Tech Talk for Wednesday April 3rd 2019

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Pre-opening Comments for Wednesday April 3rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade. Index futures were responding to news that a trade agreement between China and the U.S. is “90% complete”. The Shanghai Composite Index added another 1.24% to 3216.30.

Index futures were virtually unchanged following release of the March ADP Private Employment report released at 8:15 AM EDT. Consensus was 170,000 versus 183,000 in February. Actual was 129,000.

Caterpillar dropped $1.29 to $138.90 after Deutsche Bank downgraded the stock to Hold from Buy. Target price was dropped to $128 from $152.

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Netflix added $1.76 to $369.48 after the stock was chosen by JP Morgan as a “Top Pick’.

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Advanced Micro Devices gained $1.19 to $27.94 after Nomura initiated coverage with a Buy rating and a $33 target.

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Intel (INTC $54.36) is expected to open higher after Nomura initiated coverage with a Buy rating and a $65 target price.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/02/stock-market-outlook-for-april-3-2019/

Note seasonality charts on U.S. REIT Index and Durable Goods Orders.

 

Observations

Recent strength in the U.S. Dollar Index and it related ETN: UUP is taking its toll on selected commodities. Silver and lumber broke below intermediate support levels yesterday.

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Metro (MRU.TO), a TSX 60 stock moved above $50.25 in late trading reaching an all-time high extending an intermediate uptrend.

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StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $AMP $AON $BEN $MMC $CMI $EXPD. Breakdowns: $CVS $WBA $ABC

Editor’s Note: After 10:00 AM EDT, breakouts included BXP, IPGP, ABBV, ALXN, WYNN, XRAY and MCHP. No additional breakdowns.

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Industrial SPDRs $XLI moved above $76.69 extending an intermediate uptrend.

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Transportation iShares $IYT moved above $191.66 extending an intermediate uptrend

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Editor’s Note: The Dow Jones Transportation Average briefly moved above 10,679.21 establishing an intermediate uptrend.

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 2nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 2nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 2nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thanks to David Chapman and www.EnrichedInvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/04/Potential-topping-cut-calls-Canadian-growth.pdf

 

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

 

S&P 500 Momentum Barometer

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The Barometer slipped 0.04 to 79.56 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 1.65 to 69.14 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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6 Responses to “Tech Talk for Wednesday April 3rd 2019”

  1. Larry/ON Says:

    QQQ – Easiest no-brainer bet in this market. Defensives will lag.

  2. Rol Lew Says:

    Yep, even RSX & LABU (hated biotechs) are catching a bid. VXXB falling this week & last. WHY?

    https://stockcharts.com/freecharts/candleglance.html?QQQ,EWZ,FXI,EFA,EWZ,EEM,DIA,SPY,iwm,RSX,LABU,|C|

    My guess…
    the greatest, most fantabulous, best ever in the history of mankind, most terrificest, trade deal with china, coming?

  3. tony Says:

    KC

    he shoulder is doing great, I think the lack in strength is either du to age or I tough I was stronger but ain’t as strong as I tought I was.

  4. Larry/ON Says:

    Jim Cramer – Had CNBC on prior to market open and he was raving about semis. He was spot on. I try to pay attention to his take on the markets. Semis will probably give back some in the afternoon as they are a little stretched.

  5. Ron/BC Says:

    Here is a chart of ECA. Price plunged from October through December and has since formed a Rising Wedge. While there is a short uptrendline price is respecting don’t ignore the bearish chart “pattern” of the Rising Wedge that typically breaks down and sells off further. So far 48 million shares have traded and I have to wonder how many traders are buying that uptrendline. Big test here and until price clears $8 I wouldn’t be a dime on the stock rebounding. And some Brand Named analysts are recommending the stock. Perhaps that explains the high volume.

    https://stockcharts.com/h-sc/ui?s=ECA&p=D&yr=2&mn=6&dy=0&id=p67803883069&a=579408588

  6. Ron/BC Says:

    This has got to be the chart of the Week. The FXI China large cap ETF. This is a line chart as with all the hype lately about a China/U.S.trade deal there has been a lot of gaps both up and down in a tight price range. This line chart shows closing prices where the big boys trade. Price has been bumping up against $45 since February and before that has a history of respect at this price point. Plus most other indicators are positive. A breakout that holds over $45 would be the buy point but would much prefer a pullback to $43 to get long. Gotta love that high volume to enter or exit instantly without being noticed.

    https://stockcharts.com/h-sc/ui?s=FXI&p=D&yr=1&mn=6&dy=0&id=p80369014416&a=647564827

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