Tech Talk for Wednesday February 27th 2019

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Pre-opening Comments for Wednesday February 27th

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

The Canadian Dollar was virtually unchanged at 76.08 cents U.S. following release of the January Consumer Price Index. Consensus was an increase of 0.2% versus a drop of 0.1% in December. Actual was an increase of 0.1%. On a year-over-year basis, consensus for the January Consumer Price Index was an increase of 1.5% versus a gain of 2.0% in December. Actual was an increase of 1.4%..

Weight Watchers plunged $10.32 to $19.25 after reporting lower than consensus quarterly revenues. The company also lowered guidance. The stock was downgraded by six investment dealers. Morgan Stanley lowered its target price to $14 from $25 and added the stock to its Focus List on top short ideas.

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Best Buy gained $6.69 to $67.00 after reporting higher than consensus fourth quarter sales and earnings. The company also increased its dividend by 11% and announced a new $3 billion share buyback program.

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Gap Stores (GPS $24.85) is expecting to open higher after announcing a new $1 billion share buyback program.

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Mylan Labs dropped $2.87 to $27.75 after reporting lower than consensus fourth quarter earnings. The company also lowered its guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/02/26/stock-market-outlook-for-february-27-2019/

Note seasonality chart on U.S. Housing Starts.

 

Observation

Brookfield Asset Management (BAM $BAM.A.TO), a TSX 60 stock moved above $59.12 Cdn and $44.89 U.S. to an all-time high extending an intermediate uptrend.

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StockTwits released yesterday @EquityClock

Encana $ECA $ECA.CA, a TSX 60 stock moved above $7.12 U.S. and $9.46 Cdn. completing a double bottom pattern

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Telus $T.CA, a TSX 60 stock moved above $47.82 extending an intermediate uptrend.

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Editor’s Note: The stock subsequently moved above $48.18 to an all-time high.

Rogers Communications $RCI.B.CA $RCI, a TSX 60 stock moved above $73.65 Cdn to an all-time high extending an uptrend.

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Nike $NKE, a Dow Jones Industrial stock moved above $85.79 to an all-time high extending an intermediate uptrend.

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Canadian "gassy" stock breakouts! $ECA $PSK.CA $AAV.CA above $2.40

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Technical action by S&P 500 stocks to 10:30: Quietly bullish. Intermediate breakouts: $NKE $MNK. No breakdowns.

Editor’s Note: After 10:00 AM EST, one more breakout: FLT. No breakdowns

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Cdn. Natural Resources $CNQ.CA $CNQ, a TSX 60 stock moved above $37.33 completing a reverse Head and Shoulders pattern

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Enbridge $ENB.CA, a TSX 60 stock moved above $48.93 extending an intermediate uptrend.

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Canfor $CFP.CA moved below $14.48 extending an intermediate downtrend

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 26th 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/

 

S&P 500 Momentum Barometer

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The Barometer slipped 0.60 to 91.40 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 2.11 to 86.50 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

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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One Response to “Tech Talk for Wednesday February 27th 2019”

  1. Ana Says:

    Macd still remains crossed on the daily to the down side. Still, no great movement to the downside so will follow this closely.

    https://invst.ly/a5fdq

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