Tech Talk for Wednesday April 17th 2019

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Pre-opening Comments for Wednesday April 17th

U.S. equity index futures were higher this morning. S&P 500 futures added 7 points in pre-opening trade. Futures responded to encouraging first quarter economic news released by China in overnight trade.

Index futures were virtually unchanged following release of the February U.S. Trade Deficit report at 8:30 AM EDT. Consensus was $53.7 billion versus $51.1 billion in January. Actual was $49.4 billion.

The Canadian Dollar advanced 0.19 to 75.19 cents U.S. following release of economic news at 8:30 AM EDT. Consensus for Canada’s February Trade Deficit was $2.5 billion versus $4.25 billion in January. Actual was $2.9 billion. Consensus for the March Consumer Price Index was an increase of 0.7% versus a gain of 0.7% in February. Actual was an increase of 0.7%. On a year-over-year basis, Canada’s CPI increased 1.9%, in line with consensus.

Netflix (NFLX $359.46) is expected to open lower after the company issued lower than consensus guidance.

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IBM (IBM $145.14) is expected to open lower after reporting lower than consensus first quarter revenues.

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Sprint (S $6.01) and T-Mobile are expected to open lower on news that the Department of Justice is unlikely to approve their currently structures merger.

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Pepsico (PEP $122.41) is expected to open higher after reporting higher than consensus first quarter sales and earnings

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/16/stock-market-outlook-for-april-17-2019/

Note seasonality charts on 10 Year Treasury Notes, Industrial Production and Manufactured Sales.

 

Observations

Gold and gold stocks responded to the drop by gold below $1280.80 per ounce.

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Healthcare stocks were hit by political talk about universal healthcare in the U.S. Healthcare SPDRs moved below support at $88.30.

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StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $OMC $AJG $MMC $PGR. Breakdowns: $RIG $HCA $WRK

Editor’s Note: After 10:00 AM EDT, breakouts included RCL, HPQ, MSI and QCOM. Breakdowns included MAC, HRL, DRE, VTR, BSX, UHS, EA, CNC, HCP, TFX and HOLX.

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Natural gas ETN $UNG moved below $22.73 extending an intermediate downtrend.

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US Industrial Production up a mere 0.3% (NSA) in March, well below the average increase for the month of 0.8% $MACRO #Economy #Manufacturing

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Canada #Manufacturing Sales down 4.3% (NSA) in February, weaker than 0.3% decline that is average for this winter month.$MACRO #CDNecon #CAD

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Equal Weight Canadian Bank ETF $ZEB.CA moved above $29.22 extending an intermediate uptrend.

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TSX Gold Equity ETF $XGD.CA moved below $11.90 completing setting an intermediate downtrend.

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First Majestic Silver $AG $FR.CA moved below $6.12 U.S. and $8.15 Cdn setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 16th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 16th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 16th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith asks, “Got Gas”? Following is a link:

https://www.valuetrend.ca/got-gas/

 

S&P 500 Momentum Barometer

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The Barometer dropped 3.21 to 77.56 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

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The Barometer dropped 6.17 to 62.96 yesterday. It remains intermediate overbought and trending down.

 

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 Wednesday April 17th 2019”

  1. Larry/ON Says:

    Sticking with tech. Semis overextended.

  2. Rol Lew Says:

    which ones Larry? many have already bolted……

    https://stockcharts.com/freecharts/candleglance.html?SOXX,SOXL,MU,AMAT,TXN,NVDA,LRCX,AKAM,XLNX,KLAC,ASML,QRVO|D|

  3. Larry/ON Says:

    QCOM is skewing SOXX to the upside so maybe I shouldn’t say SOXX is overextended but that obviously is how the chart for SOXX looks and that is the way it behaved today. I don’t like trying to pick individual semi names (too volatile). The close on SOXX was below the open so a lot of profit taking was happening. INTC looks like a shooting star candle. I think we just need a couple of trading days for the 4 day MA to catch up for SOXX. I’m just betting the sector. The coming trade deal with China could have big potential for semis and we could be bottoming in the demand cycle.’
    I’m sticking with GOOGL, AMZN, FDX. NFLX looks interesting after a year of consolidation.

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