Tech Talk for Friday March 22nd 2019

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Pre-opening Comments for Friday March 22nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening trade.

The Canadian Dollar dropped 0.16 to 74.84 cents U.S. following economic news released at 8:30 AM EDT. Consensus for January Retail Sales was an increase of 0.4% versus a downwardly revised drop of 0.3% in December. Actual was a drop of 0.3%. Consensus for the February Canadian Consumer Price Index was a year-over-year increase of 1.4%. Actual was an increase of 1.5%.

Nike dropped $3.62 to $88.01 following release of lower than consensus third quarter U.S. sales.

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Chipotle added $4.66 to $670.45 after Wedbush raised its target price to $640 from $500.

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Tiffany dropped $4.06 to $96.00 after reporting lower than consensus fourth quarter sales.

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Sherwin Williams (SHW $433.63) is expected to open lower after JP Morgan downgraded the stock to Neutral from Overweight.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/03/21/stock-market-outlook-for-march-22-2019/

Note seasonality chart on the Philly Fed Index.

Observations

Dow Jones Industrial Average gained 217 points yesterday thanks mainly to strength in Apple in anticipation of new product announcements scheduled to be released on Monday. The gain in Apple added 166 points to the Average.

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Israel iShares are extending their intermediate uptrend.

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Bitcoin trying to bottom.

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StockTwits released yesterday @EquityClock

Platinum ETN $PPLT moved above $82.84 extending an intermediate uptrend.

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Crescent Point Energy $CPG.CA moved above $4.63 completing a reverse Head & Shoulders pattern.

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First Majestic Silver $FR.CA $AG moved above $9.36 Cdn. extending an intermediate uptrend.

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Tech action by S&P 500 stocks to 10:00:Mixed. Breakouts: $DRI $CAG $ALGN $QRVO $NTAP. Breakdowns: $TPR $JWN $FITB $KEY $LNC $USB $BIIB $SIVB

Editor’s Note: After 10:00 AM EDT, breakouts included AMAT, XLNX, MU, LKQ, SBUX, SJM, A, MKC, MSCI, HCP, FAST, ACN, CRM, VAR, SYMC and EMR. Breakdown: REGN.

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U.S. Medical Devices ETF $IHI moved above $232.42 to an all-time high extending an intermediate uptrend.

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Base Metals iShares $XBM.CA moved above $12.92 extending an intermediate uptrend.

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Agribusiness ETF $MOO moved above $62.97 extending an intermediate uptrend.

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 21st 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 4.60 to 76.80 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 3.36 to 73.53 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 Friday March 22nd 2019”

  1. Larry/ON Says:

    AT and T looking really interesting. 6.75& div and wants to break out of a long downtrend.

  2. Ron/BC Says:

    The long term chart of $GOLD shows the importance of clearing $1370 to expect much more on the upside. This is not only resistance for the last 5 years but also the Fib 38.2% retracement level. And here is the $TSX Gold stock ETF:XGD.to. Nothing much to cheer about either. Seasonals tend to see precious metals selloff into a summer low.

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=8&mn=0&dy=0&id=p7481741323c&a=579408509

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=18&mn=0&dy=0&id=p95573018173&a=579408507

  3. Ron/BC Says:

    KC
    The CD bank ETF:ZEB.to is selling off with most indicators rolling over. The last two rally highs showed negative divergences on both. The 2nd chart shows ZEB.to has outperformed most other bank ETFs for some time now even with a lower high.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=2&mn=0&dy=0&id=p2453795648c&a=641102536

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=5&mn=0&dy=0&id=p92403603051&a=579408450

  4. Ron/BC Says:

    Interest rates are falling sharply on the U.S.10 year yield $TNX. The long term chart shows a breakout over the 31year downtrendline of the falling channel and on the pullback failed to hold.Price has just broken below not only the breakout point but also below the 2017 high support. So much for Federal Reserve’s interest rate predictions that flip flop back and forth causing chaos in the broad markets. In case anyone is looking to buy a GIC you’d better hurry as rates are dropping quickly on what most institutions are willing to pay. Oaken Financial dropped their rates recently and the rate they pay on a one year GIC is 3% until March 26th which will then drop to 2.75%. Their 18 month GIC which is paying 3.20% now drops to 2.80% then. All other time frames are also dropping sharply. But with the uncertainty of future rates that even the Feds don’t seem to know I wouldn’t buy a GIC that is longer that 18 months as you could get trapped in a low paying rate if things change quickly which wouldn’t surprise me either. Coast Capital Credit Union is offering a 3 year convertible GIC at 3% so if rates go up they will let you switch into the higher paying GIC at no cost. This offer ends March 31st. Perhaps other financial centers will do this. These are big drops and will be seen at other financial institutions as well. So if that’s what you were planning to do you are running out of time quickly.

    https://stockcharts.com/h-sc/ui?s=%24TNX&p=W&yr=20&mn=0&dy=0&id=p0896830974c&a=579408637

    https://stockcharts.com/h-sc/ui?s=%24TNX&p=D&st=1978-01-14&id=p16331845839&a=579408572

  5. Ana Says:

    Nice move down on $SPX

    $SPX Futures 5 hour chart:
    https://invst.ly/acszw

  6. Ana Says:

    Nice move down on $NATGAS

    $NATGAS Futures 5 hour chart:
    https://invst.ly/act0b

  7. Kam Says:

    Hi Ron/BC,

    Thanks for interest rate chart. I think few months back we discussed about interest rate and look like next move is down.Here is it. Not a good sign of economy. I saw yesterday a chart where last 2 times feds raise,then pause,then cut rates, the floor cratered. Let’s see this time.

    Hi folks,
    I read comments here lately people are thinking and pumping everything is rosy again. Sentiments sounds like top of wave B which EW was thinking since 2300ish low and posted here too. I don’t think this thing will just go down like as in Dec but maybe few months sideways move as in 2015 and then lower low.

    https://imgur.com/0a2RI2x

    I couldn’t resist and shorted spy yesterday after hours at 284.76. Lucked out this time. Bought 50 back at 280.50 and holding other so far. I am mostly in cash now in trading account except some teva,aobc & ibkr and short Spy which I might close today or Monday, depends, can’t hold shorts.

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