Tech Talk for Friday June 14th 2019

Daily Reports Add comments

Pre-opening Comments for Friday June 14th

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade. Index futures responded to news that May industrial production in China increased less than consensus.

Equity index futures were virtually unchanged following release of May Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.6% versus an upwardly revised gain of 0.3% in April. Actual was an increase of 0.5%. Excluding auto sales, consensus for May Retail Sales was an increase of 0.4% versus an upwardly revised gain of 0.4% in April. Actual was.an increase of 0.5%.

Broadcom dropped $28.58 to $253.03 after reporting less than consensus fiscal second quarter revenues. The company also lowered guidance.

clip_image001[5]

Dollarama (DOL $46.99) is expected to open higher after reporting higher than consensus first quarter sales and earnings.

clip_image002[5]

Comcast (CMCSA $41.69) is expected to open higher after Rosenblatt Securities initiated coverage with a Buy rating.

clip_image003

 

EquityClock’s Daily Market Comment

Following is a link

http://www.equityclock.com/2019/06/13/stock-market-outlook-for-june-14-2019/

Note seasonality chart on Gold futures

 

StockTwits released yesterday @EquityClock

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

Editor’s Note: After 10:00 AM EDT, intermediate breakouts: $SRE and $ROST. Breakdowns: MNST

clip_image001

IGM Financial $IGM.CA moved above $37.80 extending an intermediate uptrend.

clip_image002

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 13th 2019

clip_image004

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 13th 2019

clip_image006

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 13th 2019

clip_image008

Green: Increase from previous day

Red: Decrease from previous day

Setting up for the summer rally in gold and gold equities

Technical comments by Tim Ord, rated among top gold timers by Market Timer

https://www.youtube.com/watch?v=cNHSaN6i0-4&feature=youtu.be

Gold and gold stocks enter into a period of strength in the third week of July for a seasonal trade into October.

clip_image010

clip_image012

clip_image014

 

S&P 500 Momentum Barometer

clip_image015

The Barometer added 6.81 to 61.12 yesterday. It changed from intermediate neutral to intermediate overbought.

 

TSX Momentum Barometer

clip_image016

The Barometer added 0.21 to 49.79 yesterday. It remains intermediate neutral.

 

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...



14 Responses to “Tech Talk for Friday June 14th 2019”

  1. Jeff Says:

    Has anyone recognized bullish Teacup and Handle formations in the stocks Don has highlighted in the past two weeks? This amateur cannot tell, but I’m thinking there were a few. Thanks.

  2. Ron/BC Says:

    With all the bullish reports of $GOLD the long term charts show price still has to clear “AND HOLD” above $1370 to suggest a change in trend from sideways to up. The ratio charts above still haven’t decisively turned back up which is necessary to signal a major change in trend.

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=8&mn=0&dy=0&id=p7481741323c&a=579408509

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=20&mn=0&dy=0&id=p9542016472c&a=579408551

  3. Ron/BC Says:

    The U.S.10 year Treasury yield continues to test the double bottom of the September 2017 lows and is very oversold. The chart suggests a rebound in rates which would surprise many as it is widely expected to see rates fall further soon. A rebound in rates would trash the bonds and interest rate sensitive markets. A clear break below this low would confirm lower rates ahead.

    https://stockcharts.com/h-sc/ui?s=%24TNX&p=D&yr=3&mn=0&dy=0&id=p21445896626&a=579408365

  4. Ana Says:

    Tariffs make everyday necessary items more expensive for the consumer. When people stop purchasing there is a threat to the economy and to capitalism. People not being able to purchase things is not just noise.

    My charts indicating more down for markets.

    Of course my remarks are for your entertainment, they are not trading advice.

    😀

  5. rick Says:

    Ana , I said tariffs are just noise .
    Please let me clarify .
    Tariffs are just noise comparative with FED = FED has a greater influence on economy than tariffs = tariffs are important too but the FED is the biggest problem .
    You wrote : “Tariffs make everyday necessary items more expensive for the consumer.”
    Correct .
    For us , the usual consumer , the tariffs should be 0 % .
    But tariffs are just another tax = money for the politicians to spend .
    Lets say we want to buy a product from China .
    A strictly imaginary scenario .
    The value at the border , before entering Canada , is 100 $ .
    Lets say a 10 % tariff = 110 $ before reached the ,lets say, Walmart .
    Walmart add their 10 % expense = 121 $
    Walmart add their 10 % profit = 133 $
    Government add another 12% GST and PST for BC = 149 $
    Lets say we are living in BC , 50000 $ annually income = marginally income tax is 28,2 % = from 100 $ income before income tax , we are left with 71,80 $ after income tax .
    So to have 149 $ to pay the Walmart product we need 208 $ in income ( 208 X 0,718 = 149 ) and ( 208 X 0,282 = 59 in income tax ) and ( 208-59= 149 in cash , after income tax )
    So from 100 $ at the border until reach our hand that product price will increase with another 108 $ = that is a 108 % increase .
    That is huge .
    In how many years our house double in value ?
    In how many years our retirement account , pension , double in value ?
    When our boss increase our salary with 108 % ? and in how many years ?
    But the government is doing that almost instantly .
    So those 108 $ extra = 23 is for Walmart ( 11 $ expenses and 12 $ profit )
    The rest 85 $ is for government ( 10 $ for tariffs , 16 $ for GST and PST , 59 $ in income tax )
    More money for the politicians to spend .And how they waste the money .
    Our money !
    Please keep in mind that before the first world war it was only the tariff tax . No income tax , no capital gains tax , no GST and PST , no carbon tax , no tax on tax ….
    Maybe somebody should remember ( Trump and the other politicians ) that around 200 years ago , The Queen raised the tariff tax for tea and a revolution started . And did not ended well for the Empire .

  6. rick Says:

    How about tariffs in Canada on US products ?
    We all know the prices in Canada for a product comparative with the prices in US for the same product .
    Thousands of Canadians are crossing the border each day for shopping .
    Why ?
    Canadian tariffs on US products .
    Are those tariffs OK for Canadian consumer ?
    For Canadian consumers those tariff taxes should be 0 % .

  7. bruce Says:

    always interested to hear your market thoughts Ana….not sure why the Fed needs to reduce interest rates that are already near all time lows…..Trump wants to see this 10 year economic recovery continue….it s time to give the economy a rest and work off some inventory…with unemployment at an all time low can wage inflation really be far behind?…

  8. Paula Says:

    Thanks Ron/BC for keeping us up to date with the important charts and your perspective.

    Ana, (re #4) your time frame is quite short, I think, so down but for how long? On the daily $SPX, there does not seem to be a clear trend (ADX is going down with green above red both going down = no trend):

    http://schrts.co/enqnSaZv

    Rick, (re #5, 6) I find your analysis very interesting.

    Jeff, (re #1) I see what you mean about the cup and handle formations BUT trading patterns don’t always follow through.

  9. Ron/BC Says:

    Paula

    Well all I try to do is post my perception of the charts I think are at significant price points to give a ‘heads up’ on possibilities. Each of us can come to our own conclusions on the charts that are in front of us. What throws many off is the financial news that comes out that is exaggerated for headline grabbing. We must always remember that the financial news media has to make a living with dramatic reports of most anything and everything daily or they wont stay in business. I used to deal with a commodity broker in Chicago years ago and he said when he had traded pork bellies a financial news reporter came around and wanted a ‘story’ for his paper. The broker told him nothing new was going on and the reporter insisted that “something” must be going on and he couldn’t go back to work with no ‘story’. So he made one up that sounded credible and it was in the financial news as something important. So that’s what we are always dealing with so we need to take the news with a grain of salt so to speak. The chart will tell us what’s real and what’s b.s. as that’s where the traders/investors will put their money to work or not.

  10. bruce Says:

    ron
    i had the same experience when i started out as a rookie broker in the 1950s……a french newspaper got my name and would call for my opinions which were worthless…. but i would get quoted the next day as informed sources……

  11. Ron/BC Says:

    Paula
    Here is another chart of the $SPX. Looking at the indicators I use there isn’t anything wrong with the $SPX presently. The rising 20ema is just crossing above the rising 50ema which is above the rising 200ema. The RSI 21 is above the 50 line. And price is only about $100 pts above the rising 200ema while the last two tops saw price about 200pts above the 200ema. So while things can change in a heartbeat, as it stands there is little I can see wrong with the ‘Daily’ chart of the $SPX other than an overbought Stochastics that can stay overbought with higher prices plus a fall off in volume on this last rally attempt. “IF” price gets up to the 2940 area I will be more prone to seeing a selloff,but for now it looks like more upside.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p35115787349&a=639595909

  12. Ron/BC Says:

    Bruce Re:#10

    Yes that doesn’t surprise me. But I used to enjoy having a broker to deal with and calling and talking about markets etc as the broker was plugged into everything and was very helpful in a variety of ways even though I know they can’t predict the markets. The brokers got all the negative phone calls from ticked off clients that blamed him for getting them into those falling markets. The clients never blamed themselves it seemed so I always thought the brokers got a bad rap for down markets and no credit for good markets. Very typical of the public that never blames themselves for their bad choices but love to pat themselves on the back for the winning trades. No justice it seems….

  13. Ana Says:

    #8. Paula,

    Check your chart on $VIX. This might provide more of an indication for market direction.

  14. ana Says:

    #11. Ron/BC

    Thank you for the chart!

Leave a Reply

Entries RSS Comments RSS Log in