Tech Talk for Tuesday January 29th 2019

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Pre-opening Comments for Tuesday January 29th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Biogen (BIIB $330.01) is expected to open higher after reporting higher than consensus fourth quarter sales and earnings.

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Pfizer dropped $1.13 to $38.40 after lowering guidance.

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Metro (MRU.TO $48.99) is expected to open higher after raising its dividend.

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MMM gained $6.24 to 199.44 after reporting higher than consensus fourth quarter earnings.

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Whirlpool dropped $8.21 to $116.25 after reporting lower than consensus fourth quarter earnings. The company also lowered guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/01/28/stock-market-outlook-for-january-29-2019/

 

Technical Action Yesterday

Editor’s Note: StockTwits site was down yesterday. Following are comments that would have been posted @EquityClock.

Pfizer $PFE, a Dow Jones Industrial stock moved below $40.42 extending an intermediate downrend.

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Vale $VALE moved below $12.55 following a dam break at one of its mines extending an intermediate downtrend.

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Investco India ETF $PIN moved below $23.35 setting an intermediate downtrend.

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SNC Lavalin $SNC.CA, a TSX 60 stock moved below $43.46 on negative guidance extending an intermediate downtrend.

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Gold stocks are responding to higher gold prices. Nice breakout by Franco-Nevada $FNV $FNV.CA above $74.17 U.S. extending an intermediate uptrend.

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‘Tis the season for Franco-Nevada to move higher to the end of February! $FNV $FNV.CA

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Technical action by S&P 500 stocks yesterday: Quietly bullish. Intermediate breakouts: KIM, UDR and ESS. Breakdown: PFE

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TSX Composite Index continues to outperform the S&P 500 Index.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 28th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 28th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 28th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

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Technical Scoop

David Chapman’s Weekly report (compliments of www.enrichedinvesting.com)

Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2019/01/Technical-Scoop-2019-Jan-28-Final.pdf

 

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

 

S&P 500 Momentum Barometer

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The Barometer dropped 3.00 to 70.20 yesterday. It remains intermediate overbought, but continues to trend higher.

 

TSX Momentum Barometer

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The Barometer gained 1.36 to 79.32 yesterday. It remains intermediate overbought, but 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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6 Responses to “Tech Talk for Tuesday January 29th 2019”

  1. sp Says:

    yesterday u had posted, VXX cash out, today is last day. so they will cancel TVIX too

    thanks

  2. Kam Says:

    SP,

    Sounds like that question is for me.

    NO. TVIX is ok. Only VXX going offline today. Whoever is left holding by end of day, it will be cash settled in your account. Problem could be that it might trade way off the NAV end of day so one might be short changed in cash settlement.
    When they started VXX 10 yr ago they didn’t know how well it be received in market to made it to expire Jan 2019 which can’t be changed. New one VXXB will expire in 30 yrs now so no worries there.

  3. KC Says:

    Hi Ron/BC,

    Wondering if you’d be kind enough to share your thought n TA on OIH and oil services sector in general please? What other oil services equities have you kept tabs on through the years, if any?

    Thanks’
    KC

  4. Ron/BC Says:

    Here is a 6 month chart of the Daily $SPX. Price cleared the November lows of 2630 and is trying to hold above this important price point over the last 8 trading days. Price has been testing the downtrendline from the October highs which is also the 200ema and typically also the Fib 61.8% retracment point of the October through December selloff. The 3 day chart pattern before today was a bearish Island Reversal but price did not breakdown today. Price must hold above this 2630 resistance turned support AND then clear 2700 to suggest up,up and away once again. The Capitulation in late December was a major ‘throw in the towel’ event so the rally was to be expected and perhaps more upside to come. Bottom line price needs to clear 2700 and hold above 2630 to mean anything from here.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p3663504000c&a=639595909

  5. Ron/BC Says:

    Here is the $S&P/$TSX 60 INDEX ETF:XIU.to. And of course it is once again doing something that one wouldn’t expect. The Long Term Modified MACD has given a BUY SIGNAL which simply means the 50ema has crossed above the 200ema. And price has cleared the downtrendline from September and price has also cleared its 200ema. AND the 20ema has also cleared its 50ema. Sooooooooo there isn’t anything that bearish about this chart other than it is very overbought. That is what the chart is saying in any case. Perhaps the U.S.$ will selloff and commodities will rally. That might explain things,if one needs a reason.

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=3&mn=3&dy=0&id=p3094112272c&a=579408564

  6. Ron/BC Says:

    KC
    Here is a long term chart of OIH. I’ve overlaid the CD$ to show the correlation. You can see price even broke down below the 2008 and 2016 and 2017 lows. Those lows around $20 are major price resistance now. Markets have changed dramatically over the years and I wouldn’t put a dime on this or many other markets that have turned on a dime and defied logic with politics affecting so many markets now.

    https://stockcharts.com/h-sc/ui?s=OIH&p=D&yr=15&mn=0&dy=0&id=p0289556216c&a=643048160

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