mn=0&dy=0&id=p11682857280&a=603173291

    http://stockcharts.com/h-sc/ui?s=WJA.TO&p=D&yr=10&mn=0&dy=0&id=p65311359767&a=603175171

    Seasonal trend charts show a more bullish trend from mid October onward.

    https://charts.equityclock.com/westjet-airlines-ltd-tsewja-seasonal-chart

  2. KC Says:

    Thanks Ron, much appreciated! Might be best to stay away.
    I remember when AC was around $2 a pop.

  3. Paula Says:

    Ana, thanks for your response last night. If your disagreement with some of the “very bullish views” on this site is what is keeping you away, I can understand that. But not everyone is bullish. Ron/BC is one of the least bullish and everyone is always asking him for his opinion on this or that stock. And he very patiently accommodates them.

    I am trying really hard to tune out the media noise and everyone’s opinions. And therefore, not have a bias one way or the other – just look at the charts…

    Of course, bullish or bearish views depend on your timeframe. Keith Richards with his “bear-o-meter” and Don Vialoux have been fairly bearish for a couple of months, with the latter’s “caveat emptor” and U. S. mid term elections seasonal chart…but the U.S. market has kept going up, defying all reason. So there really is no point trying to find reasons for why the market does what it does.

    I am holding a fair amount of cash, waiting for opportunities, trying to be patient. I have missed out on the recent run up for the most part. I did buy some ECA.TO recently, so happy with that.

    I hope your trading is going well.

  4. Sherri Says:

    Just a reminder on Armstrong’s numbers. He is saying that the monthly numbers are the trend, everything else is just noise. If we break the weekly bearish numbers on Friday and close BELOW them, 24386 and secondly 24100, we will test the Monthly bearish number,
    which is 22415 (critical support). A monthly close under this number means a sustainable decline ahead is possible.

  5. Ron/BC Says:

    Paula
    Just because you’re paranoid doesn’t mean someone or something isn’t out to get you,lol.

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