Tech Talk for Thursday January 31st 2019

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Pre-opening Comments for Thursday January 31st

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Index futures were virtually unchanged following release of weekly Initial Jobless Claims at 8:30 AM EST. Consensus was 211,000 versus 200,000 last week. Actual was 253,000.

The Canadian Dollar was virtually unchanged following release of November Canadian real GDP. Consensus was a year-over year gain of 1.6%. Actual was 1.7%.

Charles Schwab gained $0.88 to $47.75 after announcing a $4 billion share buyback and a dividend increase

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Facebook advanced $16.43 to $166.85 after reporting higher than consensus fourth quarter earnings.

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Tesla dropped $10.53 to $298.50 after reporting less than consensus quarterly earnings.

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Microsoft dropped $2.88 to $103.50 after reporting less than consensus fourth quarter revenues.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2019/01/30/stock-market-outlook-for-january-31-2019/

Note seasonality charts on Case/Shiller 20 City Home Price Index, Crude Oil Days of Supply and Gasoline Days of Supply.

Observations

The Canadian Dollar moved above 75.88 cents U.S. on combination of weakness in the U.S. Dollar Index and strength in commodity prices following release of FOMC guidance on U.S. monetary policy.

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TIPS moved higher in anticipation of higher commodity prices and flat interest rates.

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Equity index futures recorded strong gains following release of the FOMC statement at 2:00.

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The U.S. Dollar Index and its related ETF dropped sharply following the FOMC statement

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U.S. Treasury prices moved higher following the FOMC statement.

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StockTwits Released Yesterday @EquityClock

Our 64-page monthly outlook for February has just been released. Want a copy? Subscribe via the following link: https://charts.equityclock.com/subscribe

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Technical action by S&P 500 stocks to 10:00: Bullish: Intermediate breakouts: $RCL $SYK $BA $XRX $ARE. Breakdown: $JNPR

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Editor’s Note: After 10:00 AM EST, intermediate breakouts included MAC, ANTM, DOV, HP, HD, EL, BRK.B, AES, MGM, WLTW, PLD and MYL. Breakdown: ILMN

CCL Industries $CCL.B.CA, a TSX 60 stock moved above $55.52 extending an intermediate uptrend

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Wheaton Precious Metals $WPM, a TSX 60 stock moved above $20.18 U.S. extending an intermediate uptrend

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U.S. REIT ETF $IYR moved above $82.50 to an all-time high extending an intermediate uptrend

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WTI Crude Oil at $54.64 moved above $54.55 completing a reverse Head & Shoulders pattern $USO

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‘Tis the season for crude oil to move higher to summer! $USO

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Editor’s Note: Higher crude oil prices prompted strength in the Russian ETF.

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Berkshire Hathaway $BRK.B, a Dow Jones Industrial stock moved above $205.01 completing a base building pattern

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Tis the season for Berkshire Hathaway $BRK.B to move higher to May!

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Silver equity ETF $SIL moved above $26.54 extending an uptrend. ‘Tis the season for silver and silver equities to move higher to April.

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First Quantum Minerals $FM.CA moved above $13.90 and $14.20 completing a base building pattern.

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Tis the season for First Quantum $FM.CA and related base metal stocks to move higher to mid-May! XBM.CA

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More Canadian gold stock breakouts! $KGC $BTO.CA. ‘Tis the season for strength in gold stocks to end of February!

China Large Cap iShares $FXI moved above $42.59 completing a reverse Head & Shoulders pattern

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‘Tis the season for Chinese markets and related funds to move higher to May! $FXI $CAF $XCH.CA $ZCH.CA

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Homebuilder ETF $XHB moved above $36.08 completing a double bottom pattern.

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‘Tis the season for Home Building stocks/ETFs to move higher to the end of April! $XHB $ITB $HD

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Goldcorp $G.CA $GG, a TSX 60 stock moved above $14.45 and 14.52 Cdn. completing a reverse Head & Shoulders pattern

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 30th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 30th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 30th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

2019 World Outlook Financial Conference

Feb 1 & 2 in Vancouver
92% Sold – Don’t Wait To Buy Your Tickets
CLICK HERE to order

 

Wall Street Raw Update

Hosted by Mark Leibovit

Due to travel and a presentation deadlines,.there will be no live recording of Wall Street Raw Radio on February 1. Next broadcast February 8.

Editor’s Note: Mark Leibovit and Don Vialoux are presenters at the 2019 World Outlook Conference

 

S&P 500 Momentum Barometer

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The Barometer added 6.40 to 79.40 yesterday. It remains intermediate overbought, but continues to trend higher.

 

TSX Momentum Barometer

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The Barometer added another 4.22 to 83.97 yesterday. It remains intermediate overbought, but continues to trend higher.

 

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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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6 Responses to “Tech Talk for Thursday January 31st 2019”

  1. Tawny Says:

    Gary

    Thanks for Armstrong Blog posts!

  2. Mary Says:

    Gary:

    Appreciate the update. Thanks.

  3. KC Says:

    Morning Ron/BC,

    Would really appreciate having your thoughts and TA on a couple of others today, if you dont mind please.

    What are your thoughts on IAU, is it too late to chase now that its left the barn and broken resistance?

    Also curious to know what you think of CAE.TO Been watching this for a couple of years. Does’nt seem like there will ever be a good time to get it lol

    Thanks,
    KC

  4. KC Says:

    Ron/BC, Thanks for BCE post yesterday.

  5. Ron/BC Says:

    KC
    Here is IAU that tracks $GOLD closely. I’ve often been tempted to buy this ETF but note how little dollar movement there is rather than watching the chart rally sharply. Price did re-clear the $12 breakdown point and is now clearing the broken uptrendline and downtrendline. That’s bullish but since clearing $12.40 next resistance is just above $13 which is less than one dollar from here. There are lots of ETFs and stocks that are like that with no dollar amount movement to speak of. So one has to ask themselves if it’s worth the trouble and risk to chase pennies. At the same time there isn’t much downside to worry about either so ‘if’ $GOLD is going to continue to rally with a falling U.S.$ it’s as good as many precious metal ETFs for rallying. Price does need to clear AND hold above this breakout point to remain bullish. Note above chart where this $GOLD ETF is outperforming the GOLD Stock ETF:GDX. This is not typical to be bullish as the stocks tend to outperform the metal. But then again the entire market is ass backwards in many ways.
    CAE.to is breaking out above $27.80 area and needs to hold above this level and at least consolidate above to suggest a continued uptrend. Price is very overbought like many stocks and ETFs and are likely to consolidate above breakout points or fail to hold them soon enough. Pullbacks to breakout points give far better odds of success than buying breakouts that often are just nose pokes above resistance where short sellers clobber them.

    https://stockcharts.com/h-sc/ui?s=IAU&p=D&yr=8&mn=0&dy=0&id=p8986555910c&a=579408576

    https://stockcharts.com/h-sc/ui?s=CAE.TO&p=D&yr=3&mn=0&dy=0&id=p1528153775c&a=643356162

  6. KC Says:

    Ron/BC – Sold out of BCe.TO for an ok 7%
    Will await the next RSI entry points 🙂

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