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Tech Talk for Thursday April 18th 2019

 

Reminder

North American and many international equity markets are closed tomorrow in honour of Good Friday.

 

Observations

Nice reverse Head & Shoulders pattern completed by the Auto ETF on a move above $34.92!

Nice breakout by the Fertilizer/Potash ETF above $9.72 setting an intermediate uptrend.

 

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $PVH $RL $FANG $CBOE $CAT $CTAS $LMT $TXT $UNP $GOOGL $GOOG $ICE

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakdowns: $BK $BDX $PFE $ZBH $VZ $D $VTR $MNK $VRTX

Editor’s Note: After 10:00 AM EDT, breakout included NKE. Breakdowns included UDR, VNO, ALXN, ISRG, LH, WAT, NKTR and IP.

Caterpillar $CAT, a Dow Jones Industrial stock moved above $142.55 extending an intermediate uptrend.

Alphabet $GOOGL $GOOG, one of the FAANG stocks moved above $1236.44 and $1231.79 respectively extending an intermediate uptrend.

Verizon $VZ, a Dow Jones Industrial stock moved below $57.73 setting an intermediate downtrend

Editor’s Note: U.S. Healthcare stocks had a rough day on higher than average volume! See the following charts:

Pfizer $PFE, a Dow Jones Industrial stock moved below $40.34 setting an intermediate downtrend.

Biotech ETFs $IBB $BBH $FBT moved below support completing a double top pattern.

U.S. Medical Devices ETF $IHI moved below $219.89 setting an intermediate downtrend.

U.S. Healthcare Providers $IHF moved below $155.90 extending an intermediate downtrend. Individual breakdowns: $ISRG $LH.

Aerospace & Defense ETF $PPA moved above $59.95 extending an intermediate uptrend.

Another base metal stock breakout! First Quantum Minerals $FM.CA moved above $36.37 extending an intermediate uptrend.

Editor’s Note: A breakout by copper above $2.97 helped First Quantum as well as other base metal stocks/ETFs XBM.TO ZMT.TO COPX

South Africa iShares $EZA moved above $57.81 extending an intermediate uptrend

Aecon $ARE.CA moved below $16.90 extending an intermediate downtrend.

Bank of Montreal $BMO.CA, a TSX 60 stock moved above $104.60 extending an intermediate uptrend.

Canada #CPI up 0.7% in March, firmly above the average change for the month of 0.5%. $MACRO #CDNecon #CAD

Norbord $OSB.CA moved below $32.87 extending an intermediate downtrend.

NASDAQ 100 Index $NDX moved above 7700.56 to an all-time high extending an intermediate uptrend. Ditto for $QQQ on a move above $186.66

Agnico Eagle Gold $AEM $AEM.CA moved below $41.47 U.S. setting an intermediate downtrend.

Vermillion $VET.CA moved above $35.79 extending an intermediate uptrend.

Editor’s Note: Canadian energy stocks moved higher following election of the United Conservative party in Alberta with a favourable energy agenda.

Franco-Nevada $FNV $FNV.CA, a TSX 60 stock moved below $70.95 U.S. and $94.64 Cdn setting an intermediate downtrend.

Nike $NKE, a Dow Jones Industrial stock moved above $88.59 to an all-time high extending an intermediate uptrend.

Crude Oil imports negatively diverging from its seasonal average trend as US becomes less dependent on foreign energy. $USO $UGA $XLE $XOP

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 17th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 17th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 17th 2019

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer dropped 7.15 to 70.40 yesterday. It remains intermediate overbought and has rolled over.

 

TSX Momentum Barometer

The Barometer dropped another 1.39 to 61.57 yesterday. It remains intermediate overbought and is 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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