Tech Talk for Friday November 16th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 22 points in pre-opening trade.

The Shanghai Composite added 10.94 to 2,679.01 completing a short term bottoming pattern on a move above $2,676.01.

NVIDIA plunged $35.37 to $167.02 after reporting lower than consensus third quarter revenues. The company also lowered its guidance. Target on the stock was lowered by JP Morgan, Stifel Nicolaus, Oppenheimer, Susquehanna, Benchmark and SunTrust.

Viacom (VIAB $31.83) is expected to open higher after reporting higher than consensus fiscal fourth quarter revenue and earnings.

Intel (INTC $48.11) is expected to open higher after the company approved a $15 billion share buyback program.

Nike (NKE $74.33) is expected to open higher after the company announced a 10% dividend hike.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/15/stock-market-outlook-for-november-16-2018/

Note seasonality charts on Retail Trade, Retail Industry, Total Business Sales, Total Business Inventories, Philly Fed Index and Empire Manufacturing Survey.

Observations

U.S. equity indices bounced back at approximately 1:00 PM EST on a media report quoting a U.S. trade official that additional tariffs on Chinese goods are "on hold". Look for additional follow through by the Shanghai Composite Index in overnight trading. A move by the Shanghai Composite Index above 2,676 will complete a short term base building pattern including a move above its 50 day moving average. Base metal prices/stocks and related ETFs responded strongest to the news.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $PVH $TIF $TJX $ADM $C $NTAP $TSS.

Editor's Note: After 10:00 AM EST, breakout included RSG and breakdowns included ADBE, HUM, STZ, LOW, MAC, LEN and BBBY.

Canfor $CFP.CA moved below $18.27 extending an intermediate downtrend.

Fairfax Financial $FFH.CA moved below $600.02 extending an intermediate downtrend.

Palladium ETN $PALL moved above $108.79 extending an intermediate uptrend.

Wheaton Precious Metals $WPM $WPM.CA, a TSX 60 stock moved below $$15.18 U.S. extending an intermediate downtrend.

Teck Resources $TECK.B.CA $TECK, a TSX 60 stock moved above $21.91 U.S. and $28.69 setting an intermediate uptrend.

'Tis the season for Teck Resources to move higher to the end of April! $TECK $TECK.B.CA

Republic Services $RSG moved above $75.43 to an all-time high extending an intermediate uptrend.

'Tis the season for Republic Services $RSG to move higher to the end of December!

Empire State #Manufacturing Survey at +4.4 (NSA) for November, better than the -4.3 average for this time of year. $MACRO #Economy

Philadelphia #Manufacturing Business Outlook Survey at +3.2 (NSA) in November, above -2.1 average for this time of year. $MACRO #Economy

US #Retail Trade up 5.1% (NSA) in October, better than the 3.0% average increase for this time of year. $MACRO #Economy $XRT $RTH

Greg Schnell's Comments on Gold and Gold stocks

Following is a link to Greg's comments released yesterday

https://stockcharts.com/articles/canada/2018/11/gold-finally-had-a-day-in-the-sun.html

Greg noted that technical significance of gold moving nicely back above its 50 day moving average after forming a base pattern. Tech Talk thanked Greg for his timely comments and offered the following insight:

Hi Greg. Interesting charts on gold and gold stocks in your latest comment.! When I looked at the charts, they looked vaguely familiar with charts on another commodity: copper. Spot price moved above $2.75 today, moving above its 50 day moving average. Base building pattern in recent weeks is similar to gold. Seasonal influences are just turning positive. Copper stocks and related ETFs also are showing early positive technical signs. The trigger is U.S. negotiations with China. If successful, copper will soar. Cheers!

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 15th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 15th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 15th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P Momentum Barometer

The Barometer added 4.00 to 37.20 yesterday. It remains intermediate oversold.

TSX Momentum Barometer

The Barometer slipped 0.42 to 31.80 yesterday. It remains intermediate oversold.

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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