Tech Talk for Tuesday April 30th 2019

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Pre-opening Comments for Tuesday April 30th

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

The Canadian Dollar was virtually unchanged at 74.34 cents U.S. following release of the February GDP report. Consensus was an increase of 0.1% versus a gain of 0.3% in January. Actual was a decrease of 0.1%.

Alphabet dropped $95.20 to $1201.00 after releasing less than consensus first quarter sales growth. Stifel downgraded the stock to Hold from Buy.

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MGM Resorts fell $1.52 to $27.48 after reporting lower than consensus first quarter earnings.

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Merck added $0.90 to $77.68 after reporting higher than consensus first quarter sales and earnings. The company also issued positive guidance.

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Pfizer added $0.39 to 39.98 after reporting higher than consensus first quarter sales and earnings. The company also issued positive guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/29/stock-market-outlook-for-april-30-2019/

Note seasonality charts on the Russell 2000 Index and the U.S. Financial sector.

StockTwits released yesterday @EquityClock

S&P 500 Index $SPX moved above $2940.41 to an all-time inter-day high extending an intermediate uptrend

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Editor’s Note: The Russell 2000 Index also broke to a new recent high on a move above 1602.10.

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Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $IPG $FITB $USB $ATVI. Breakdowns: $CHRW $JBHT $NUE

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Editor’s Note: After 10:00 AM EDT. Intermediate breakouts included CRM, JCI, SIVB and PRGO. Breakdown: COTY.

S&P Bank SPDRs $KBE moved above $45.77 extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 29th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 29th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 29th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

David Chapman’s weekly report. See:

http://enrichedinvesting.com/wp-content/uploads/2019/04/Record-close-chugging-higher-no-recession-positive-indicators.pdf

 

S&P Momentum Barometer

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The Barometer was unchanged yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped another 0.60 to 58.47 yesterday. It remains intermediate neutral 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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9 Responses to “Tech Talk for Tuesday April 30th 2019”

  1. Canuck2004 Says:

    Yield Curve Inversion….

    Last time we saw this was in 2006-2008…took 18 months before we got the recession, historical is around 6-12 months. After 10 years of fiscal manipulation, starting with with zero rates and QE, then 3 years of aggressive rate rises and QT… don’t know what will happen now.

    Dynamic Yield Curve (click on animate):

    https://stockcharts.com/freecharts/yieldcurve.php

    As a rule any US administration that gets caught with a recession during an election years never gets re-elected. So you can be sure next year will be full of economic stimulus…anything they can do. If so, then they will kick the recession can to early 2021. Eventually we will get a recession, there is no doubt about it. It’s just a question of when….But it won’t be this year.

    Presidential cycles.

    https://www.seasonalcharts.com/zyklen_wahl_dowjones4j.html

  2. Canuck2004 Says:

    History of US Bear and Bull markets

    https://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=4ecfa978-d0bb-4924-92c8-628ff9bfe12d

    https://www.yardeni.com/pub/sp500corrbear.pdf

    https://www.mackenzieinvestments.com/en/assets/documents/marketingmaterials/mm-bull-bear-markets-sp500-en.pdf

    Don’t over think it either….there is no crystal ball….it’s a matter of looking at the forest without getting caught up with with all the trees.

  3. Ron/BC Says:

    As far as timeliness goes a very good guide for trading/Investing in the $SPX which is the most closely followed Index is a 60 minute chart with the 50ema and 200ema. I can’t post an intraday Stockchart that non subscribers can see but perhaps someone else that uses another charting site will as it is very revealing. As long as the 50ema is above the 200ema on a 60 minute $SPX chart, that Index is bullish and healthy despite its ups and downs. Looking back two years to catch all the extreme volatility the early 2018 60 minute chart shows the drama both up and down that plunged 300 points and see sawed back and forth into April 2018. Before that period and since then there have only been a couple of brief dips of the 50ema below the 200ema. Even with the September 2018 600 point plunge to the end of December, just after the October top in the $SPX the 50ema crossed below the 200ema in early October giving a sell signal and consistently stayed below the 200ema until it crossed back up above the 200ema giving a buy signal in January 2019 and remains above to this day. Pretty simple way to trade the broad $SPX Index without much effort. One can buy or sell ETFS both on the $TSX XSP.to or the NYSE SPY plus other various ETFs that track the $SPX. There are extreme volatile times like in the first 1/4 of 2018 where the market plunges and whipsaws back and forth, but overall using the 50ema and 200ema on a 60 minute chart is worth looking at a chart and seeing its potential. Perhaps someone could post a 60 minute chart of the $SPX to show this as it is very impressive and certainly far more informative than simple flag waving about the bull market.

    Meanwhile the Daily $SPX and Daily $INDU continue to spin their wheels at this double top area with both short sellers and buyers battling it out. One of them will throw in the towel at some point. Option Strangles or Straddles anyone………..

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p65374761336&a=657157579

    https://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=3&mn=0&dy=0&id=p06418559136&a=579408678

  4. Ron/BC Says:

    RE:#3
    It just occurred to me that a lot of traders do subscribe to Stockcharts.com so could see this 60 minute chart of the $SPX. I’ve sized it large to see it more clearly but if you can see this you can change the size larger yet and scroll through it to see the crossovers of the 50ema/200ema clearly. I found it interesting that one could use a 60 minute chart for longer term trading/investing. The sell signal in early October that stayed on a sell until the buy signal in January was especially timely. Lots of ways to skin a cat and this one removes the need for controversy.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=60&yr=2&mn=0&dy=0&id=p44870061907&a=579408709

  5. Canuck2004 Says:

    World wide Energy Demand Growth…..Note demand growth in Renewables….the place to be.

    https://www.eia.gov/todayinenergy/detail.php?id=32912

    https://yearbook.enerdata.net/total-energy/world-consumption-statistics.html

  6. KC Says:

    Hello Ron/BC,

    Thanks for your comment (April 26th, 2019) about HRS last week. With regard to HRS being at a top, isn’t it generally considered that if it has been beating up against a said resistance point, that it would more than likely break up above it sometime soon rather than break down ?

    Thanks,
    KC

  7. Ron/BC Says:

    KC
    Just playing golf now. So far 4 par 3s and one birdie. So not at a computer but yes,the more times resistance is touched the more it is diminished. Like pac man eating away at it. But it’s never a good idea to buy before a solid breakout that holds occurs.Gotta get rid of the short sellers first. It buy a pullback that still looks healthy.

  8. Larry/ON Says:

    AAPL – Beat on both earnings and Q3 guidance. A bit of a relief after GOOGL. Just to repeat what I said yesterday – nice pop on BDI. That’s all you will hear on that stock from me.

  9. Canuck2004 Says:

    Are Canadian oil stocks ready for a Bull move?

    https://stockcharts.com/h-sc/ui?s=XEG.TO&p=D&b=5&g=0&id=p46611480843

    https://stockcharts.com/freecharts/pnf.php?c=XEG.TO,PWAADANRNO%5BPA%5D%5BD%5D%5BF1!3!1.0!!2!20]

    Looks Bullish on the short term, but season ends in May.

    Long term, probably not…..

    https://stockcharts.com/h-sc/ui?s=XEG.TO&p=W&yr=5&mn=0&dy=0&id=p29479550303

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