Tech Talk for Thursday March 14th 2019

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Pre-opening Comments for Thursday March 14th

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 the Weekly Initial Jobless Claims report. Consensus was an increase to 225,000 from 223,000 last week. Actual was 229,000.

Dollar General dropped $6.69 to $113.99 after reporting lower than consensus fourth quarter earnings. The company also lowered guidance.

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General Mills gained $0.58 to $47.66 after Deutsche Bank upgraded the stock to Buy from Hold.

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Apple added $2.01 to $183.72 after Cowen initiated coverage with an Outperform rating.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/03/13/stock-market-outlook-for-march-14-2019/

Note seasonality charts on MSCI World ex U.S. Index, Durable Goods Orders and Construction Spending

 

Observations

The S&P 500 Index continues to “hit its head” against the 2820 level.

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Commodity prices continue moving higher. ‘Tis the season for strength to the end of April!

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Advances yesterday in Canadian and U.S. stocks, indices and related ETFs were prompted primarily by strength in crude oil prices above $57.88 U.S. per barrel.

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Higher base metal prices also helped.

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So much for Brexit fears! British Pound reaches a nine month high.

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StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $DG $NRG $INFO. No breakdowns.

Editor’s Note: After 10:00 AM EDT, breakouts included CSX, PKG, FTV and FITB. Breakdowns included VIAB and K

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U.S. Oil Fund $USO moved above $12.06 extending an intermediate uptrend.

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Linamar $LNR.CA moved below intermediate support at $47.74.

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TSX 60 iShares $XIU.CA moved above $24.23 to an all-time high extending an intermediate uptrend.

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Consumer Staples SPDRs $XLP moved above $54.84 extending an intermediate uptrend.

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 13th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 13th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 13th 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 added 2.00 to 83.80 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer gained 0.84 to 73.95 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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4 Responses to “Tech Talk for Thursday March 14th 2019”

  1. FishFat Says:

    Yesterday’s breakout of the price of WTI had only lacklustre volume support. There is also negative divergence on several indicators that makes me nervous. But, seasonality is positive and as Ron/BC points out, price is king. I suppose, a breakout is a breakout, even a weak one. Just don’t get too comfortable. It is not a good time to fall asleep at the switch.
    https://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&st=2018-05-28&en=2019-03-13&id=p70627251908&listNum=85&a=651930240

  2. Ron/BC Says:

    FishFat

    The Oil Fund ETF:USO is poking its nose above $12 but not convincingly and clearing $12.26 would be more convincing. But if price can hold above $12 and even just hang in there with improving techncials and consolidate that would be positive. As usual the U.S.$ will determine most price action on the markets.

    https://stockcharts.com/h-sc/ui?s=USO&p=D&yr=1&mn=6&dy=0&id=p20802467212&a=651189015

    https://stockcharts.com/h-sc/ui?s=USO&p=D&yr=4&mn=0&dy=0&id=p63065841385&a=579408486

  3. Gary Says:

    Is there something wrong with this site? I’m getting a NOT SECURE icon at the top, near the address.
    Won’t let me paste anything in this box.
    Trying to update Armstrong’s latest blog.

  4. Ana Says:

    #3. Gary,

    I have always had that “Not Secure” in front of the address.

    I have not had a problem when I post something, though.

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