Tech Talk for Thursday November 15th 2018

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Pre-opening Comments for Thursday November 15th

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

U.S. equity index futures moved lower following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 215,000 versus 214,000 last week. Actual was 216,000. Consensus for October Retail Sales was a gain of 0.4% versus an increase of 0.1% in September. Actual was a gain of 0.8%. Excluding auto sales, consensus for October Retail Sales was an increase of 0.5% versus a decline of 0.1% in September. Actual was an increase of 0.7%. Consensus for November Empire State Manufacturing Survey was a slip to 20.5 from 21.1 in October. Actual was 23.3. Consensus for the Philly Fed Index was a slip to 20.9 from 22.2 in October. Actual was 12.9.

Wal-Mart (WMT $102.94) is expected to open higher after reporting higher than consensus third quarter earnings. The company also raised guidance for the fourth quarter.

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Cisco gained $1.62 to $45.95 after reporting higher than consensus fiscal first quarter sales and earnings.

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JC Penney dropped $0.15 to $1.07 after reporting lower than consensus third quarter sales.

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PayPal (PYPL $) is expected to open higher after Barclays launched coverage on the Payment and Processing sector. PayPal was rated “Top Pick”

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/14/stock-market-outlook-for-november-15-2018/

Note seasonality chart on the U.S. Consumer Price Index

 

StockTwits Released Yesterday @EquityClock

Cineplex $CGX.CA moved below $32.34 and $31.08 setting an intermediate downtrend.

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Tahoe Resources $THO.CA moved above $3.99 setting an intermediate uptrend.

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Editor’s Note: Pan American Silver offered to purchase the company.

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakouts: $FL $EQR. Breakdown: $PGR

Editor’s Note: After 10:00 AM EST, breakout: EXR. Breakdowns: CELG, NOV, DVA, KSU, ZBH, VLO, CAG, MO, AMG, IVZ, ALL and PGR.

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Methanex $MX.CA $MEOH moved below $$80.65 Cdn..and $61.63 U.S. extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 14th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 14th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 14th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer dropped another 4.00 to 33.20 yesterday. It remains intermediate oversold.

 

TSX Momentum Barometer

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The Barometer added 2.09 to 32.22 yesterday. It remains intermediate oversold.

 

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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8 Responses to “Tech Talk for Thursday November 15th 2018”

  1. Kam Says:

    Hi folks,
    Just a reminder to traders, today is QT day. Quantative tightening, opposite of QE we saw few yrs. whole 34 billions too. Mostly keep pressure down on stocks. Trade accordingly.

    Spx,
    As per EW we should bottom between 2650-83 for a runup towards 2850 before the slammer comes in due south. But if break below 2640 here then 2550 is on deck before Santa rally. Talking of Santa rally, everyone waiting for it so Santa might not come this year.

  2. dutchcanuck Says:

    Kam #1
    QT is at $50B/month up from $34B starting in Oct.
    Look at a chart of M1&2 money supply and you can see the Fed draining credit.

  3. Ron/BC Says:

    Bernie
    Well HAC.to is bouncing off its 2 year uptrendline and 200ema and the breakout point which is an ideal place to buy it. But if price breaks below that $19.85 support it would likely test the “long term” uptrendline at $18.00. The two year uptrendline by itself is not a long term uptrend that most analysts display. Charts are far more exciting when analysts and letter writers post charts of a few months to a year. Looking back a long ways puts things in perspective as you know. A lot of those two year uptrendlines on many stocks and ETFs will breakdown if they haven’t already as there has been some major technical damage to the broad market that suggests a bear market is beginning.
    My health is ok other than some minor issues that can spoil a holiday to some degree. But I try to work it off as I’ve always done and that tends to either make me or break me. Right now I’ve torn apart my condo and am painting it out. Been a long, long time since I repainted textured ceilings. I don’t recall it being that difficult. Finished them last night and am now starting the walls. Just stopping for a coffee break. After than I’ll get the floors redone with a laminate. That will basically update the place other than counter tops which I’ll consider later. Most of the other things were already updated when I purchased.

    https://stockcharts.com/h-sc/ui?s=HAC.TO&p=D&yr=9&mn=0&dy=0&id=p0667744520c&a=579408532

  4. Ana Says:

    $SPX $ES

    If you are day trading, look at the 1 hour chart for a possible head and shoulders, target approximately 2564

  5. bruce Says:

    tnx Ana for your updates…….

  6. Ana Says:

    #5. bruce,

    It has a bit more to go to the top of the right shoulder, but if it hits that mark and then comes down, it should be good for a ride down. If it gets past the neck line, do not forget that it likes to back check that area.

    Just keep your eye on this formation, of course if it blasts past the top of the right shoulder, the pattern is null and void.

  7. Ron/BC Says:

    Ana
    On a Daily chart there is a huge Inverse H&S. A breakout over 2815 would project a rally to over 3000 on the $SPX. As much as I hate to encourage wild eyed bulls that are up to their neck in long positions and just looking for bullish charts and comments I thought I should post this regardless just for the technical possibility of it happening. And on the flip side a break below the spring closing lows of 2580 which is also much the same as the October lows Head of this H&S that would suggest it’s crash and burn time and to run for the hills as the dam’s busted. Something a broker told me long ago when I asked him why so many of his clients held onto losing positions inspite of his warnings and he said “Win or Lose” everyone gets a RUSH.” Sad but true…………..

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p0008436756c&a=582707024

  8. Ana Says:

    #7. Ron/BC

    Thank you for your comments. I have been watching the Inverted Head and Shoulder develop. We shall soon see.

    Thank you for your chart.

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