Tech Talk for Thursday April 25th 2019

Daily Reports Add comments

Pre-opening Comments for Thursday April 25th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 point in pre-opening trade.

Index futures were mixed following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 200,000 from 193,000 last week. Actual was 230,000. Consensus for March Durable Goods Orders was an increase of 0.8% versus a revised decline of 1.1 in February. Actual was an increase of 2.7%. Excluding Transportation Orders, consensus for March Durable Goods Orders was an increase of 0.2% versus a revised increase of 0.1% in February. Actual was an increase of 0.4%.

Microsoft (MSFT $125.01) is expected to open higher after releasing higher than consensus fiscal third quarter sales and earnings. The company is slated today to be the first in the world to reach a market cap of $1trillion.

clip_image001[1]

Facebook (FB $182.58) is expected to open higher on news of encouraging advertising revenue growth.

clip_image002[1]

Chipotle (CMG $709.75) is expected to open higher after reporting higher than consensus first quarter sales and earnings.

clip_image003[1]

MMM dropped $17.58 to $201.22 after reporting lower than consensus first quarter sales and earnings. The company also lowered guidance for 2019

clip_image004[1]

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/24/stock-market-outlook-for-april-25-2019/

Note seasonality charts on the U.S. Energy sector, Crude Oil Days of Supply, Gasoline Days of Supply and New Home Sales.

Observations

The U.S. Dollar Index ETN continued to soar yesterday.

clip_image001

Conversely, the Euro, Canadian Dollar and Japanese Yen broke below intermediate support levels: Euro below111.76, Canadian Dollar below74.25 and Yen below 89.18. The British Pound also weakened.

clip_image002

clip_image003

clip_image004

clip_image005

Surprisingly, the CRB Index and its related ETN were virtually unchanged.

clip_image006

 

StockTwits released yesterday @EquityClock

Another Canadian oil stock breakout! PrairieSky Royalty $PSK.CA moved above $20.24 extending an intermediate uptrend.

clip_image007

Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdown: $RHI

clip_image008

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included TIF, VNO, EBAY, URI, NTRS, HSIC and FLIR. Breakdown: COP.

Wheat ETN $WEAT moved below $5.01 extending an intermediate downtrend.

clip_image009

CI Financial $CIX.CA moved above $19.25 completing a reverse Head & Shoulders pattern.

clip_image010

Intact Financial $IFC.CA moved below support at $107.78 completing a double top pattern.

clip_image011

NASDAQ Composite Index $COMPQ briefly moved above 8,133.30 to an all-time high extending an intermediate uptrend

clip_image012

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 24th 2019

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 24th 2019

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 24th 2019

clip_image018

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

clip_image019

The Barometer slipped 0.40 to 74.40 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

clip_image020

The Barometer added 1.51 to 62.34 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

Sponsored By...



17 Responses to “Tech Talk for Thursday April 25th 2019”

  1. KC Says:

    Hello,

    Does anyone here follow CAE.TO closely and has traded it often perhaps ? Wondering if you might be able to shed some light on the fundamentals please.

    Thanks,
    KC

  2. KC Says:

    Ron/BC,

    Could I please have your TA on AC.TO at present read?

    Thanks,
    KC

  3. KC Says:

    Ron/BC,

    Not sure if you’ve provided an updated USD/CDN TA lately. Would love to have one please. Do you think UUP is going to break up above $26.50 area or is that now strong resistance ?

    Cheers,
    KC

  4. Ron/BC Says:

    The $SPX plunged from October through December and rallied back through all the resistance levels above forming a large V pattern. The big test now is at this double top which often stops rallies in their tracks. The question always is “What’s different now than at the previous high” last September? Price needs to clear AND hold above this level to suggest a major breakout with higher prices ahead. Never an easy task.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p9412314680c&a=582707024

  5. Ron/BC Says:

    KC

    AC.to is forming a short term bearish M pattern with $30.86 as the base line support. Might hold but the short term pattern is bearish. Next support is a major one at $29. Far better odds of that support holding as it was a major breakout over multiple tests of resistance there that finally broke out in late January.

    https://stockcharts.com/h-sc/ui?s=AC.TO&p=D&yr=2&mn=0&dy=0&id=p01474281177&a=661272470

  6. Ron/BC Says:

    KC

    The CD$/US$ shows how weak the CD$ is. Very sick puppy for sure. The CD$ has even been steadily falling against $WTIC since the beginning of the year as well.
    UUP is approaching a major resistance high that has been tested in the past. Wont be easy to clear and hold above. Same as the $USD approaching 97. Major highs are difficult to clear as just like the $SPX one has to ask what’s different this time at this price. The short sellers often take over from there and short it heavily. Not so sure they’d do that with the U.S.$ though as it is the world’s reserve currency and the place to go for safety.

    https://stockcharts.com/h-sc/ui?s=%24CDW%3A%24USD&p=D&yr=5&mn=0&dy=0&id=p9401424442c&a=579408310

    https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=11&mn=0&dy=0&id=p55640796688&a=579408318

  7. Larry/ON Says:

    Technology continues to be the easiest trade. Earnings reports have been excellent.

  8. rick Says:

    Ron/BC ,

    The question always is “What’s different now than at the previous high” last September?

    The FED = “Don’t fight the FED”

    In September FED was raising rates with no end in sight .
    Now the FED is on hold .

    Big difference .

  9. Canuck2004 Says:

    NASDAQ “blue sky” break-out to all time high on weekly chart. Brand new Bullish territory.

    The “V” reversal is always bullish….means there is very strong buying appetite that will not let a correction fall further. From here who knows, but there should be a pause soon for consolidation after such a rapid rise.

    https://stockcharts.com/h-sc/ui?s=%24COMPQ&p=W&yr=5&mn=0&dy=0&id=p28557595669

  10. Ron/BC Says:

    Rick
    There is also a big difference with the world economic situation as last fall economies were expanding with those rising rates and now they are contracting. That is a very big difference!

  11. Ron/BC Says:

    Rick
    Major double tops must be cleared AND held with a further rally following to get rid of the short sellers. Then the next test is the pullback to the breakout point that also needs to hold. All the RAH,RAH,RAH B.S. wont help.

  12. tawny Says:

    Gary

    Thanks much for Armstrong posts last night… ! 🙂

  13. rick Says:

    Ron/BC , Canuck2004,
    Stocks are trying to anticipate how economy will look 6-9 months from now .
    In October -December stocks were going down in anticipation of raising rates by the FED and their effect on economy.
    Comparative with this , economic numbers and companies earnings are showing the economy in the last 3 months .
    So , for stocks , is not important what happened “yesterday” but what will happen “tomorrow “.
    Maybe ( only maybe ) with FED on hold , the economy will re- accelerate ?
    TINA = there is no alternative than stocks ?
    stocks are going up because = the train left the station ? people are thinking that they missed the train ?
    Time will tell us.
    The most important index benchmark is S&P 500.
    You are right , SPX did not cleared the the September 2018 high – 2940 = big resistance here ,
    A 5 % correction is possible , to 200 EMA = 2753 .
    RAH ? is the acronym for … ? or is a new technical indicator ?

  14. Ron/BC Says:

    Rick
    Statistically most people are not stock holders but fund holders if they invest in the stock market at all. Much of the individual stock buying died in the 2009-2009 crash. So as long as they are now getting their dividends that’s all they care about. Much easier to sleep at night. And falling rates are not bullish as there is a strong fundamental reason rates are falling. And it’s not because the economy is booming. Talk to your friends and neighbours and you wont find many that trade the markets anymore. Just look at this site. 5 to 10 years ago there was a minimum of 100 posts up to 300 posts every day. Now you often see none. Major selloffs deter people from buying individual stocks. And years ago this site talked about “trading” stocks. They came to this site as it’s called “TIMING THE MARKET”. Not investing in dividend stocks. But that’s what investors do now and not many trade stocks. I can’t find anyone here where I am that is actively trading stocks. The subject doesn’t even come up anymore. And yes the $SPX is what the world watches. And short sellers love double tops and have no fear even with a nose poke above. Price needs to clear and run on strong volume to get them to cover their short sales and that in itself would cause a spike up. Then the pullback to the breakout point to test the validity of the breakout. Nothing to do until that occurs “IF” it’s going to occur at all. And yes RAH,RAH,RAH is a very good technical indicator that major traders use to short the market. Just like SOB,SOB,SOB is a great indicator for buying stocks. There isn’t a better indicator actually. Even Warren Buffet agrees with that.

  15. bruce Says:

    tnx Tawny for the Armstrong alert…..i missed it last night……and thanks Gary for sending it…..where s Sherri these days?….

  16. FishFat Says:

    If I remember correctly, RAH is the acronym for ……Reckless, Avarice & Hairbrained

  17. Ron/BC Says:

    FishFat

    Re:#16
    You nailed it,LOL……………….

Entries RSS Comments RSS Log in