Tech Talk for Thursday September 27th 2018

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Pre-opening Comments for Thursday September 27th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 210,000 from 202,000 last week. Actual was 214,000. Consensus for August Durable Goods Orders was an increase of 1.8% versus a revised decline of 1.2% in July. Actual was an increase of 4.5%. Excluding transportation, consensus for August Durable Goods Orders was an increase of 0.1% versus a gain of 0.4% in July. Actual was an increase of 0.1%. Consensus for next estimate of second quarter real GDP was unchanged at 4.2%. Actual was unchanged at 4.2%.

Bed Bath & Beyond plunged $3.02 to $15.79 after reporting lower than consensus second quarter earnings.

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Conagra dropped $2.56 to $33.50 after reporting lower than consensus fiscal first quarter earnings.

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Cameco (CCO.TO $12.79 CCJ $9.83) advanced 14% in overnight trading after the company won a tax case against the Canadian government.

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Apple gained $3.14 to $223.56 after JP Morgan initiated coverage with an Overweight rating. Target price is $272.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/26/stock-market-outlook-for-september-27-2018/

Note seasonality charts on U.S. Bank industry, Crude Days of Supply, Gasoline Days of Supply, Crude Oil and New Home Sales.

 

Observations

Responses to the FOMC news of a 0.25% increase in the Fed Fund rate (as expected) released at 2:00 PM EDT were as follows:

U.S. equity index futures moved lower.

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U.S. Dollar Index and related ETF were virtually unchanged.

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Long term Treasury prices moved higher

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The CRB Index and related ETF moved slightly lower.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $ATVI. Breakdowns: $GM $WRK

Editor’s Note: Breakouts included VRTX, AZO, TJX and FOX.A. Breakdowns included LEN, MAS, AEE, DRE and AA.

Royal Bank $RY.CA, a TSX 60 stock moved above $104.98 extending an intermediate uptrend.

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Regional Banking SPDRs $KRE moved below $60.23 completing a topping pattern.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for September 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 26th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

2018 CSTA Annual Conference

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CSTA Calgary Edition of the CSTA Annual Conference

Online option available – please click here for details and registration – Space is limited REGISTER FOR THE ONLINE OPTION NOW!

JOIN US LIVE – REGISTER NOW!

Live event will be hosted at the Aloft Calgary University

          • Address: 2359 Banff Trail NW, Calgary, Alberta

          • Phone:(403) 289-1973

Date and Time

          • October 13, 2018

          • 7:00 am to 5:00 PM (Registration opens at 7:00 am)

Agenda:

7:00am

Registration and coffee

 

8:00am

Live speaker

Greg Schnell (StockCharts.com)

9:20am

Speaker via Webinar

Hima Reddy (HimaReddy.com)

10:45am

Speaker via Webinar

Brian Shannon (Alphatrends)

12:00am

Lunch break

 

1:00pm

Speaker via Webinar

Jon Vialoux (CastleMoore) Seasonality Setups

2:30 pm

Keynote Speaker – Live Speaker

Craig Johnson of Piper Jaffray

3:50 pm

Panel

Craig Johnson, Cory Mitchell, Greg Schnell

4:50 pm

Thank-you, Closing remarks

 

For more information please contact:

Mark Soehner

CSTA 2018 Calgary Conference Chair

 

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Tired of seeing your seasonal fund remain stagnant when seasonally favoured sectors move higher? Consider switching to the Seasonal Advantage Portfolio http://www.equityclock.com/About/Seasonal-Advantage-Portfolio/ … #SeasonalInvestingDoneRight

S&P 500 Momentum Barometer

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The Barometer dropped another 2.80 to 57.00 yesterday. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer dropped 2.51 to 37.66 yesterday. It changed to intermediate oversold from intermediate neutral and continues to trend 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

Sponsored By...



7 Responses to “Tech Talk for Thursday September 27th 2018”

  1. Larry/ON Says:

    Tech resuming momentum – QQQ not far from new high. GOOGL making nice break higher after bottoming. Seasonality for tech usually begins early October.

  2. Paula Says:

    RE: BCE.TO: Bouncing the last couple of days. Maybe it has found support in the low 50’s. Keith Richards had it as a top pick yesterday – encouraging that he would do so. He did not like TRP.TO which seems similar to me: in a short term down trend but longer term trading range.
    Here is Ron/BC’s chart (with ADX b/c I always use this as an indication of trend) from awhile ago. I have not updated his lines:

    https://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=3&mn=0&dy=0&id=p09120894648&a=594962036

  3. Larry/ON Says:

    Re: BCE – Consider this: BCE peaked in 2016 at the same time that interest rates bottomed. BCE’s share price long-term runs inversely to the direction of interest rates.

  4. Ron/BC Says:

    Paula

    Here is a corrected chart of BCE.to. Still don’t know why Stockcharts drawn lines angle up like that instead of staying horizontal. They don’t seem to know either so I have to grab the far right end of them and hold down the CTRL key for them to straighten out. This never used to occur up until about a year ago so they are doing something each time they update the charts they never used to do. Likely just new technology that gets more and more unreliable.
    Price continues to find support at the $51 area with some resistance at $54 which is also the downtrendline from December. It also continues to underperform FTS.to and T.to if that’s significant to anyone.

    https://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=3&mn=0&dy=0&id=p34748772880&a=579408570

    https://charts.equityclock.com/bce-inc-tsebce-seasonal-chart

  5. Paula Says:

    Thanks Larry/ON for your comments. Interest rates seem to be backing off their recent highs so maybe this will allow some of the bond proxies to have at least a short term rally.

    Thanks Ron/BC for your comments and corrected BCE.TO chart. I tend to stick with the devil I know. I use some of BCE’s services so I like to get back some of what I pay them every month. LOL

  6. rick Says:

    https://youtu.be/bsMP81N6-gc

    3 minutes regarding yield curve with Santelli- CNBC.

    Everybody is talking about next recession and next stock market crash because of FED tightening too much . 2019 or 2020 ?

    Maybe somebody should fire FED and take in consideration 10 year bond yield .
    1. subtract 1% from 10 years bond yield and we will have the optimal Fed Funds rate
    2. we will never have an inverted yield curve
    3. we will never have an artificial recession ( earnings recession and market crash ) produced by FED stupidity like in the past.

    For example :
    10 year bond yield is 3,1 %
    subtract 1 %
    optimal fed funds rate should be 2,1 %
    yield curve = 1 % = profit for banks and credit for economy
    If yield curve is flat or inverted = no profits for banks = no credit for economy = economic recession = earnings recession = stock market crash

    Fed should not raise to 2,5 % in December only if 10 years bond yield will be 3,5 % .

  7. Paula Says:

    Rick, Great idea! and well said. You should be the one on TV.

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