Tech Talk for Wednesday August 8th 2018

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Pre-opening Comments for Wednesday August 8th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Walt Disney slipped $0.76 to $115.40 after reporting lower than consensus second quarter earnings.

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Papa Johns dropped $1.26 to $37.30 after reporting lower than consensus quarterly results.

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Snap fell $0.09 to $13.03 after reporting lower than consensus quarterly results.

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CVS Health added $2.00 to $67.45 after reporting higher than consensus second quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/08/07/stock-market-outlook-for-august-8-2018/

Note seasonality charts on TSX Financial Index, Job Openings and Gas Utilities

 

Observations

TSX Composite Index dropped 0.82% despite a 0.28% gain by the S&P 500 Index yesterday mainly due to weakness in non-bank financial stocks (e.g. MFC, POW SLF).

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StockTwits Released Yesterday @EquityClock

Agriculture ETF $MOO moved above $64.70 extending an intermediate uptrend.

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Financial SPDRs $XLF moved above $28.38 setting an intermediate uptrend.

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Mid-cap SPDRs $MDY moved above $366.70 to an all-time high extending an intermediate uptrend.

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Agnico Eagle $AEM $AEM.CA, a TSX 60 stock moved below $41.03 U.S. extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $HBAN $BR $HPE. Breakdowns: $XRAY $EXPD.

Editor’s Note: After 10:00, breakouts included BLL, JPM, DG and EMR. Breakdown: MAR.

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JP Morgan $JPM, a Dow Jones Industrial stocks moved above $118.09 to an all-time high extending an intermediate uptrend.

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Power Corp $POW.CA, a TSX 60 stock moved below $29.04 setting an intermediate downtrend.

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Sun Life Financial $SLF.CA, a TSX 60 stock moved below $51.78 extending an intermediate downtrend.

Editor’s Note: Manulife Financial also broke support in late trading.

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Job Openings down 0.6% (NSA) in June, better than the 2.2% decline that is average for the month. $MACRO #Employment #JOLTS

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for August 7th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 7th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 6th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

By David Chapman

Following are links:

http://www.enrichedinvesting.com/PDF/Technical-Scoop-2018-Aug-06-Final.pdf

or

http://www.enrichedinvesting.com/Investment-Commentary/?LNK=11

 

S&P 500 Momentum Barometer

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The Barometer added another 3.60 to 71.80. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped another 7.50 to 46.67 yesterday. It remains intermediate neutral and trending down.

 

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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6 Responses to “Tech Talk for Wednesday August 8th 2018”

  1. Bernie Says:

    Ron/AB,

    NTR
    Further to dave/ab’s comment re: pitching and chipping (and putting)
    That’s where most of the strokes are taken (and wasted). Practice, practice, practice and more practice. Remember to accelerate through the ball. As for hybrids for chipping…whatever works! I’ve even seen low handicappers use a 3 wood when they were butted up to the fringe grass. When I was a teen I often practiced pitching into a laundry basket. It was fun target practice for getting the ball into the air.

  2. Ron/BC Says:

    NTR

    Dave/AB

    Thanks for the video links as they were very helpful. If I stay on this like a dog on a bone I will improve. I already feel comfortable playing with other average golfers. Just have to fine tune things to be ‘consistent’. Consistency is always the hard part and mastering technique is the key.

  3. Ron/BC Says:

    NTR

    Bernie

    I agree it’s the short game that makes or breaks your scores. Those videos Dave posted were very good other than Phil Mickelson is a lefty which makes it harder to relate to. But the technique is the same and I’ll keep that in mind for sure. And as you suggested following through is important. I don’t tend to follow through as I should. I’ll see what conclusions I come to regarding the Hybrids I had put in my locker long ago but do have to try them again to see if they fit into my game. SO off to the driving range now and see what I can accomplish.

  4. Ron/BC Says:

    Here is a long term chart of $GOLD. Price broke its 2.5 year uptrendline. First support is 1200 next is the early 2017 low at $1129 and then the early 2016 low at $1050. A major washout could see that long term uptrendline at just under $1000 tested as well. With extreme bearishness on Gold with a very high short interest on it price will likely bounce before a washout of any kind. The Gold stock ETF:GDX continues to test the 18 month channel bottom price at the $20 level and is very oversold. Lots of potential for a rally now but “prices” still aren’t showing anything bullish,yet.

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=20&mn=0&dy=0&id=p42142474677&a=579408551

    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=2&mn=0&dy=0&id=p46578135405&a=579408519

    Here is a long term chart comparing GDX with GLD overlaid.

    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=13&mn=0&dy=0&id=p51599844661&a=579408537

  5. dave/ab Says:

    Ron/Bernie

    LOL, I’m starting to believe one cannot ever find consistency. I now strive for, committing to the shot, trust the shot and swing. If you miss where to miss and how bad. Basically don’t take big gambles or low probability shots.The ground and the wind are never a constant like at a driving range.

    Ron
    Thanks for the gold charts. I entered Gold 2 weeks ago. Just a little early

  6. Ron/BC Says:

    Dave/AB
    I tried the Titleist NXT and it definately goes further and straighter as I over shot 3 holes with my driver that I never have before. Oddly enough I bought a box of 30 Titleist used balls from Walmart as Bernie suggested and the 1st one I pulled out was a NXT. And I’m putting the Hybrids back in my locker,lol.

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