Tech Talk for Tuesday December 4th 2018

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Pre-opening Comments for Tuesday December 4th

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade.

Bank of Montreal (BMO $99.00) is expected to open higher after reporting higher than consensus fiscal fourth quarter earnings. The Bank also raised its quarterly dividend.

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Autozone gained $15.54 to $840.00 after reporting higher than consensus fiscal first quarter earnings.

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Dollar General dropped $7.26 to $104.44 after lowering guidance.

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Apple dropped $3.67 to $181.15 after HSBC downgraded the stock to Hold from Buy.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/12/03/stock-market-outlook-for-december-4-2018/

Note seasonality charts on Construction Spending and S&P/TSX Small Cap Index

‘Tis the season for strength in a variety of markets! Here are the seasonality charts. Price charts are indicated in the StockTwits section.

 

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StockTwits Released Yesterday @EquityClock

China Large Cap iShares $FXI moved above $42.03 completing a base building pattern

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Technical action by S&P 500 stocks to 10:15: Bullish. 35 stocks broke intermediate resistance. $CVX One broke support.

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Editor’s Note: After 10:15 AM EST, breakouts included IR, DHI, MA, ISRG, KIM, PNW, PWR, MKC and EBAY.

iShares Emerging Markets $EEM moved above $41.70 completing a base building pattern

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Frontier iShares $FM moved above $27.86 completing a base building pattern

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Industrial SPDRs $XLI moved above $73.34 completing a base building pattern

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South Korea iShares $EWY moved above $62.03 completing a base building pattern

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Semiconductor iShares $SOXX moved above $171.01 completing a base building pattern. Also $SMH

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Soybean ETN $SOYB moved above $16.64 completing a base building pattern

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Medical Device iShares $IHI moved above $217.50 completing a base building pattern

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Biotech ETF $BBH moved above $126.85 completing a base building pattern

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Hudbay Minerals $HBM.CA moved above $6.98 completing a reverse Head & Shoulders pattern

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Another Canadian base metals breakout! Lundin Mining $LUN.CA moved above $6.20 completing a base building pattern

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US #Construction Spending down 0.5% (NSA) in October, stronger than the 1.3% decline that is average for the month. $MACRO #Economy

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Imperial Oil $IMO.CA, a TSX 60 stock moved below $33.78 setting an intermediate downtrend

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Seasonal Advantage Portfolio had a great November and to start December strongly higher. Are you invested yet? equityclock.com/about/seaso… $SPX

 

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 3rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 3rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 3rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

David Chapman’s Weekly Technical Scoop

Compliments of www.EnrichedInvesting.com

Dovish Musing, Barely Begun Bear, Positive Seasonality, Payroll Watch, Fear and Greed Phases, Toppy USD

Following is a link:

http://www.enrichedinvesting.com/PDF/Dovish-Musing-Barely-Begun-Bear-Positive-Seasonality-Payroll-Watch-Fear-and-Greed-Phases-Toppy-USD.pdf

 

S&P 500 Momentum Barometer

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The Barometer jumped 7.80 to 64.60 yesterday. It moved to Intermediate Overbought from Intermediate Neutral on a move above 60, but continues to trend higher.

 

TSX Momentum Barometer

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The Barometer added 0.83 to 40.91 yesterday. It remains Intermediate Neutral and 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 December 4th 2018”

  1. JSingh/Brampton Says:

    Ron/AB. Thank you so much for your obversations re: SPX@ 2579. Bond market signally rough waters ahead. Been using AGG as US Broad Bond Markert Proxy and XBB for Canada. Sloppy over past 18 months but looks like early signs of life. Happy to be proven wrong 🙂

  2. Ron/BC Says:

    The spread between the Canadian 2 year yield and 10 year yield is now just “5” basis points. And the spread between the U.S. 2 year yield and 10 year yield is now just “10” basis points. Perhaps Dutchcanuck or anyone else familiar with the consequences of this situation could comment on the problem with that and what it suggests. From my brief understanding it presents problems with the banking system.

  3. Bernie Says:

    Well respected Economist David Rosenberg’s outlook on what lies ahead for markets in 2019.
    https://www.bnnbloomberg.ca/video/larry-berman-market-outlook-for-2019-with-david-rosenberg~1554944

  4. Polish1 Says:

    FLOT ETF, investment grade floating rate bonds BBB
    https://stockcharts.com/h-sc/ui?s=FLOT&p=D&yr=0&mn=8&dy=0&id=p9735944132c&a=634386237&listNum=51
    huge move in this ETF the last couple of days, and yesterday’s big sell off was a pre warning about the markets that something was up with the credit markets. AS you can see typically this ETF has very small moves, so these last two moves are huge way out of norm.

    anyway a good chart to keep an eye on in the future

  5. Ron/BC Says:

    Bernie
    Re:#3
    Thanks for the link.

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