Tech Talk for Wednesday January 16th 2019

Daily Reports Add comments

Pre-opening Comments for Wednesday January 16th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

First Data gained $3.50 to $20.99 and Fiserv dropped $3.44 to 71.60. Fiserv has offered to acquire First Data (FDC $) in a share exchange valued at $22 billion. Each share of First Data will convert into 0.303 shares of Fiserv.

clip_image001[1]

United Continental (UAL $81.20) is expected to open higher after reporting higher than consensus fourth quarter results.

clip_image002[1]

Nordstrom (JWN $47.26) is expected to open lower after lowering its fiscal fourth quarter guidance.

clip_image003

Goldman Sachs gained $5.58 to $185.46 after reporting higher than consensus fourth quarter earnings.

clip_image004

Bank of America gained $1.22 to $27.77 after reporting higher than consensus fourth quarter earnings.

clip_image005[1]

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/01/15/stock-market-outlook-for-january-16-2019/

Note seasonality chart on the Empire State Manufacturing Survey.

 

StockTwits Released Yesterday @EquityClock

Facebook $FB, one of the FAANG stocks moved above $147.19 completing a double bottom pattern.

clip_image001

Hudbay Minerals $HBM.CA moved above $7.34 completing a Reverse Head & Shoulders pattern.

clip_image002

‘Tis the season for Hudbay Minerals $HBM.CA and other base metal stocks to move higher to May!

clip_image004

Technical action by S&P 500 stocks to 10:15: Quietly bullish. Intermediate breakouts: $FB $UNH $AVGO $CNP. No breakdowns.

Editor’s Note: After 10:15 AM EST, breakouts included AFL and VRSN. Breakdown: $GT.

clip_image005

‘Tis the season for Broadcom $AVGO to move higher to the end of March!

clip_image007

UnitedHealth Group $UNH, a Dow Jones Industrial stock moved above $250.28 on higher than consensus Q4 earnings completing a short term bottom pattern.

clip_image008

Barrick Gold $ABX.CA, a TSX 60 stock moved below $16.06 Cdn. extending an intermediate downtrend.

clip_image009

TMX Group $X.CA moved above$73.62 completing a base building pattern.

clip_image010

Empire State Manufacturing Survey shows +7.6 in January, firmly below +12.3 that is average for the month. $MACRO #Economy #Manufacturing

clip_image011

Bonavista Energy $BNP.CA, a “gassy” Canadian energy stock moved above $1.35 extending an intermediate uptrend.

clip_image012

‘Tis the season for Canadian energy stocks to move higher to May! $XEG.CA

clip_image014

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 15th 2019

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 15th 2019

clip_image018

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 15th 2019

clip_image020

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

clip_image021

Percent of S&P 500 stocks trading above their 50 day moving average slipped 3.00 to 35.60 yesterday. It remains intermediate oversold, but continues to trend higher.

 

TSX Momentum Barometer

clip_image022

Percent of TSX stocks trading above their 50 day moving average increased yesterday by 6.30 to 68.07. It remains intermediate overbought, but continues to trend higher.

 

2019 World Outlook Financial Conference

Tickets Still Available
Feb 1st & 2nd in Vancouver

CLICK to ORDER

 

clip_image024

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

Sponsored By...



13 Responses to “Tech Talk for Wednesday January 16th 2019”

  1. dave/ab Says:

    Hi Wsto

    From yesterday post #14

    I view that state as bear market long term and rally short term. Time frame dependent and may dictate your investing style

  2. Larry/ON Says:

    TD is rallying on US bank earnings. I don’t think it’s fully priced into the stock

  3. Paula Says:

    Ana, thanks for preserving and posting that chart last night. I think you are targeting a short term fill of the gap to ~ 2650. Is that correct?

    Ron/BC, thanks for continuing to post and comment on the important charts on SPX, interest rates and Canadian and US dollars. Appreciate it.

  4. Ana Says:

    #3. Paula,

    Well, when I post things it sometimes becomes clearer to me and maybe someone else can see something that I can not see.

    Yes, that gap is 2650.

    Stockcharts fixed the permalink, so I can repost this chart that I revised from an original chart from Ron/BC.

    http://schrts.co/AJHzxBUZ

    So, the 61.78% retracement from the bottom for the futures is found at 2627, we are at 2625 currently.

    I do not like how the Bollinger band is suddenly turned up on the upper band. There is another gap small up further at 2700.

    If anyone would like to repost this chart with the gaps and the wedge, please go ahead.

  5. Ron/BC Says:

    Ana
    Just finished 4th day at the golf course before the weather changes. Will post charts later.

  6. Ron/BC Says:

    Ana

    Here is a 4 month $SPX chart. Price is bumping up against the broken price support lows of the last few months at 2625 which is also the 50ema that price tends to respect. I don’t see any gaps but then don’t pay too much attention to them as price does tend to fill them over time but don’t have meaningful significance, at least to me. IF price can clear and hold above 2625 there would be good odds of a rally further with so many focusing on the resistance level which ‘could’ turn into support and fuel a rally and short covering. Also thanks for the heads up on Stockcharts permalink fix as it does seem to be working again and I never did contact them about it.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=4&dy=0&id=p1144961767c&a=639595909

  7. Ron/BC Says:

    Don’t know if anyone can see this or not but I suspect not as it was too easy to copy and paste it here. It is a picture from a tee off point on a hill overlooking an island where the green is. And in the background at the top is Mt. Baker.

    https://wm-no.glb.shawcable.net/zimbra/mail#4

  8. Ron/BC Says:

    RE:#7
    Link doesn’t work.

  9. GARY Says:

    Armstrong

    The Dow is pushing higher to test the key resistance area in the 25000 zone both technically and on our Reversals system. The key day for a target will be Monday 21st. The following week of the 28th remains as a Panic Cycle. We still see a closing above 24089 should point to the test of the 25000 area. There will still be the risk of a retest of the lows after the 21st.

    Keep in mind that we nearly reached the Monthly Bearish which was the ideal target at 21600 stopping at 21712. That means we could still make a new low, but the bulk of the decline is normally confined to the first two time intervals which was therefore December. Only a monthly closing BELOW 21600 would signal a more pronounced decline. This is all a setup for what will be the Greatest Trade of most people’s lives.
    Support right now lies at 23775 on a closing basis.

  10. bruce Says:

    tnx Gary for the Armstrong update…..

  11. Ana Says:

    Dow

    https://invst.ly/9t028

    I do not know anything about the Dow.

  12. Ana Says:

    #6. Ron/BC

    Thank you for the chart.

    We shall see if the “gap fill” is important or not, very soon.

    As I have mentioned prior to this, the resistance is not a straight line because it continues up and across the chart from 02/08/2018. This resistance line indicates the bottom shoulder line of the head and shoulder that broke and took us down to the low in December.

    We are close to a breakdown as we are running out of room in the current formation.

  13. Ron/BC Says:

    Ana

    I’ve drawn in the uptrendline (dotted green line)from the Feb low you mentioned and it does line up with the April and October low. It also matches up with the ‘closing lows’ of late April, May, October and November. So both lines have converged and show important price resistance here at 2630. The sold thick green line marks the Feb, early April closing lows at 2580 that held and was successfully tested in December intraday (concrete ceiling area) and saw price slowly work its way through it to the 2630 resistance which was the October,November and mid December ‘closing lows’. Price is in this 2580-2630 resistance zone and needs to clear and hold above it to suggest more on the upside with a run to 2800 if cleared. There is an indicator that is also good at defining confidence or lack of it with traders and investors. Here is the FEAR GUAGE and you can see it is still at the FEAR level. This to me is suggesting major capitulation has taken place on the big selloff since October and despite the almost 50% rally back of the $SPX Traders/Investors are still fearful. That’s a good backdrop for the market to breakout and rally to 2800. But seeing is believing………….I just wouldn’t short it here.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p6866986819c&a=582707024

    https://money.cnn.com/data/fear-and-greed/

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in