Tech Talk for Tuesday April 23rd 2019

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Pre-opening Comments for Tuesday April 23rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade. Futures responded to a series of better-than-consensus firsts quarter reports.

Whirlpool (WHR $139.36) is expected to open higher after reporting higher than consensus first quarter revenues and earnings. The company also raised guidance.

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United Technologies (UTX $136.91) is expected to open higher after reporting higher than consensus first quarter sales and earnings.

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Coca Cola (KO $47.40) is expected to open higher after reporting higher than consensus first quarter sales and earnings.

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Teck Resources (TECK $32.80 Cdn.) is expected to open higher after reporting higher than consensus first quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/22/stock-market-outlook-for-april-23-2019/

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Nil. No intermediate breakouts or breakdowns.

 

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included BLL RIG, NFLX and INFO. Breakdowns included JWN, FRT, NWL and TPR

Enerplus $ERF.CA moved above $12.52 completing a base building pattern.

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Trican Well Services $TCW.CA moved above $1.59 extending an intermediate uptrend.

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Inter Pipeline $IPL.CA, a TSX 60 stock moved above $22.25 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 22nd 2019

spx apr 23

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 22nd 2019

crb apr 23

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 22nd 2019

xlk apr 23

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com Following is a link:

http://enrichedinvesting.com/wp-content/uploads/2019/04/Lonely-Highs-Poor-Gold-Relentless-Climb.pdf

 

Keith Richard’s Blog

Outlook for oil. See:

https://www.valuetrend.ca/outlook-for-oil/

 

S&P 500 Momentum Barometer

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The Barometer dropped another 2.80 to 68.00 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

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The Barometer dropped another 4.73 to 60.83 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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10 Responses to “Tech Talk for Tuesday April 23rd 2019”

  1. Larry/ON Says:

    SP500 New All Time High About To Be Made – It’s so close the market will push higher to take it out. IMO a lot of asset allocation is slowly drifting into equities with the realization that we are not in a bear market and are likely to make a new leg higher. Tech continues to be the leader. If AMZN posts reasonable earnings it will make 2,000 in short order.

  2. Ron/BC Says:

    The $GOLD ETF:GLD just broke down below 121 support which was a very bearish breakdown below a H&S chart pattern. Price is now also below its 200ema. Price is very oversold but can remain oversold in a sideways to lower pattern. Price would need to re-clear $121 which is the breakdown point and base of the H&S pattern to suggest a reversal back to up again.

    https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=6&dy=0&id=p76832014314&a=652041187

    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=13&mn=0&dy=0&id=p54834868422&a=579408537

  3. Ron/BC Says:

    Here is the Fear and Greed Index…..Oink,Oink……………

    https://money.cnn.com/data/fear-and-greed/

  4. dave/ab Says:

    Hi Ron

    Re:3

    Curious how do you would interpret the results? Some in action to be contrarian action required and some believe in to continue on.

    Larry Berman site https://educatedtrader.com/ has a bulls and bears survey also

  5. Larry/ON Says:

    QQQ at top of Bollinger Band – Took off a lot of leverage.

  6. Ron/BC Says:

    Dave/AB
    Well like Warren Buffett says “Be fearful when everyone is greedy and be greedy when everyone is fearful.” Extreme sentiment readings tend to be the end of that trend as its overdone. At least in the short term. The C.O.T. reports are used by professional traders and they trade opposite the extreme sentiment.

  7. Rol Lew Says:

    what’s up/down (most) YTD?

    from KOYFIN – SETF tab, US Sectors

    https://www.koyfin.com/setf

    registration required (free)

    ………. wonder if tomorrow will be a big down day 😉

  8. Larry/ON Says:

    Re 7 – You don’t know how far any rally can go. Years ago someone posted about using the 4 and 9 day MAs for short-term trading and I have been doing it ever since. Due to new buying interest I doubt there will be any serious drop. IMO more likely some sideways trading while the 4 day catches up. SP500 finally broke into overbought territory on the RSI but it could trade for months without any serious drop.

  9. Rol Lew Says:

    “” Oil prices will likely remain capped in the medium term “”

    https://www.koyfin.com/research/2019/04/23/thoughts-about-the-divergence-between-oil-prices-and-energy-stocks/?preview=true&_thumbnail_id=436

  10. Larry/ON Says:

    There are a pile of fund managers out there who have been heavy on cash. They have five trading days until month end. There is month-end window dressing to do for these nervous fund managers or they are going to have a lot of unhappy customers. “See how smart we are! We hold AMZN and GOOGL in your fund.” You just don’t need to know we bought it just before month end.

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