Tech Talk for Thursday May 2nd 2019

Daily Reports Add comments

 

Responses to the FOMC Meeting News at 2:00 PM EDT

Equity indices moved lower

clip_image001

Bond prices moved lower

clip_image002

U.S. Dollar Index moved higher

clip_image003

The VIX Index spiked.

clip_image004

 

Observations

Rough day for base metal and base metal stock prices on a breakdown by copper! Also, breakdowns by Freeport McMoran Copper & Gold and First Quantum.

clip_image005

 

Cramer on Mad Money

He noted after the close last night that equity traders should “take money off the table” Following is a link:

www.cnbc.com/2019/05/01/cramer-weve-had-a-terrific-run-its-time-to-trim-some-positions.html

 

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout:$RCL Breakdowns: $GRMN $EIX

clip_image006

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included BXP, CVS, KR, ADM and FE. Breakdowns included CLX, FCX and APA.

Platinum ETN $PPLT moved below $82.88 setting an intermediate downtrend

clip_image007

‘Tis the time for Platinum to reach a seasonal peak! $PPLT $PLAT

clip_image008

U.S. Aerospace & Defense ETF $ITA moved above $210.71 extending an intermediate uptrend

clip_image009

Cdn oil service stocks remain under technical pressure. Calfrac Well Services $CFW.CA moved below $3.08 extending downtrend

clip_image010

First Quantum Minerals $FM.CA moved below $13.84 completing a double top pattern.

clip_image011

Editor’s Note: Freeport McMoran Copper and Gold also had a rough day.

clip_image012

First Trust Natural Gas ETF $FCG moved below $16.61 setting an intermediate downtrend

clip_image013

S&P Metals and Mining SPDRs $XME moved below $29.52 setting an intermediate downtrend.

clip_image014

Encana $ECA $ECA.CA, a TSX 60 stock moved below $6.73 U.S. and $9.01 Cdn.setting an intermediate downtrend

clip_image015

Steel ETF $SLX moved below $38.22 setting an intermediate downrend

clip_image016

US Construction Spending up 8.7% (NSA) in March, weaker than 10.9% increase that is average for this time of year $MACRO #ConstructionSeason

clip_image018

Palladium ETN $PALL moved below $125.57 completing a Head & Shoulders pattern.

clip_image019

Another Canadian "gassy" stock breakdown! Crew Energy moved below $1.08.

clip_image020

 

Trader’s Corner

Note changes in Seasonality rankings!

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 1st 2019

clip_image022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 1st 2019

clip_image024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 1st 2019

clip_image026

Green: Increase from previous day

Red: Decrease from previous day

 

Markets, Commodities and Sectors Reaching Their Seasonal Peak Near This Time Of Year

clip_image028

clip_image030

clip_image032

clip_image034

clip_image036

clip_image038

clip_image040

clip_image042

clip_image044

clip_image046

clip_image048

clip_image050

clip_image052

clip_image054

clip_image056

clip_image058

clip_image060

clip_image062

clip_image064

clip_image066

clip_image068

clip_image070

clip_image072

clip_image074

clip_image076

clip_image078

clip_image080

clip_image082

clip_image084

clip_image086

clip_image088

clip_image090

clip_image092

clip_image094

clip_image096

clip_image098

 

S&P 500 Momentum Barometer

clip_image099

The Barometer dropped 6.00 to 67.40 yesterday. It remains intermediate overbought and rolling over.

 

TSX Momentum Barometer

clip_image100

The Barometer plunged 7.41 to 50.64 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

Sponsored By...



8 Responses to “Tech Talk for Thursday May 2nd 2019”

  1. Ron/BC Says:

    DougP

    To use the 50ema/200ema crossover signals on a “60 minute” chart you do need to have a charting service that you can select that setting and view way back to check the signals both up and down to see the ‘nature’ of that ETF or stock. And as I posted on the May 1st blog using the 50ema/250ema will work better in many cases with very few whipsaw crosses due to the volatility of the ETF or stock. In other words fine tune the settings so looking back say 4 years it has a very good track record with few whipsaws. At the same time a small but brief nose poke above or below the zero line isn’t a valid signal either as it does occasionally occur. One can use a thicker line at the zero mark to avoid reacting to the occasional brief break. Or increase the EMA settings but that will also slow the signal entry times. If you take all the crossovers even on the odd whipsaws you’ll see a cross down and then quick cross up which amounts to usually just a wash trade but doing this you will also not hold a losing position other than a dramatic vertical plunge which can occur with any market and are rare. But you do need a charting service that you can analyze 60 minute charts to see it’s track record with your EMA settings. Stockcharts membership is $14.95 U.S.per month for the Basic Membership. But I’ve heard there are free sites as well you might be able to get long term 60 minute charts that you can put on EMAs or change the Macd settings with. I use Stockcharts EXTRA which costs $29.95 per month U.S. but I don’t think you need all that to see intraday charts.

  2. DougP Says:

    RonBC

    Much appreciated, Ron, thank you.

  3. bruce Says:

    Ron
    for what its worth……the aaii this morning shows bulls at 39% neutral 39.6 and bears 21.3%…………cash is at a 13 month low…..

  4. Ron/BC Says:

    Bruc
    Thanks for #3 post. There are many aspects to Sentiment readings. I know even with the C.O.T. numbers which are futures traders that are far more sophisticated than the average person, the numbers are more often fairly balanced and are only meaningful at extremes with the Small Specs, Large Specs and the Commercials. And even then they are not timely as the big players have deep pockets and don’t mind being in the red for long periods of time and just keep adding to their position. The rest of us can’t do that without going broke. Just like the $SPX and $INDU right now backing off their double tops. A lot of short sellers have been short all the way up for some time now but are not concerned as they can handle it. So while sentiment is very important you will see readings such as your post stated and others like the Fear Index showing Extreme Greed. Tough to decipher them all. I end up just believing the chart pattern.

  5. Ron/BC Says:

    Here is a chart of the $SPX and $INDU. Both are selling off from their double tops. This shouldn’t surprise anyone who uses charts. Doesn’t mean prices wont rebound at some point but double tops don’t get cleared easily. All the b.s. bullishness in the world can’t change it. If you are looking for a ‘story’ to explain it all away I’m sure there are plenty of them to read. The chart itself is always the best story. And like they say “charts don’t lie.”

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

    https://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=2&mn=0&dy=0&id=p41332546696&a=662808077

  6. Rol Lew Says:

    1, 2, 3, 5, 10, 15, 30, 60, 2hr, 4 hr, daily, weekly charts with indicators. not as involved as tos.

    http://freestockcharts.com/platform/v1

    legacy system, s/w becoming obsolete, no cdn mutuals, all cdn etfs, cdn quotes delayed 20 mins, usa quotes delayed 1 min. macd, stochastics, cappock curve, ichimoku, many layouts. must run from ie, NOT bing, win 7 or 10, not firefox, not google, can e-mail charts to someone else with this s/w

    newer s/w – tc2000 free version, all data quotes delayed, more stable s/w, TC2000 v19, {NOT v18 (paid version) for day traders, ie, scanning}, all indicators, as above, a few more timeframes, just 1 layout in v19. options chains. dont think you can email charts.

    https://www.youtube.com/watch?v=4VKNa3SMyB4

    https://www.youtube.com/watch?v=WNWDrlISzSw

  7. Rol Lew Says:

    oops,

    http://www.freestockcharts.com/platform/v1

  8. tony Says:

    Hi DougP,

    you can also use yahoo.com/finance

    they offer all the different time frames

Entries RSS Comments RSS Log in