Tech Talk for Wednesday April 24th 2019

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Pre-opening Comments for Wednesday April 24th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

U.S. equity indices are testing their all-time highs. All-time inter-day high for the S&P 500 Index is 2940.91. All-time inter-day high for the NASDAQ Composite Index is 8,133.30.

Caterpillar slipped $2.21 to $139.82 despite reporting higher than consensus first quarter sales and earnings.

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AT&T dropped $0.73 to $31.37 after reporting lower than consensus first quarter revenues.

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Texas Instruments slipped $1.58 to $114.80 despite reporting higher than consensus first quarter sales and earnings.

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eBay (EBAY $36.67) is expected to open higher after reporting higher than consensus first quarter sales and earnings. The company also offered positive guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/23/stock-market-outlook-for-april-24-2019/

Note seasonality chart on the Russell 2000 Index.

 

StockTwits released yesterday @EquityClock

echnical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $HAS $RIG $RTN $TWTR. Breakdown: $ALB

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Gold and silver breakdowns this morning: $PAAS $KGC $SMF.CA

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Coal ETF $KOL moved above $13.90 setting an intermediate uptrend.

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Netflix $NFLX, one of the FAANG stocks moved above $379.00 extending an intermediate uptrend

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Encana $ECA.CA $ECA, a TSX 60 stock moved above $10.15 Cdn and $7.65 U.S. extending an intermediate uptrend

Editor’s Note: Tourmaline $TOU.CA also broke to a new high in late trading.

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Extendicare $EXE.CA moved above $7.62 extending an intermediate uptrend.

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Home Capital $HCG.CA moved above $17.66 setting an intermediate uptrend

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 23rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 23rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 23rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

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 added 8.80 to 74.80 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 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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5 Responses to “Tech Talk for Wednesday April 24th 2019”

  1. sp Says:

    Any one watching SNC.to, any thought? forming double bottom and have earning on May 2.

    successful trading

  2. Ron/BC Says:

    SP
    Price is at a double bottom in the mid $33 area which also matches the mid 2015 lows. Oscillators also show positive divergences as well. IF I had a gun to my head I’d buy it with a stop at my comfort level below. The 2nd chart shows a 2012 low of $30 so if a breakdown did occur below this $33 area price would likely hold for a bounce back at least at the $30 level. So not a ton of downside unless there is something out there that will kill this stock price.

    https://stockcharts.com/h-sc/ui?s=SNC.TO&p=D&yr=5&mn=0&dy=0&id=p38241721058&a=661021116

    https://stockcharts.com/h-sc/ui?s=SNC.TO&p=D&yr=14&mn=0&dy=0&id=p55198761189&a=661024713

  3. tawny Says:

    Gary,

    I see two new private blogs by Armstrong – would be ever so grateful to see what he has to say if you can oblige.

  4. GARY Says:

    Tawny
    Here you go

    Domestic v International Perspective
    Wednesday, 24 April 2019 By: Marty Armstrong

    COMMENT: Mr. Armstrong; Thank you for Socrates. It is the only thing that seems to unbiased and allows one to keep a cool head. I read the news trying to explain the new high in the S&P500 and what you have said all the time jumps out and bites you in the nose. They wrote: “Those concerns have largely been quelled. The U.S. and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.”

    There is no comment at all about how the euro took a dump while the gold was electing sell signals. You are right again. The analysis is just always domestic oriented so they miss the whole point.

    Thanks for the education

    PB

    REPLY: On February 2nd, I did a blog on Japan warning that this would be an Insane Year in Japanese politics. Indeed, the LDP lost the 2 lower house in Osaka and Okinawa on the 21st of April. We have BREXIT still going nuts and Theresa May refuses to listen to anyone. She has been toying with a crunch vote and her standing in her own party has reached record lows. It is as if she is now just on the payroll of Brussels rather than the British people. Then there is Brexit Party’s rise which has been remarkable, lunging ahead after Nigel Farage took over in March. It is now a very second in the polls for the elections to the European Parliament to a comfortable, if not really in first place. This is turning into a new referendum of BREXIT itself sending the Remainers into a real panic.

    The fate of the Euro hangs in the balance and our capital flow models tracing net capital movement reveal big money is starting to realize there is a major problem on the horizon. Nobody seems to be addressing the fact that bothe the Bank of Japan and the European Central Bank are in serious trouble. They can no longer “stimulate” the economy with pretend Quantitative Easing and Negative Interest Rates. They have destroyed their bond markets and driven capital off in search of yield in every other direction possible.

    Here is another slide for the upcoming Rome World Economic Conference. Other than Spain which peaked in 2007 after it joined Euroland, the reat of the Continental European share markets in the Euro all peaked in 1999/2000. Those nations which did NOT join the Euro, have more closely tracked the US share market such as Scandinavia, Swiss and the UK. The amazing thing is why anyone in Britain would bother to even want to remain in the EU when it has been an economic disaster.

    The May target we had which was also the European elections, offers also a Directional Change. So we are looking at new highs, but then a pull back. Nevertheless, the broader-term is shaping up as we have warned. What lies ahead is a significant shift in long-term trend. We are headed into uncharted waters. Clearly, we are headed to where no human has dared to even think about for they never thought this was possible.

    I believe Socrates will be the only thing that can steer through this quagmire between now and the next Monetary Crisis Cycle.

  5. GARY Says:

    Armstrong#2
    The Shift From Public to Private – US Share Market
    Wednesday, 24 April 2019 By: Marty Armstrong

    The S&P500 made a new record high ahead of the Dow and the NASDAQ. This is clearly warning that we are in a very serious situation where confidence in government is really collapsing. The market is positioning itself for a high most liley in the 2021/2022 period. However, this does not mean it is just going to run away right now.
    Our Capital Flow Models have been pointing to really a devasting outflow of capital from Europe. It is beginning to sink in to the senior management in institutions that we are on a journey into the unknown. There is no going back. The Bank of Japan and the European Central Banks have utterly destroyed their bonds markets and they are trapped. They are now like deer in headlights. Frozen in time and space. The have lost complete control of the financial markets unable to normalize interest rates and unable to sell their debt going forward.

    The amount of capital that is shifting from the public to private sector on a global scale is far more than even I suspected at this point in time. But it is becoming painfully obvious to the big money that the world economy is collapsing in a vortex with central banks unable to even act. The more this becomes obvious, the great the outflow.

    Indeed, all we can do is go by the numbers. We have entered a new critical era where all the old economic theories are crumbling to dust. Beware of personal opinion. We are entering a place where no human has ever seen no less theorized was possible.

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