Tech Talk for Tuesday January 8th 2019

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Pre-opening Comments for Tuesday January 8th

U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at 75.21 U.S. following to release of the Canadian November Trade Balance Report. Consensus was an increase in the deficit to $1.96 billion from $1.17 billion in October. Actual was a deficit of $2.06 billion.

Jefferies downgraded several money center U.S. banks to Hold from Buy including JP Morgan (JPM), SunTrust Banks (STI) and US Bancorp (USB)

Union Pacific gained $10.35 to $149.00 after Cowen upgraded the stock to Outperform from Perform. Target price was raised to $178 from $153.

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Monster Beverages added $1.44 to 51.17 after Sun Trust upgraded the stock to Buy from Hold. Target was increased to $65 from $50.

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MasterCard dropped $2.14 to $188.75 after Bank of America/Merrill downgraded the stock to Neutral from Buy.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/01/07/stock-market-outlook-for-january-8-2019/

 

StockTwits Released Yesterday @EquityClock

U.S. Dollar Index ETN $UUP moved below $25.37 extending an intermediate downtrend.

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Netflix $NFLX, one of the FAANG stocks moved above $298.72 extending an intermediate uptrend.

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Another Cdn. gold producer breakout! New Gold $NGD.CA moved above $1.25 completing a base building pattern.

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Technical action by S&P 500 stocks to 10:15: Quietly bullish. Intermediate breakouts: $NFLX $KEYS. No breakdowns.

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Recipe Unlimited $RECP.CA moved above $26.69 completing a base building pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

By David Chapman

www.enrichedinvesting.com

Following is a link:

Headline reads,”

Stand Golden, Bulls Emboldened Bears, Rosy Jobs, Rattled Dove, Inching Spread, Wall Shutdown, Debt Spark”. Following is a link:

http://www.enrichedinvesting.com/PDF/Stand-Golden-Bulls-Emboldened-Bears-Rosy-Jobs-Rattled-Dove-Inching-S….pdf

 

S&P 500 Momentum Barometer

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Percent of S&P 500 stocks trading above their 50 day moving average increased 5.20 to 17.00 yesterday. It continues to recover from a deeply oversold level.

 

TSX Momentum Barometer

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Percent of TSX stocks trading above their 50 day moving average increased 3.48 to 36.36 yesterday. It continues to recover from a deeply oversold level.

 

2019 World Outlook Financial Conference

Tickets Still Available
Feb 1st & 2nd in Vancouver

CLICK to ORDER

 

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http://www.equityclock.com/about/seasonal-advantage-portfolio/

 

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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15 Responses to “Tech Talk for Tuesday January 8th 2019”

  1. OVO/6ix Says:

    Happy New Year!. I am a guy who has been piggy backing off this blog for a decade or so now. I have always felt guilty about not contributing however my knowledge is sub-par to the regulars here. However, I read Daniel Pink’s book “When” over the holidays who suggests to offer something as gratitude so I thought I’d put answers to questions I have seen here over the past year. Here goes:
    1. Solution for small, buy and hold investment accounts: Vanguard Portfolios VGRO ; VBAL. 90% cheaper than mutual funds, free rebalancing and pension like return over the long haul.
    2. Market Beta trade on way up. I use fund companies as historically they have a 1.5X market Beta. If I’m wrong they have juicy divvies while I wait. CIX in CDA ; IVZ in US. Leveraged/Inverse ETF’s scare me as their prospectus’ suggest they contain instruments that my math prof cannot explain.
    3. Barometer Capital 11 year return: https://www.barometercapital.ca/wp-content/uploads/2018/12/BCM_TS_Equity_NOV_2018.pdf
    4. Bond ETF’s as a proxies. High Yield HYG ; Junk JNK ; Broad market US AGG & Canada XBB
    5. The Leafs will win the Stanley Cup in 2020 (Long term secular decline ended in 2017, perhaps Ron BC or Ana can post a chart))

    Perhaps this is all useless however now I feel I’ve given something back this wonderful forum 🙂
    Thank you all – Happy Trading

  2. Ana Says:

    Drawing board:

    https://invst.ly/9q4xx

  3. Ana Says:

    $SPX $ES Drawing board:

    Daily

    https://invst.ly/9q544

  4. Larry/ON Says:

    More Drivel From Larry/ON Who Works In A Vacuum – $CAD stalling out after reaching top of Bollinger Band at 75.50. Very interesting comments by Andrew McCreath on BNN this morning showing the biggest manufacturing decline in Germany since 2009! Bad Bad Bad. That should put a lid on the Euro.

  5. Ron/BC Says:

    The $SPX just ran into the concrete ceiling. And so has the Dow. These major breakdown levels need to be cleared and held to suggest strength ahead. Even then there is the broken uptrendlines to deal with above. Lots of work to do for these fallen angels.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p9473364364c&a=582707024

    https://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=3&mn=0&dy=0&id=p4068821887c&a=579408678

  6. bruce Says:

    ana
    do you care to comment further on your drawing board?…..

  7. Ana Says:

    #5. bruce,

    As in “back to the drawing board”. Have been changing the support and resistance very frequently lately.

    I have not done a good job of trading today.

    The chart: S and P 500 Futures, US500, 300, which is a 5-hour chart. I posted another chart, which was a daily chart so this one would be in perspective, but it was not posted. I do not know why, maybe they thought it was the same chart, but it was a different time frame. On the daily chart the channel had changed from the last chart that I posted, just looking at different channels on different time frames. Usually, it becomes clearer for me when I look at a weekly and monthly chart. Then the daily becomes clearer.

    Sorry, I am trading on some very short time frames today, so I did not have time to repost that daily chart.

    Is there anything specifically that you wanted to know about the chart?

  8. Ana Says:

    Hopefully, this will be a head and shoulders formation on the 30 minute chart to rescue me today.

    Anyone, anyone?

  9. Florence Stokes Says:

    OVO/6ix
    Thanks for your contribution. The etf’s should be useful. #3 – Do you own Barometer Capital as you mention etf’s are much cheaper? Their returns don’t appear that great.
    Florence

  10. bruce Says:

    tnx Ana
    i was just wondering if you had drawn any conclusions from the chart…..

  11. Ana Says:

    #9. bruce,

    Sorry if this is too late? In what province do you live?

    I am attempting to see where this wave is going to end. I originally thought this was wave #4 and wave #5 would take us down. However, I have not been very successful in identifying the length of this current wave #4.

    Obviously, I was incorrect today and really did not trade well. Usually, if I keep changing time frames on my futures chart, I can tell when a reverse movement will happen. I was too slow today.

    The above joke, “anyone, anyone” was a movie, thought someone might recognize it. Do not worry, I live in a world of my own, laughing at my own jokes most of the time.

  12. Ana Says:

    #1. OXO/6ix

    Thank you for your post. Will ask some questions tomorrow, too tired today. Too much snow shoveling here in Alberta.

    I have not heard of CIX. Will plot that into my chart.

  13. bruce Says:

    tnx Ana
    i live in Calgary……. I remember the teacher asking “anyone, anyone” in Beulers Day Off movie….
    hard to know if and when this oversold market rally tops out and what downside will we see……just have to play it day by day and hang loose……

  14. Ana Says:

    #13. bruce,

    Calgary, what a lovely city. I taught there for two years in a very large high school in the north end of the city. Had a great time, should have stayed there! So close to Banff!

    Yes, the boring, monotone teacher was in a world of his own! Poor students, so bored and almost asleep!

    I think we might be close to a pullback, do not know if this will be a large pullback though. Good luck in your trading.

  15. Ana Says:

    #3. My daily chart was posted this morning, Wednesday!

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