Tech Talk for Tuesday November 20th 2018

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Upcoming BNNBloomberg Appearance

Jon Vialoux will be on BNN’s Market Call Tonight at 6:00pm ET this Friday, November 23rd taking your calls on Technical Analysis and Seasonal Investing. 

CALL TOLL-FREE 1-855-326-6266,

EMAIL marketcall@bnnbloomberg.ca,

  or TWEET @MarketCall.

Pre-opening Comments for Tuesday November 20th

U.S. equity index futures were lower this morning. S&P 500 futures were down 31 points in pre-opening trade.

Index futures were virtually unchanged following release of October Housing Starts at 8:30 AM EST. Consensus was an increase to 1.235 million units from 1.201 million units in September. Actual was 1.228 million units.

Agilent (A $62.61) is expected to open higher after the company reported higher than consensus fiscal fourth quarter sales and earnings.

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Urban Outfitters (URBN $35.61) is expected to open higher after the company reported higher than consensus third quarter earnings.

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Intuit (INTU $199.24) is expected to open higher after reporting higher than consensus fiscal first quarter earnings. The company also raised guidance.

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Target dropped $7.59 to $77.79 after the company reported lower than consensus third quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/19/stock-market-outlook-for-november-20-2018/

Note seasonality study on the S&P 500 around the U.S. Thanksgiving holiday as well as seasonality charts on the Technology sector and the U.S. Homebuilding industry.

 

StockTwits Released Yesterday @EquityClock

Waste Management $WM moved above $92.85 to an all-time high extending an intermediate uptrend.

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Tis the season for Waste Management $WM to move higher to end of the year!

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Technical action by S&P 500 stocks to 10:00: Quietly Bullish. Intermediate breakouts: $PSA $WM $CCI. No breakdowns.

Editor’s Note: After 10:00 AM EST, Breakout: CMS. Breakdowns: BA, RL, DVA, TPR, ADS, AA, INTU, EXPE and NFLX.

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Boeing $BA, a Dow Jones Industrial stock moved below $327.12 and $326.52 completing a topping pattern.

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Shaw Communications $SJR $SJR.B.CA moved above $19.32 U.S. completing a double bottom pattern.

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Tis the season for Shaw Communications $SJR $SJR.B.CA to move higher!

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Cameco $CCJ $CCO.CA moved higher on upgrade by Merrill Lynch from Underperform to Buy on improving uranium sector outlook $URA.

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Tis the season for Cameco $CCJ $CCO.CA to move higher!

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BlackBerry $BB.CA, a TSX 60 stock moved below $11.35 extending an intermediate downtrend.

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Technology SPDRs are leading U.S. equity indices downward. $XLK moved below $65.59 extending an intermediate downtrend.

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Netflix $$NFLX, one of the FAANG stocks moved below $271.21 extending an intermediate downtrend.

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Yield on 10 year U.S. Treasuries moved below $3.059% completing a short term double top pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 19th 2018

spx for nov 20

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 19th 2018

crb for nov 20

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 19th 2018

xlk for nov 20

Green: Increase from previous day

Red: Decrease from previous day

 

Josef Schachter on BNNBloomberg

Josef has started to take a more positive stance on crude oil and “oily” stock. Following are links to his appearance yesterday on BNN Bloomberg’s Market Call

Market Overview

https://www.bnnbloomberg.ca/market-call/josef-schachter-s-market-outlook~1543630

Past Picks

https://www.bnnbloomberg.ca/market-call/josef-schachter-s-past-picks~1543631

Top Picks

https://www.bnnbloomberg.ca/market-call/josef-schachter-s-top-picks~1543633

Technical Scoop

Thank you to David Chapman and Enriched Investing for their weekly comment.

www.enrichedinvesting.com

Here is the link to the report:

http://www.enrichedinvesting.com/PDF/Buffet-Equalizers-Fading-Long-term-Bull-Thanksgiving-and-Santa-Claus-Rebound-Nascent-Gold-Bull.pdf

 

S&P 500 Momentum Barometer

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The Barometer fell 5.40 to 36.20 yesterday. It dropped back to Intermediate Oversold from Intermediate Neutral.

 

TSX Momentum Barometer

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The Barometer dropped 3.31 to 32.23 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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11 Responses to “Tech Talk for Tuesday November 20th 2018”

  1. Ana Says:

    $SPX $ES

    https://invst.ly/99udm

  2. Ana Says:

    Ana Says:
    November 15th, 2018 at 3:03 pm
    $SPX $ES

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

    Revising that target to 2574

  3. KC Says:

    Morning Ron/Bc,

    Any chance of getting your thought on BCE.TO charts please ? Do you think the next strong resistance and retreat is at 56.25 or 56.60 ?

    Cheers,
    KC

  4. Ron/BC Says:

    KC
    BCE.to is breaking out over $55.50 which is a significant breakout. “IF” price can hold above that breakout point the pattern suggests a run up to a double top of $59.66 with ‘some’ resistance at $58.
    Some Canadian banks are selling off to important support levels and showing large positive divergences on the oscillators. EX:BMO and others. Then again RY is breaking down below important price support. Perhaps this is just the market continuing to go over the waterfall and taking back all the gains made along the way.

    https://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=3&mn=0&dy=0&id=p92422358361&a=579408570

  5. John Says:

    Weid. I purchased BCE.TO on 28-Nov-2018 for $58 CDN, still have it for my retirement.

    Today I noticed that stockcharts.com shows very different price for BCE.TO for 28-Nov-2016.

    Does anybody know why the price difference ?

    Does it have something to do with Dividend adjustment somehow …

  6. Bernie Says:

    Thought some of the retirees on here might be interested in this article. Tough to find 5% bonds these days.
    https://www.dividendearner.com/green-energy-bonds/

  7. Mary Says:

    Ana:

    Thanks for the update. Almost there. As per Armstrong turning point Nov. 21 and 22nd.
    Hopefully reached soon. Banks are encouraging to buy Mutual Funds now. Opportunity!

  8. Bobj Says:

    Bernie
    thank you for the article.
    Do you own green energy Bonds ?

  9. Paula Says:

    John re: #5
    I assume you mean that you purchased it in November 2016. I believe the difference in price would be due to the dividends. Stockcharts adjust for dividends. If you want to see the unadjusted price, put an underscore in front of the stock symbol. Here is RonB/C’s chart (without any annotations) showing the unadjusted price:

    http://schrts.co/fUstaz

  10. Bernie Says:

    Bobj,

    Re: #8
    I don’t own any bonds outright, only in funds. I put the link out there mainly for discussion. After posting I searched 5i for their take on the CoPower Green Bonds. Their summation comment is almost a year old but its enough to deter the small interest I had in this product.

    Their reply/comment was dated January 29, 2018 so I don’t think they’d mind me copying and pasting it here for non-subscribers. Here goes:

    “We do not have major concerns here, but we have not followed the space much at all. The main issue is liquidity. The bonds cannot be sold prior to maturity. We do not like this. In addition, as a private company managing the bonds there is very little financial information to go on in evaluating the manager. There is a leap of faith needed here, and we do not like that with any investment.”

    I would add please to do due diligence before purchasing any security and don’t buy what you don’t understand.

  11. Sherri Says:

    Armstrong today:

    “The US share market is still finishing its consolidation here in 2018. The future will depend greatly upon the closing for year-end. In the Dow, we have elected 2 Weekly Bearish so far whereas we elected 3 in the S&P500 and the NASDAQ.

    We have a Weekly Bearish Reversal at 24077 but the main bank of support starts at the 23995-23340 level. The maximum retest of support may reach the first Monthly Bearish at 21600.

    We can see that the S&P500 advanced following the Dow, but where the Dow moved about the uptrend channel, the S&P fell below it and then rallied to new highs in September but test the channel from beneath.

    Here we have a Weekly Bearish Reversal at 261075 and a Monthly Bearish at 259460.

    The NASDAQ also was pushing through the top of the uptrend channel and it has yet to penetrate the bottom as has been the case for the Dow.

    Here we have a Weekly Bearish at 708480 and the Monthly Bearish lies at 699100

    Keep in mind that a lower closing beneath the 2017 closings of 2501744 in the Dow, 269073 in the S&P500, and 702848 in the NASDAQ Composite will suggest the retest of support should unfold in 2019 before advancing.”

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