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Tech Talk for Wednesday February 20th 2019

 

Observations

Encouraging technical action by Greek equities, indices and related ETFs! Nice reverse Head and Shoulders pattern by GREK!

Discouraging technical action by Indian equities, indices and ETFs!

Most commodity prices moved higher yesterday (e.g. gold, silver, copper, zinc). Not so for lumber and grains!

 

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. One breakout: Freeport McMoran $FCX on a reverse Head & Shoulders pattern. No breakdowns

Editor’s Note: After 10:00 AM EST, intermediate breakouts included NBL,APA, WMB, BKNG, ZION, EMN, AMP and FMC.

Gold ETN $GLD moved above $125.23 extending an intermediate uptrend. Ditto for $GDX $GDXJ $XGD.CA

Silver equity ETN $SIL moved above $27.27 extending an intermediate uptrend

First Majestic Silver $AG $FR.CA moved above $8.52 Cdn and $6.50 U.S. completing a base building pattern.

Southern Copper $SCCO, a major South American copper producer moved above $33.68 completing a reverse Head & Shoulders pattern.

Global Base Metals ETF $PICK moved above $29.99 US extending an intermediate uptrend. Ditto for Canadian equivalent $XBM.CA

Materials SPDRs $XLB moved above $54.59 setting an intermediate uptrend.

Saputo $SAP.CA, a TSX 60 stock moved above $41.73 setting an intermediate uptrend.

More Canadian gold stock breakouts: Agnico Eagle $AEM Franco-Nevada $FNV.CA

Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved above $84.28 U.S. and $111.80 setting an intermediate uptrend.

United Kingdom ETF $EWU moved above $32.23 extending an intermediate uptrend.

Mines and Metals SPDRs $XME moved above $30.97 extending an intermediate uptrend.

Copper futures $COPPER at $2.88 per lb. moved above $2.87 completing a base building pattern. ETN is $JJCTF.

EAFE iShares $EFA moved above $63.81 extending an intermediate uptrend.

Regional Bank ETF $KRE moved above $56.26 extending an intermediate uptrend.

More U.S. energy stock breakouts including oil service stocks: $NBL $APA $WMB $OIH

More Canadian energy breakouts! Vermillion Energy $VET.CA moved above $33.22 completing a reverse Head & Shoulders pattern

Insurance iShares $IAK moved above $63.88 extending an intermediate uptrend.

 

Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 19th 2019

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 19th 2019

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 19th 2019

Green: Increase from previous day

Red: Decrease from previous day

 

Canadian Bank Fiscal First Quarter Earnings

Quarterly reports by the top six Canadian banks start appearing on Friday and continue next week. Earnings are expected to increase a modest 4.8% on a year-over-year basis. Following are consensus estimates offered by Zachs:

 

 

Technical Scoop

Link to David Chapman’s weekly report compliments of www.enrichedinvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/02/Blow-off-Cusp-skeptical-bears-excited-bulls-runaway-train-Dollar-helped-gold-SNC-scandal-gold-demand.pdf

 

http://www.equityclock.com/about/seasonal-advantage-portfolio/

 

Updates on Previously Supported Seasonal Trades

Favourable technical comments and seasonal charts were offered on lumber and lumber stocks primarily on the breakout by lumber on January 24th at $381.10 per MBtu. Lumber closed yesterday at $397.40, but showed deteriorating short term technical signals (i.e. broke below its 20 day moving average, short term momentum indicators turning down and strength relative to the S&P 500 Index turning negative). Accordingly, lumber and lumber stocks no longer are supported as a seasonal trade. That includes Norbord discussed on January 9th, Interfor discussed on January 10th and West Fraser Timber discussed on January 24th

 

S&P 500 Momentum Barometer

The Barometer slipped 0.20 to 92.00 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

The Barometer added 2.94 to 90.34 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

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