Tech Talk for Tuesday March 5th 2019

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Pre-opening Comments for Tuesday March 5th

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

The Shanghai Composite added 0.88% to 3,054.25 after the Chinese government lowered its VAT tax on manufactured goods to 13% from 16%. The government predicted economic growth in 2019 at a 6.0-6.5% rate.

Salesforce.com dropped $2.49 to $156.01 after issuing negative guidance.

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Kohl’s gained $3.25 to $69.72 after reporting higher than consensus fourth quarter earnings. The company also raised its guidance and increase its dividend by 9.8%.

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Target added $3.94 to $76.61 after reporting higher than consensus fourth quarter sales and earnings.

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Aurora Cannabis (ACB $$9.60 Cdn) is expected to open higher after Cowen initiated coverage with an Outperform and Top Pick rating.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/03/04/stock-market-outlook-for-march-5-2019/

Note seasonality chart on Construction Spending.

 

StockTwits Released Yesterday @EquityClock

Weakest economic growth in Canada since 2015 and two areas stand out. Subscribe now to learn more: charts.equityclock.com/subs… $STUDY #CDNecon

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Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $GOOG $GOOGL $CMG. Breakdown: $FMC

Editor’s Note: After 10:00, breakout included LNT and breakdowns included SYMC, MPC, DVA and MOS

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Enbridge $ENB.CA moved below $46.47 on delayed start of its Line 3 Replacement Project. Brokers slightly cut target prices

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Another Canadian "gassy" stock breakout! Crew Energy $CR.CAmoved above $0.99 completing a base building pattern

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Methanex $MX.CA moved above $78.33 completing a reverse Head & Shoulders pattern

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Franco-Nevada $FNV $FNV.CA, a TSX 60 stock moved below $73.45 U.S. and $97.83 Cdn completing a double top pattern

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Brazil iShares $EWZ moved below $42.05 completing a double top pattern

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Early warning signal on U.S. equity indices! Dow Jones Transportation Average and related ETF $IYT moved below their 20 day moving average

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South Korea iShares $EWY moved below $62.29 completing a double top pattern

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

David Chapman’s Weekly Comment compliments of www.EnrichedInvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/03/Riveting-focus-spooked-gold-dangerous-long-humming-weaknesses-Powell-put-no-recession-buyback-view.pdf

 

Keith Richard’s Blog

An update on the Bear-O-Meter

https://www.valuetrend.ca/bear-o-meter-and-the-great-mystery-buyer/

 

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

 

Update

Favourable seasonal comments were accompanied with favourable technical comments on Enbridge (ENB $46.65) on January 8th when the stock broke above $44.10. Yesterday, the stock broke below its 20 day moving average and support at $46.47. Accordingly, the stock no longer is favoured.

 

S&P 500 Momentum Barometer

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The Barometer dropped 2.40 to 89.20 yesterday. It remains intermediate overbought and has rolled over.

TSX Momentum Barometer

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The Barometer slipped another 0.42 to 81.43 yesterday. It remains intermediate overbought and has rolled 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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3 Responses to “Tech Talk for Tuesday March 5th 2019”

  1. Roy Says:

    wrt replies yesterday
    Thanks to Ron/BC,BobJ and Rocketdave for your replies. I was finding the banks charges really high and was looking for alternative places to buy. Thanks.Your help is appreciated.

  2. Ana Says:

    kam,

    There is nothing wrong with sitting out and waiting for the trade. Waiting for your indicators to tell you to jump in is all good.

  3. Ron/BC Says:

    Here is a chart of the SDS which is the Ultra Short $SPX. Price broke down below the November lows of 35 and fell to first support at 34. Price is now trapped between support and resistance in a very tight range. A break above 35 would suggest a further selloff in the $SPX and a break below 34 would suggest a test of the October lows at 32.37. The overall chart pattern suggests a test of the October lows before a rally of substance in this ultra short ETF:SDS occurs. With such a tight range it shouldn’t be long to find out.
    The single short $SPX ETF:SH continues to test the 28.10 area. A breakdown below this level would likely see price test the low 27 dollar area. Not far away now regardless.

    https://stockcharts.com/h-sc/ui?s=SDS&p=D&yr=2&mn=0&dy=0&id=p6187666370c&a=630713578

    https://stockcharts.com/h-sc/ui?s=SH&p=D&yr=2&mn=0&dy=0&id=p0305210373c&a=649895636

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