Tech Talk for Tuesday May 19th 2020

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Pre-opening Comments for Tuesday May 19th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Investors are waiting for Federal Reserve Chairman Powell’s testimony later today during a Senate hearing.

Equity index futures were virtually unchanged following release of the April Housing Starts at 8:30 AM EDT. Consensus was a drop to 927,000 units from 1.276 million in March. Actual was a drop to 891,000 units.

Disney slipped $0.61 to $116.24 after Deutsche Bank lowered its target price from $147 to $128.

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Walmart added $4.84 to $132.50 after reporting higher than consensus first quarter earnings.

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Home Depot dropped $4.47 to $240.88 after reporting lower than consensus first quarter earnings.

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NVIDIA added $3.99 to $354.00 after Susquehanna raised its target price from $355 to $410.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/16/stock-market-outlook-for-may-19-2020/

Note seasonality charts on U.S. Retail Trade, Utilities and Industrial Production.

Technical Notes

Editor’s Note: Canada iShares (EWC) gained 3.71% yesterday while the TSX was closed for a holiday. Look for the TSX Composite Index and the TSX 60 Index to respond accordingly at the open.

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Editor’s Note: Many U.S. equities and ETFs moved above three week trading ranges yesterday. Notable were ETFs tracking the S&P 500 Index (SPY above 294.88) and Dow Jones Industrial Average (DIA above 247.18)

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Base Metal stocks (BHP, RIO,VALE) and related ETFs (PICK, COPX) moved above intermediate resistance levels to re-establish an intermediate uptrend.

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Retail SPDRs (XRT) moved above $38.43 resuming an intermediate uptrend.

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Healthcare iShares (XLV) moved above $102.26 resuming an intermediate uptrend.

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Consumer Discretionary SPDRs (XLY) moved above $118.21 resuming an intermediate uptrend.

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Disney (DIS), a Dow Jones Industrial stock moved above $112.70 resuming an intermediate uptrend.

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Home Depot (HD), a Dow Jones Industrial stock moved above $246.72 to an all-time high extending an intermediate uptrend.

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Blackrock (BLK), an S&P 100 stock moved above $516.00 extending an intermediate uptrend.

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MasterCard (MA), an S&P 100 stock moved above $285.00 resuming an intermediate uptrend.

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Align Technologies, (ALGN), a NASDAQ 100 stock moved above $227.44 resuming an intermediate uptrend.

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Expedia (EXPE), a NASDAQ 100 stock moved above $76.54 resuming an intermediate uptrend.

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Junior Gold Equity ETF (GDXJ) moved above $46.42 extending an intermediate uptrend.

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Platinum moved above $838.20 resuming an intermediate uptrend.

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T-Mobile (TMUS), a NASDAQ 100 stock moved above $101.35 to an all-time high extending an intermediate uptrend.

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Germany iShares (EWG) moved above $24.07 setting an intermediate uptrend.

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Emerging Markets iShares (EEM) moved above $37.50 resuming an intermediate uptrend.

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Russia ETF moved above $19.75 in response to higher crude oil prices .setting an intermediate uptrend.

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General Motors (GM) an S&P 100 stock moved above $15.00 setting an intermediate uptrend.

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KraftHeinz (KHC), an S&P 100 stock moved above $31.03 resuming an intermediate uptrend.

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Lithium ETN (LIT) moved above $26.17 resuming an intermediate uptrend.

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Baidu (BIDU), a NASDAQ 100 stock moved above $107.67 resuming an intermediate uptrend.

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Take Two Interactive (TTWO), a NASDAQ 100 stock moved above $135.70 resuming an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 18th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for May 18th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 18th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.enrichedinvesting.com for the link to this weekly report. Headline reads, “Re-opening risks, toppy divergences, breakout verges, ugly numbers, coronavirus consolidates, oil divergence”. See:

http://enrichedinvesting.com/wp-content/uploads/2020/05/Reopening-risks-toppy-divergences-breakout-verges-ugly-numbers-coronavirus-consolidates-oil-divergence.pdf

 

S&P 500 Momentum Barometer

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The Barometer vaulted 23.05 to 82.97 yesterday. It changed from intermediate neutral back to intermediate overbought on a recovery above 60.00.

 

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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17 Responses to “Tech Talk for Tuesday May 19th 2020”

  1. Larry/ON Says:

    AMZN – Poised to break out right now and I can’t login to my brokerage. That’s life.

  2. Brad Says:

    Is it BMO?

  3. Roy Says:

    ADSK – Auto desk looks poised as well

  4. Larry/ON Says:

    AMZN – New all-time high this morning. Hi Brad. Yes it was BMO. Kept trying and finally logged in around 10am and bought some AMZN. The chart on this stock says it all. I was blogging about this a week ago and David Burrows commented about it and NVDA when he was on BNN Market Call on Thursday. It’s an 18 month base with a breakout that happened in Feb, then a Covid-19 pullback and then a further break higher forming a large pennant from which we have now broken 2475 resistance.

  5. Ana Says:

    Great day for those who lost money during the elevator down in February and March and left their position in, trying to recapture their old positive accounts. Congratulations to you, do not know how long this will last.

    Lousy day to day trade,so far.

  6. Larry/ON Says:

    Semis decisively broke resistance. Now gap filling the Feb 24th drop. Technically it looks like the next resistance level for SOXX is the all-time high which is about 9% up from the present level. SOXX is not at all overbought at present.

  7. Rol Lew Says:

    https://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=6&dy=0&id=p55979504228

    is this the beginning, or is it the end? the chart is never clear.

  8. Ron/BC Says:

    We have an $SPX “NOSE POKE” above the 200ema and Fibonacci 61.8% retracement level!. Too bad nose pokes don’t count. Cant….hold….breath…..much ……………longer,lol.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=10&dy=0&id=p37196921706&a=725299577

  9. Ron/BC Says:

    I’d love to stay and watch the $SPX but I have a tee time at the golf course. ….Priorities!!!

  10. Bernie Says:

    Ron/BC,

    Its tremendous that you found your Mecca. Reality is just a crutch for those that don’t golf.lol Enjoy!

  11. Ana Says:

    $SPX

    Nice drop into the close!

    Ending up a good day for a day trade, swinging into tomorrow…

  12. Paula Says:

    Ana, Congrats on catching the down draft! I sold some swing trades on the roll over – did not catch the top LOL…

  13. Ron/BC Says:

    Over the next year I think we will all see a massive amount of bankruptcies in Canada. I’ve been through a few recessions and some very solid businesses that could have come back threw in the towel as the hassle of starting up again and ‘catching up’ to what they lost just wasn’t worth the trouble mentally or financially. Plus many officials will be watching for health violations and inspections that make starting up again difficult. I know in the past several business people that just started working for someone else without the responsibility of running a business or they retired early.

  14. Ron/BC Says:

    Bernie

    #10. Thanks. How very true….Like they say “LIFE’S A BEACH”.

    I don’t even keep score as I’m not trying to ‘beat anyone’ not even myself. I just want to enjoy the game and improve my strategy. Kinda like using technical indicators to signal a buy. I made a 40 foot putt today. Gotta be able to do that more often.

  15. JP/BC Says:

    I notice that Joe Biden wants to cancel Keystone. With Alberta unable to increase pipeline capacity to world markets within Canada, this doesn’t look good. What will replace oil to provide $billions in lost revenue just when ageing boomers are putting pressure on the healthcare system and pensions? Add to that a colossal increase in debt and increase in bankruptcies (as Ron suggested) due to COVID and I don’t see how it can end well.

  16. Ron/BC Says:

    JP/BC
    Re:#15

    I don’t understand why Biden would want to cancel Keystone. He must be listening to all those bleeding heart Liberals in the Democratic Party that want to save the world….. They always like to get up on their pedestal and play the self righteous act. It’s enough to turn a person’s stomach. That’s just one more reason people will vote Republican and return Trump. They can always get him to do their dirty work no matter how messy it gets. The U.S. would be crazy to ignore cheap Canadian oil.

  17. Ron/BC Says:

    Ana

    Just looking through my charts tonight and noticed this one of the Daily $SPX with Bollinger Bands plus Keltner Channels on it. I thought it looked like a possible short…..not that I use those indicators much.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p42240451539&a=737929559

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