Tech Talk for Wednesday June 5th 2019

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Pre-opening Comments for Wednesday June 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.

Index futures moved lower following release of the May ADP Employment Report at 8:15 AM EDT. Consensus was 173,000 versus 275,000 in April. Actual was 27,000.

Salesforce.com gained $4.39 to $155.20 after the company reported higher than consensus first quarter earnings. The company also raised guidance.

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UnitedHealth Group (UNH $240.76) is expected to open higher after the company raised its dividend by 20%.

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American Eagle Outfitters added $1.24 to $18.52 after reporting higher than consensus first quarter sales and earnings.

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Campbell Soup gained $0.74 to $38.11 after reporting higher than consensus fiscal third quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/04/stock-market-outlook-for-june-5-2019/

Note seasonality charts on Gold and Manufacturers’ New Orders.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $HAS $TGT $MDT $APD $COO. Breakdown: $NCLH

Editor’s Note: After 10:00 AM EDT, breakouts included CME, ECL, PNC, CF, UA, XRX and IFF. Breakdowns included RCL and DLR.

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Cameco $CCJ $CCO.CA moved above $10.45 U.S. and $14.00 Cdn. completing a short term double bottom pattern.

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Uranium producer ETF $URA completed a double bottom pattern on a move above $11.69. Largest holding is $CCJ.

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Solar ETF $TAN moved above $26.25 extending an intermediate uptrend.

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US Factory Orders down 6.3% (NSA) in April, stronger than the 7.3% decline that is average for the month. $MACRO #Economy #Manufacturing

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 4th 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 jumped 9.62 to 40.08 yesterday. It moved to intermediate neutral from intermediate oversold on a move above 40.00, but maintains a downtrend.

 

TSX Momentum Barometer

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The Barometer gained 3.78 to 46.64 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

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15 Responses to “Tech Talk for Wednesday June 5th 2019”

  1. harry Says:

    Ron/BC—USO support 10:50? Thanks. Just wondering if ECA at a buy now. Thanks

  2. Ron/BC Says:

    Doctor $VIX is still in bearish territory for the $SPX, being above the zero line. The Modified MACD is not an especially timely indicator as it is a trend indicator and not intended to catch tops and bottoms such as Oscillators might but is a good guide to what the present ‘trend’ is and is intended to keep one out of harms way until it is in a positive trend for the $SPX, which is below the zero line. Waiting for $VIX to get back below the zero line has produced multi month rallies for the $SPX without a lot of over thinking and fretting or cheering over the latest news release.

    https://stockcharts.com/h-sc/ui?s=%24VIX&p=D&yr=2&mn=0&dy=0&id=p59479226734&a=665761377

  3. Ron/BC Says:

    Harry

    USO has been falling like a knife and trying to catch it could be down right bloody. BUTTTTTTTTTT it is very oversold and is testing a familiar price point at $10.50. That isn’t strong support so not much to count on there. But it is tempting to take a partial position for starters.

    https://stockcharts.com/h-sc/ui?s=USO&p=D&yr=1&mn=0&dy=0&id=p76431652566&a=651189015

    https://stockcharts.com/h-sc/ui?s=USO&p=D&yr=2&mn=0&dy=0&id=p14866437873&a=665323464

  4. Ron/BC Says:

    Harry

    ECA is at a double bottom now at $5. I see you like living dangerously and bottom pick. I can see the temptation as one could easily see a bounce off of it. Nothing positive about the chart other than it is very oversold and at a double bottom. A close below $5 would be an exit signal.

    https://stockcharts.com/h-sc/ui?s=ECA&p=D&yr=2&mn=6&dy=0&id=p67803883069&a=579408588

  5. Paul Says:

    Hi Ron,
    Re: Eca; could you explain when in your assessment the Feb 2016 low trumps the Jan 2019 low ?
    Is it only if shorter term Jan 2019 low rule is broken ? or is there something else ?
    Thank you,
    Paul

  6. Harry Says:

    Ron/BC—-Thank You

  7. Ron/BC Says:

    Paul
    The 2016 low was a major low that saw price form a “W” pattern at $5 which broke out and wasn’t tested again until recently. The present double bottom a $5 is oversold and could see a bounce back from there, but a close below $5 would typically see the 2016 low tested again. So yes, the 2016 low is what many are watching but the recent double bottom at $5 is what most will be trading until it either rallies now or fails below $5. The recent double bottom low is the most tradable as much has occurred in the market since 2016 so the most recent prices are the most valid. But price is king and most traders will be watching this $5 double bottom to hold and rally or fail and selloff to the 2016 low. Note the other support and resistance levels on the long term chart at $8 and $9 and $14. Hopefully this makes sense.

    https://stockcharts.com/h-sc/ui?s=ECA&p=D&yr=5&mn=0&dy=0&id=p87481790732&a=669070914

  8. Ron/BC Says:

    The Canadian dollar $CDW bumped up against its 18 month downtrendline and top of its long term falling channel and is backing off. No surprise there……….

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=3&dy=0&id=p66252924774&a=579408456

  9. Paul Says:

    Ron,
    Thank you, I really appreciate your explanation.
    Paul

  10. Ron/BC Says:

    Paul

    There is also a downtrendline on ECA around $6.50 that needs to be cleared to suggest a rebound. Until then price is trapped between it and $5. So traders will be watching both.

  11. Mary Says:

    Larry/Ron/Ana
    I took a half position in Cronos. I am thinking of adding. Could you please share short term analysis/chart Appreciate.

  12. Ron/BC Says:

    Mary

    Do you mean cron.to or cron on the NASD?

  13. Ana Says:

    $NatGas

    I might be adding when not asked, however this is the last pattern that has arrived at the target.

    I would think that ECA would follow.

    https://invst.ly/az0uy

  14. Mary Says:

    Ron/BC
    Cron.to please.

  15. Ron/BC Says:

    Mary
    Looking at the stock price over the last 2.5 years when it started out around $2 and ran up to over $32 in March it is typical Marijuana madness again with big dreams of riches in the company. These stories tend to end badly along with price. The stock is bouncing off of $18 support on high volume and could run much higher but I wouldn’t touch this type of stock with a ten foot pole. Here is another link to some fundamentals which I don’t tend to dwell on but the price action warranted looking the company up and the story is typical. By the way there is an ETF:HMMJ.to of these Marijuana stocks that is far less risky to trade or invest in.

    https://stockcharts.com/h-sc/ui?s=CRON.TO&p=D&yr=2&mn=0&dy=0&id=p70451401569&a=669205274

    https://www.fool.com/investing/2019/03/28/cronos-group-buy-the-dip.aspx

    Here is the chart of HMMJ.to with CRON.to overlaid. One can trade the ETF rather than the CRON.to as the chart pattern is so similar but is less risky being diversified.

    https://stockcharts.com/h-sc/ui?s=HMMJ.TO&p=D&yr=2&mn=0&dy=0&id=p50159978549&a=617302175

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