Tech Talk for Thursday February 7th 2019

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Pre-opening Comments for Thursday February 7th

U.S. equity index futures moved lower this morning. S&P 500 futures were down 18 points in pre-opening trade.

Equity index futures were virtually unchanged following release of the Weekly Jobless Claims report. Consensus was a drop to 220,000 from 253,000 last week. Actual was 233,000.

BB&T Banks (BBT $48.53) has offered to buy SunTrust Banks (STI $58.74) in an all-stock deal valued at $66 billion. Each share of SunTrust Banks will receive 1.295 shares of BB&T shares. Estimated value per SunTrust Bank share is $62.85.

Chipotle gained $50.94 to $577.00 after reporting higher than consensus fourth quarter earnings.

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MetLife (MET $45.20) is expected to open lower after the company reported lower than consensus fourth quarter revenues.

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Nutrient (NTR $68.44 Cdn) is expected to open lower after the company reported lower than consensus fourth quarter earnings and revenues.

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BCE (BCE $57.56 Cdn) is expected to open higher after reporting slightly higher than consensus fourth quarter earnings..

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/02/06/stock-market-outlook-for-february-7-2019/

Note seasonality charts on Crude Days of Supply, Gasoline Days of Supply and U.S. Trade.

 

Observations

Nice move by the TSX Financial Services Index above 293.64 extending a short term uptrend!

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Copper Miners ETF moved above $20.56 completing a double bottom pattern. ‘Tis the season for strength in copper and copper stocks/ETFs to the end of April!

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StockTwits Released Yesterday @EquityClock

Intact Financial $IFC.CA moved above $108.42 extending an intermediate uptrend

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Editor’s Note: Higher than expected results and a dividend increase.

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $FB $CTSH $QRVO. Breakdowns: $ATVI $TTWO

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Editor’s Note: After 10:00 AM EST, breakouts included APC, BSX, FLIR, MU, HPE, MSI, SRE, ANSS, VFC, NOV and FLT. No additional breakdowns.

Another gold stock breakout! Kinross $K.CA, a TSX 60 stock moved above $4.54 extending an intermediate uptrend.

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Fortis $FTS.CA, a TSX 60 stock moved above $47.36 to an all-time high extending an intermediate uptrend.

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Linamar $LNR.CA moved above $51.51 following BNNBloomberg interview extending an intermediate uptrend.

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Tahoe Resources $THO.CA moved above$5.10 extending an intermediate uptrend

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Aerospace & Defense ETF $PPA moved above $57.39 extending an intermediate uptrend.

Editor’s Note: $ITA, another aerospace & Defense ETF also broke out, completing a similar technical pattern.

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AltaGas $ALA.CA moved above $14.51 completing a base building pattern.

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Power Financial $PWF.CA moved above $27.45 extending an intermediate uptrend.

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

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

 

Upcoming BNN Appearance:

Jon Vialoux will be on BNN’s Market Call Tonight at 6:00pm ET this Friday, February 8th taking your calls on Technical Analysis and Seasonal Investing.  CALL TOLL-FREE 1-855-326-6266,  EMAIL marketcall@bnnbloomberg.ca,  or TWEET @MarketCall.

 

S&P 500 Momentum Barometer

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The Barometer slipped 1.60 to 86.40 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 0.06 to 85.96 yesterday. It remains intermediate overbought.

 

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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7 Responses to “Tech Talk for Thursday February 7th 2019”

  1. KC Says:

    Hello Paula,

    It was me that had asked you about bce.to. I sold mine on tuesday as well for a small profit. Will be looking to get back into it when the time is right. Would be interested in knowing if you jump into it again.

    Cheers
    KC

  2. Paula Says:

    Hi KC,
    I thought maybe it was you and I saw that you sold it. I still have a position but wanted to sell some to take profits/raise cash and will be buying back in when there is another pullback, which I expect, like everyone else. The reaction to the earnings this morning seemed a bit on the negative side but the overall market is down, so I expect that it’s mostly a sell into resistance, which I guess is what you and I did. It still seems to be holding up well – I do believe the high dividend supports the stock price, especially when interest rates don’t seem to be going up, at least not in the foreseeable future.
    Here is RonB/C’s chart from Jan 30 with ADX added on the bottom. Green was above red and ADX on the recent run up but green has now crossed below ADX and red is turning up. Also, ADX seems to be making a lower high, so I expect a trading range with a possible pullback to ~ 55. This is the adjusted for dividends Canadian stock. It will different on the US side, which Ron/BC prefers.

    http://schrts.co/sacTryYz

  3. Ron/BC Says:

    The Canadian dollar $CDW has pulled back to the important 75 support level. This needs to hold here or price will breakdown and selloff sharply once again. The 2nd chart of Seasonality doesn’t suggest a positive outcome for $CDW in February and March.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=0&dy=0&id=p3574391319c&a=579408456

    https://stockcharts.com/freecharts/seasonality.php?symbol=%24cdw&compare=

  4. Ron/BC Says:

    Paula
    BCE (NYSE) had good support at $38-$39 which was tested again in Nov/Dec. Price is very overbought and has rolled over and is testing $43 support. Not worth chasing a couple of bucks here I don’t think. A pullback to the 200ema that price has shown respect for in the past might be worth a look at the time but price action is volatile with this stock. March and April Seasonality charts look good.

    https://stockcharts.com/h-sc/ui?s=BCE&p=D&yr=4&mn=0&dy=0&id=p2646201541c&a=579408663

    https://stockcharts.com/freecharts/seasonality.php?symbol=bce&compare=

  5. Ron/BC Says:

    KC NTR

    The latest weather report for Victoria and other West Coast areas here predicts snow and bitterly cold temperatures the next couple of days at least. The old saying: Speak of the devil and he’s sure to appear” seems to fit. Mind you they often talk bad weather news here but seeing is believing as it’s usually not much to be concerned about. BUTTTTTTTTTTT “Maybe it’s different this time”………………

  6. Paula Says:

    Ron/BC,
    Thanks for the NYSE BCE chart and comments. Will try to wait patiently for a pullback.

  7. Paula Says:

    Ron/BC,
    It also helps to see the CDN dollar chart – appreciate you posting that. Keep warm!

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