Tech Talk for Wednesday February 19th 2020

Daily Reports Add comments

Pre-opening Comments for Wednesday February 19th

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the January Producer Price Index was an increase of 0.1% versus a gain of 0.2% in December. Actual was up 0.5%. Excluding food and energy, consensus for the January Producer Price Index was an increase of 0.2% versus a gain of 0.1% in December. Actual was an increase of 0.5%. Consensus for January Housing Starts was a drop to 1.430 million units from 1.608 million units in December. Actual was 1,567 million units.

The Canadian Dollar was virtually unchanged at U.S.75.62 cents following release of Canada’s January Consumer Price Index at 8:30 AM EST. Consensus was a year-over-year increase of 2.3%% versus 2.2% in December. Actual was an increase of 2.4%

Nutrien (NTR $54.59 Cdn) is expected to open lower after reporting lower than consensus fourth quarter earnings.

clip_image001[5]

Analog Devices (ADI $118.57) is expected to open higher after increasing its quarterly dividend by 15%.

clip_image002[5]

Garmin gained $7.88 to $105.00 after reporting higher than consensus fourth quarter earnings. The company also raised guidance and increased its dividend.

clip_image003[5]

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/18/stock-market-outlook-for-february-19-2020/

 

Observations

Long term 20 Year+ Treasury Bond ETF (TLT) closed at an all-time closing high yesterday.

clip_image001

Despite strength in long term Treasury Bond and commodity prices, the U.S. Dollar Index closed at a three year closing high at 99.45

clip_image002

StockTwits released yesterday @EquityClock

Paychex $PAYX, a NASDAQ 100 stock moved above $89.33 to an all-time high extending an intermediate uptrend.

clip_image003

Palladium ETN $PALL moved above $237.99 to an all-time high extending an intermediate uptrend

clip_image004

Goldman Sachs $GS, a Dow Jones Industrial stock moved below $235.01 completing a double top pattern

clip_image005

BCE Inc. $BCE.CA, a TSX 60 stock moved above $64.44 to an all-time high extending an intermediate uptrend.

clip_image006

Dollarama $DOL, a TSX 60 stock moved below $43.21 extending an intermediate downtrend

clip_image007

Wheaton Precious Metals $WPM $WPM.CA, a TSX 60 stock moved above $30.80 U.S. and $40.82 Cdn. to all-time highs extending an intermediate uptrend

clip_image008

Barrick Gold $ABX.CA $GOLD, a TSX 60 stock moved above $26.59 Cdn and $19.97 U.S. to a 3.5 year high extending an intermediate uptrend

clip_image009

Ross Stores $ROST, a NASDAQ 100 stock moved above $122.62 to an all-time high extending an intermediate uptrend.

clip_image010

 

Trader’s Corner

Editor’s Note: Lots of positive technical action by commodities and commodity sensitive equities yesterday despite strength in the U.S. Dollar Index.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 18th 2020

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 18th 2020

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 18th 2020

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith asks ”Is ESG Investing Profitable”? Following is a link:

https://www.valuetrend.ca/is-esg-investing-profitable/

 

S&P 500 Momentum Barometer

clip_image017

The Barometer dropped 5.21 yesterday to 61.92. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

clip_image018

The Barometer added 0.17 to 64.06 yesterday. It remains intermediate overbought.

 

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...



6 Responses to “Tech Talk for Wednesday February 19th 2020”

  1. sp Says:

    NTR.to trading at 52 wks low, just watching at this time, any thought is it good buy? time looks good for spring farmers will need fertilizer but USA- China agreement? Their are so many thing to think not only chart and financial statement. All your comments expose knowledge to me.

    thanks

  2. Ron/BC Says:

    SP

    NTR.to is a very weak declining stock. That downtrendline goes back to 2011 and price has never shown respect for the 50ema. The stock had reacted to the $57 price point but recently broke below that as well. From the early 2016 lows to late 2018 price was having higher highs and higher lows but that ended then and price has been in a downtrend ever since. I don’t see anything good on the chart myself.

    https://stockcharts.com/h-sc/ui?s=NTR.TO&p=D&yr=6&mn=0&dy=0&id=p73229688954&a=722141480

  3. Ron/BC Says:

    Bernie

    I will wait for prices to pullback like they always do to get long a SPLV ETF as you suggested. The ZLB.to has almost no volume which always makes me wonder why no one wants it. Actually on most investments I do hold for long periods of time. That 4 year GIC I bought at 4% is an example. It does drive me nuts that I can’t get my money back until next January but I certainly can’t complain about a guaranteed 4% and 60% of it is TFSA money that’s not taxable. And other cash I have is just sitting around at 2.45% waiting for a better opportunity. But I don’t chase things as I never feel left out. Prices on most everything are very stretched out now with record longs in the market. Historically that trend reverses at times like this. So I’ll wait for a test of support. So other than SPLV any other suggestions on ETFS that pay dividends and/or have a good track record on capital gains?

  4. Bernie Says:

    Ron/BC,

    I can’t understand why ZLB has no volume. Its market cap is $2.7B. Perhaps some feel low volatility leads to dampened returns when the opposite is true (on the upside). Perhaps the dividend yield chasers don’t care for its lowish yield, currently 2.3%. ZLB is tops in total return and dividend growth amongst all the Canadian dividend paying ETFs which have at least 5 years of measureable performance. They’re only 1 of 3 which haven’t had a dividend cut in the 5 year period. The other two are PDC.TO and CDZ.TO. Worthy of note ZLB outperformed its peers by a very wide margin in the two down markets of 2015 & 2018 ZLB. You might take a look at REIT ETFs RIT.TO and ZRE.TO. Stateside USMV is pretty good and DGRO not bad,

  5. KC Says:

    Ron/BC,

    Thanks for your charts n TA on MDT and SYK. SYK has broken resistance and above the channel again.

    What issue do you have with Firefox ? Perhaps you need to update it to something above version 65 ? I use both Chrome and Firefox for stockcharts and have no issues. I also use Safari on my iphone and the so called “browser” on my 8 yr old blackberry for stockcharts quite successfully. I only use the latter two devices for a quick look at a given chart if I’m in my car or on the go though.

    Thanks again,
    KC.

  6. Larry/ON Says:

    SPCE – Virgin Galactic is up 61% in one week (23% today) Why make chump change on NVDA or SHOP when you can own SPCE? Richard Branson is going to send us for all-inclusive vacations to the moon and Mars. I’d rather be on a beach.
    I though NVDA was so great. It’s definitely overextended but the price targets are way up to $360 and it closed at $314.75. The SOXX semi index closed at a new all-time high which is a good signal for the overall market.
    There is no shortage of people who are interested in declining stocks. Best advice is from technical analysts like Keith Richards, or Hap Sneddon when they say time and time again that you want the chart to go up and to the right.

Entries RSS Comments RSS Log in