Tech Talk for Tuesday July 10th 2018

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Pre-opening Comments for Tuesday July 10th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Pepsico gained $3.64 to $111.40 after reporting higher than consensus second quarter revenues and core earnings.

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Celgene advanced $1.30 to $85.15 after reporting positive results in a breast cancer trial.

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eBay slipped $0.66 to $37.25 after SunTrust downgraded the stock to Hold from Buy.

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Urban Outfitter eased $0.48to $45.32 after KeyBanc Capital downgraded the stock to Sector Perform from Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/07/09/stock-market-outlook-for-july-10-2018/

Note seasonality charts on the U.S. Financial sector and U.S. Vehicle Sales.

Observations

TSX Composite Index closed at an all-time closing high.

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The Biotech sector continues to move seasonally higher. FBT broke to an all-time high.

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Oooops!

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StockTwits Released Yesterday @EquityClock

Russian ETF $RSX moved above $21.84 extending an intermediate uptrend.

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FaceBook $FB, one of the FAANG stocks moved above $203.55 to an all-time high extending an intermediate uptrend.

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Technical activity by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts included $DISH $GRMN $HSIC $ISRG $FB $IT. No breakdowns.

Editor’s Note: After 10:00 AM EDT, breakouts included NLSN, EXPE, COO, ANTM, PRGO, WLTW, AJG, HP, JNPR, CTSH and NOV.

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Pharmaceutical ETF $ PPH moved above $60.68 extending an intermediate uptrend.

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Open Text $OTEX moved above $36.68 U.S. resuming an intermediate uptrend.

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MidCap SPDRs $MDY moved above $365.08 to an all-time high extending an intermediate uptrned.

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First Trust Natural Gas ETF $FCG moved above $23.98 extending an intermediate uptrend.

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Editor’s Note: Ditto for BMO Junior Gas ETF! It closed at an 18 month high.

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Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved above $110.35 to an all-time high extending an uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for July 9th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for July 9th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for July 9th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P Momentum Barometer

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The Barometer added another 9.20 to 68.40 yesterday. It has returned to an intermediate overbought level from an intermediate neutral level, but continues to trend higher. Typical of the summer rally period!

 

TSX Momentum Barometer

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The Barometer added another 0.96 to 66.67 yesterday. It remains intermediate overbought, but continues to trend higher.

 

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 Tuesday July 10th 2018”

  1. KC Says:

    Ron/BC,

    Gratitude where credit is due – Thank you for your detailed explanation on Teck/B.to
    I had not had a chance to look at it till Monday night. Hence my late response.

    Hope you had a great weekend.

    Cheers,
    KC

  2. Ron/BC Says:

    KC
    Well its a long weekend for me every day being retired with no commitments.
    Here is the TECK/B.to chart again and note again support is at $31.50 area but see the first price resistance at $33.50 that is being tested today. Price does need to clear that resistance to expect further gains. And as I posted Friday the base metals ETF:DBB and others like it have been selling off sharply recently. So the chart as usual days to “Buy Support/Sell Resistance.” That has always worked well.
    A 90% likely rate hike by the B.O.C. tomorrow so ‘they’ say which will affect prices of most TSX stocks as well whether they do or don’t. I wouldn’t buy TECK/B.to in this $2 range myself but would buy a test of support or a close above resistance.

    http://stockcharts.com/h-sc/ui?s=TECK%2FB.TO&p=D&yr=1&mn=6&dy=0&id=p92665923984&a=579408433

  3. Muntazir Janmohamed Says:

    Hi Rollew,

    Do you have new email address?

  4. KC Says:

    Ron/BC,

    If you are trying to make me jealous, its working. I’d love to live your life style, in a part of the country that I have come to love, with a mountain view off your balcony and the sea not far away.

    Have a friend who just moved from to Victoria. Hope to visit next year. I’ll bring the beer, you bring the technical analysis ? 😀 😀 😀

    Cheers,
    KC

  5. KC Says:

    Ron/BC,

    Additionally, your cautionary note has been heeded, thanks much!
    Highly respect your comments.

    -KC

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