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Tech Talk for Wednesday December 6th 2017

 

Observations

More “sell on news” after the Senate’s passing of the U.S. Tax Bill! The Dow Jones Industrial Average dropped 353 points from its high near the open on Monday.

Copper broke support at $3.32 per lb. resuming an intermediate downtrend. Not good for base metal stocks! The sector is following weakness in the Shanghai Composite Index.

 

StockTwits Released Yesterday @EquityClock

Utilities SPDRs $XLU moved below $55.55 completing a double top pattern.

Technical action by S&P 500 stocks to 10:00: Bearish. Breakdowns were dominated by Utilities stocks: $RHT $ALB $CCI $AEE $EIX $PNW $PPL. No breakouts

Editor’s Note: After 10:00 AM EST, breakouts included CPB and breakdowns included WLTW, SRE, AEP and SYM.

Lithium ETN $LIT moved below $38.50 setting new intermediate downtrend.

Soybean ETN $SOYB moved above $18.90 extending an intermediate uptrend.

Silver equity ETF $SIL moved below $30.28 extending an intermediate downtrend

Silver equities break support: First Majestic Silver and Hecla Mining $FR.CA $HL

Gold SPDRs $GLD moved below $119.78 setting an intermediate downtrend.

Rogers Communications $RCI, a TSX 60 stock moved below %51.52 completing a double top pattern.

Toronto Dominion Bank $TD.CA and Laurentian Bank $LB.CA break short term support.

Editor’s Note: Laurentian responded to new information that raised concerns about its mortgage loan portfolio.

Trader’s Corner

Daily Seasonal/Technical Equity Trends for December 5th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for December 5th 2017

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Daily Seasonal/Technical Sector Trends for December 5th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer dropped yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

The Barometer dropped another 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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