Tech Talk for Thursday May 9th 2019

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Pre-opening Comments for Thursday May 9th

U.S. equity index futures were lower this morning. S&P 500 futures dropped 22 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was a drop to 220,000 from 230,000 last week. Actual was a drop to 228,000. Consensus for April Producer Prices was an increase of 0.2% versus a gain of 0.6% in March. Actual was an increase of 0.2%. Excluding food and energy, consensus for April Producer Prices was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.4%. Consensus for March Trade Deficit was $51.1 billion versus $49.4 billion in February. Actual was $50.0 billion.

The Canadian Dollar was virtually unchanged at 74.15 cents U.S. following release of the March Canadian Trade Deficit report. Consensus was $2.30 billion versus $2.90 billion in February. Actual was $3.21 billion

Walt Disney added $0.51 to $135.50 after reporting higher than consensus fiscal second quarter earnings.

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Fox gained $1.67 to $39.09 after reporting higher than consensus fiscal third quarter earnings.

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Tapestry gained $5.19 to $35.94 after reporting higher than consensus fiscal third quarter earnings. The company also announced a $1 billion share buyback program.

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Magna International (MG $71.71 Cdn) is expected to open lower after reducing its 2019 guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/08/stock-market-outlook-for-may-9-2019/

Note seasonality charts on U.S. Utilities sector and Total Vehicle Sales

 

Upcoming BNN Appearance

Jon Vialoux will be on BNN’s Market Call Tonight at 6:00pm ET this Friday, May 10th taking your calls on Technical Analysis and Seasonal Investing.  CALL TOLL-FREE 1-855-326-6266,  EMAIL marketcall@bnnbloomberg.ca,  or TWEET @MarketCall.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly bearish. No intermediate breakouts. Breakdowns: $TRIP $ISRG $EXC

Editor’s Note: After 10:00 AM EDT, no intermediate breakouts. Breakdowns: MPC, D, PNW, NEE and DUK.

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Global Timber iShares $WOOD moved below $61.75 setting an intermediate downtrend

Canadian forest product stocks under technical pressure. Breakdowns by $IFP.CA and $WFT.CA

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TSX Base Metals iShares moved below $11.97 setting an intermediate downtrend. $XBM.CA

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Editor’s Note: Base metal prices (copper, zinc, aluminum) have virtually collapsed during the past five weeks, down over 7%.

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Total #Vehicle Sales down 16.9% in April, almost double the average decline for the month of 8.6%. $MACRO #Economy #Autos

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Bausch Health $BHC.CA, a TSX 60 stock moved above $35.65 extending an intermediate uptrend

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Cogeco Cable $CCA.CA moved above $91.79 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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The Barometer slipped another 0.80 to 52.80 yesterday. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer dropped another 2.97 to 44.07 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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5 Responses to “Tech Talk for Thursday May 9th 2019”

  1. KC Says:

    Hello Ron/BC,

    Would appreciate your TA on the chart for CAE.TO at this point. I’m looking for an entry point.

    thanks,
    KC

  2. Ron/BC Says:

    KC
    CAE.to finally broke through that double top of $25.50 and even then spent 6 weeks consolidating above before taking off to the upside. Always good to see price hold above the double top even if it doesn’t run up right away. That breakout over the consolidation at $28 was where to buy. Since then price has been in a steady uptrend with a short term double top at the $31.75 area and the RSI 8 showing a loss of momentum and negative divergence. No obvious place to get long the stock other than the one pullback to $30 it had recently. Price is also just over $4 above its 200ema just like last June which is a bit of a stretch from home base. The stock while in an uptrend needs to see a pullback from what I see. A pullback to $28 would be ideal.

    https://stockcharts.com/h-sc/ui?s=CAE.TO&p=D&yr=2&mn=0&dy=0&id=p57699929989&a=664233167

  3. bruce Says:

    ron/ana

    for what it s worth the aaii figures for the week ending may 8th shows optimism at a 7 month high at 43.1% neutral is 33.7% and bears are at 23.2%……….

  4. Ron/BC Says:

    Thanks Bruce. Well if you just read this site when several posters are giving a long list of bullish “blue sky” reasons the markets are going to breakout next and go to the moon you don’t really have to look at many bullish sentiment readings. Very typical at market double tops. I used to think traders/investors would learn after awhile but they never seem to. I guess we need to experience some sob,sob,sob now so we can once again see rah,rah,rah again. Already we see the Fear Index in the Fear mode at 40. I don’t know just how much fear is necessary for a rebound but it shouldn’t be too far away. Reminds me of the Lucy and the Football scene from Charlie Brown.

    https://money.cnn.com/data/fear-and-greed/

  5. Ron/BC Says:

    Bruce

    Here is a Daily chart of the $SPX. No major damage yet as far as the Index goes but looking at the lower arrows and RSI 21 we wouldn’t want to see those turn and go in the other direction. Not much time left for a rebound. Price did close near the high of the day right on 1st price support of 2870. Much stronger support at 2815.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p56117417864&a=582707024

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