Tech Talk for Wednesday May 8th 2019

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Pre-opening Comments for Wednesday May 8th

U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points in pre-opening trade. Index futures responded partially to another 1.12% drop by the Shanghai Composite Index to 2,893.76

McKesson added $1.57 to $127.25 after reporting higher than consensus fiscal fourth quarter earnings.

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Wendy’s added $0.28 to $18.75 after reporting higher than consensus first quarter sales and earnings.

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U.S. Steel dropped $0.74 to $15.67 after UBS downgraded the stock to Sell from Neutral.

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Mosaic added $0.75 to $24.00 after JP Morgan upgraded the stock to Overweight from Neutral.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/07/stock-market-outlook-for-may-8-2019/

Note seasonality chart on U.S. Job Openings.

 

StockTwits released yesterday @EquityClock

Broadly based U.S. equity indices break below their 20 day moving average: $SPX $INDU $COMPQ $TRAN $RUT

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VIX Index spikes above 18.33 to a 3 month high. $VIX

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Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $HAL $MYL $REGN $IT $KLAC

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Editor’s Note: After 10:00 AM EDT, no intermediate breakouts. Breakdowns included:

VLO, BA, RL, PVH, MGM, XEC, AMT, AA, AZO and IBM

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India ETF $PIN moved below $24.87 completing a double top pattern.

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Air Canada $AC.CA moved above $33.50 to all-time high on higher than consensus earnings extending an intermediate uptrend

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IAMGold $IMG.CA moved below $3.70 extending an intermediate downtrend.

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Boeing $BA, a Dow Jones Industrial stock moved below $362.92 on a downgrade by Barclays extending an intermediate downtrend.

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Brazil iShares $EWZ moved below $39.20 extending an intermediate downtrend.

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Nickel ETN $JJNTF moved below $14.44 completing a double top pattern.

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TSX Energy iShares $XEG.CA moved below support at $9.70.

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Italy iShares $XLI moved below $27.47 completing a double top pattern.

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US Job Openings showing the weakest first quarter change since the last recession, up a mere 6.1%. $MACRO #Economy #Employment

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Precision Drilling $PD.CA $PDS moved below $2.90 Cdn and $2.21 U.S. setting an intermediate downtrend

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Loblaw Companies $L.CA, a TSX 60 stock moved above $67.44 to an all-time high extending an intermediate uptrend

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China Large Cap iShares $FXI moved below $42.51 setting an intermediate downtrend.

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Another Canadian. autoparts stock breakdown! Linamar $LNR.CA moved below $46.56 setting an intermediate downtrend.

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Constellation Software $CSU.CA, a TSX 60 stock moved below $1,135.00 completing a double top pattern

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith asks, “China end game or just a correction”? See:

https://www.valuetrend.ca/china-end-game-or-just-a-correction/

 

S&P 500 Momentum Barometer

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The Barometer plunged 16.20 to 53.60 yesterday. It changed from intermediate overbought to intermediate neutral, but is trending down.

 

TSX Momentum Barometer

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The Barometer added 1.50 to 47.03 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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3 Responses to “Tech Talk for Wednesday May 8th 2019”

  1. Larry/ON Says:

    SP500 – Holding at support at the 50dayMA and bottom of the Bollinger Band. It’s a garden variety dip at present. Short-term it’s quite a gamble either way based on what happens tomorrow in China trade negotiations. VIX futures are in backwardation which is predictive of a market bottom. Short-term volatility is feared but traders are predicting a strong market further out.

  2. Larry/ON Says:

    My strategy is to slowly add to the highest quality names today that have dropped (eg MSFT, ADBE). Once we get a positive answer on the trade front I would just by the index (QQQ, TQQQ). There still is a possibility things can go wrong so you don’t want to be all in.

  3. Ron/BC Says:

    The Gold stock ETF:XGD.to on the $TSX remains in an uptrend from last September and is presently testing its uptrendline support over the last few days. Hopefully this wont breakdown. The 50ema while falling is still above the 200ema. And the RSI 8 and Slow Stochastics both are showing positive divergences and have just crossed above their signal lines. Lower indicators are weak bearish and falling though. The RSI21 is below the 50 line too. So,big test here to see if price can hold the uptrendline and bounce back. So far looking good but not doing great. Price needs to do two things: Hold the uptrendline AND clear $11.75 to suggest a good run higher. I have a partial position like P.O.P. would do and will add “IF” proven correct. (Not sure exactly when proven correct kicks in.) The Index ETFs and a few other ETFs are cheaper to trade on the $TSX so put some CD$ into my trading account.

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=1&mn=0&dy=0&id=p35414920010&a=579408427

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