Tech Talk for Tuesday May 7th 2019

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Pre-opening Comments for Tuesday May 7th

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade. Investors remain concerned about trade negotiation between the U.S. and China.

Canadian Pacific (CP $298.86) is expected to open higher after increasing its dividend by 27.5%.

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WestJet (WJA $18.84) is expected to open higher after reporting higher than consensus first quarter earnings.

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Boeing dropped $4.22 to $367.38 after Barclays downgraded the stock to Equal Weight from Overweight.

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American International Group added $2.71 to $49.82 after reporting higher than consensus first quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/06/stock-market-outlook-for-may-7-2019/

Hap Sneddon on BNN Bloomberg last night

 

Following are links:

Market comment

https://www.bnnbloomberg.ca/video/hap-sneddon-s-market-outlook~1676585

Top Picks

https://www.bnnbloomberg.ca/video/hap-sneddon-s-top-picks~1676644

Past Picks

https://www.bnnbloomberg.ca/video/hap-sneddon-s-past-picks~1676622

 

StockTwits released yesterday @EquityClock

Copper Miners ETF $COPX moved below $20.70 setting an intermediate downtrend.

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China Large Cap iShares $FXI moved below $43.30 setting an intermediate downtrend

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Vietnam ETF $VNM moved below $16.09 completing a double top pattern.

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Technical action by S&P 500 stocks by 10:00: Quiet. Intermediate breakout: $RHT. No breakdowns.

Editor’s Note: After 10:00 AM EDT, intermediate breakout: IT. No breakdowns.

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Martinrea $MRE.CA moved below $11.73 and $11.64 completing a double top pattern.

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BMO Equal Weight Energy ETF $ZEO.CA moved below $44.11 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

David Chapman’s weekly comment complements of www.EnrichedInvesting.com

Note study on “Sell in May and go away”.

http://enrichedinvesting.com/wp-content/uploads/2019/05/Sell-in-May-myth-not-so-rosy-employment-widened-Recession-watch-spread-Dollar-assisted-golden-fall.pdf

 

S&P 500 Momentum Barometer

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The Barometer dropped 3.20 to 69.80 yesterday. It remains Intermediate Overbought and rolling over.

 

TSX Momentum Barometer

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The Barometer slipped another 0.65 to 45.53 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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7 Responses to “Tech Talk for Tuesday May 7th 2019”

  1. PatVic Says:

    Hello Ron,
    Could you please comment on Methanex when you have a chance?
    Thank you,Pat

  2. Ron/BC Says:

    PatVic

    Here is a 3 year chart of MX.to that trades on the $TSX. (It also trades on the NYSE.) Price has been in a range so far this year since the Dec low between $65 and $80 basically. Price is testing the 3 year uptrendline now and is very oversold as well looking at the RSI 8 and Stochastics. The Modified MACD trend indicator 50,200,20 with the 20ema has been and remains bearish since the December low even with the bounce back. So price is at a support area and oversold but I would not buy this stock here myself. The Modified MACD above is a good guide for the trend. The zero line is where the 50ema and 200ema cross and using a 20ema as a crossover with this indicator makes for a more timely signal.

    https://stockcharts.com/h-sc/ui?s=MX.TO&p=D&yr=3&mn=3&dy=0&id=p30725362816&a=663842598

  3. Kam Says:

    Futures

    Good news for traders with small accounts or one who take less risk. Their are MICRO EMINI futures trading as of yesterday. Every one point move in ES futures is worth $5 only so 1/10th of regular one. Great liquidity and bids are almost same and tight as ES itself. So if you buy 2 futures, its same as buying 100 shares of SPY but with only about 1/5 of margin.I think they be hit with folks and even better if they start options.
    So here is it
    MES-spx futures
    MNQ- nasdaq micro futures
    M2K- russell
    MYY- Dow futures

  4. PatVic Says:

    Thanks Ron!

  5. Rol Lew Says:

    oops, fxi broke the 200 day. looking back in time, the last time that happened, things got a little bit ugly, looking forward in time…. (?)

    https://stockcharts.com/h-sc/ui?s=FXI&p=D&yr=0&mn=7&dy=0&id=p21785220670&a=579408452

  6. Larry/ON Says:

    2800-2775 – I will be buying some at that level. While not certain, 200 Day should be good support. Previous drops on trade news have been small except on this occasion we are starting at a relatively high level. There is some speculation Trump deliberately choose a market high to drop a trade bomb to pressure China. Large market drops have been more related to fed decisions. Both sides want a deal.

  7. Larry/ON Says:

    Large scale buying kicked-in in the last 10 minutes. This could be it for the drop. The 50 day held on the SP500. You had to be fast before close to decide.

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