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Tech Talk for Tuesday August 14th 2018

 

Observations

Economic and political uncertainties in Turkey continued to impact equity markets

Add Greece to the list of markets responding to southern Europe uncertainties

The VIX Index jumps again. ’Tis the season!

 

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $SYY. Breakdowns: $SBAC $GM.

Silver ETN $SLV moved below $14.35 extending an intermediate downtrend.

Wheaton Precious Metals $WPM moved below $$20.53 U.S. extending an intermediate downtrend. Responding to lower silver prices.

Agriculture iShares $COW.CA moved below $38.54 extending an intermediate downtrend

WTI Crude Oil at $66.17 moved below $66.29 setting an intermediate downtrend. $USO.

General Electric $GE, formerly a Dow Jones Industrial stock moved below $12.61 to a 6 year low extending an intermediate downtrend.

Base Metals iShares $ PICK moved below $31.29 extending an intermediate downtrend. Ditto for ZMT.CA!

U.S. Home Construction iShares $ITB moved below $36.85 extending an intermediate downtrend. Other related breakdowns: $PHM $XHB.

Teck Resources $TECK $TECK.B.CA, a TSX 60 stock and major base metals miner moved below $23.95 U.S. extending an intermediate downtrend.

Exxon Mobil $XOM, a Dow Jones Industrial stock moved below $78.49 on lower crude oil prices, setting an intermediate down trend.

Auto ETF $CARZ moved below $36.65 extending an intermediate downtrend.

Platinum ETN $PPLT moved below $31.50 extending an intermediate downtrend.

Lithium ETN $LIT moved below $31.50 extending an intermediate downtrend.

Gold ETN $GLD moved below $114.80 and $114.02 extending an intermediate downtrend.

Goldcorp. $G.CA $GG, a TSX 60 stock moved below $15.11 Cdn. extending an intermediate downtrend.

Cdn. Energy stocks $XEG.CA also hit by lower crude oil prices. E.g. breakdown by Vermillion Energy $VET.CA below $41.59

Editor’s Note: Oil services stocks on both sides of the border had a rough day on the charts.

 

Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for August 13th 2018

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 13th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 13th 2018

Green: Increase from previous day

Red: Decrease from previous day

 

Changes in Seasonality ratings

Lumber/lumber stocks turn Negative from Neutral in mid-August

Consumer Staples sector turns Negative from Neutral in mid-August

 

Josef Schachter on BNNBloomberg’s Market Call Yesterday

Josef remains negative/cautious on crude oil and cautiously optimistic on natural gas. Following are links:

Market Outlook

https://www.bnnbloomberg.ca/video/josef-schachter-s-market-outlook~1460348

Past Picks

https://www.bnnbloomberg.ca/video/josef-schachter-s-past-picks~1460354

Top Picks

https://www.bnnbloomberg.ca/video/josef-schachter-s-top-picks~1460359

 

S&P 500 Momentum Barometer

The Barometer dropped 4.20 to 58.60 yesterday. It changed from intermediate overbought to intermediate neutral and established a downtrend.

 

TSX Momentum Barometer

The Barometer dropped 4.79 to 44.58 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