Tech Talk for Thursday April 4th 2019
U.S. equity index futures were mixed this morning. S&P 500 futures were down 1 point in pre-opening trade.
Index futures were virtually unchanged following released of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was an increase to 219,000 from upwardly revised 212,000 last week. Actual was 202,000.
Tesla dropped $26.96 to $264.70 after the company delivered lower than expected first quarter vehicles.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0011-2.png "clip_image001[1]")
Constellation Brands (STZ $179.69) is expected to open lower after reducing 2019 guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0021-2.png "clip_image002[1]")
Office Depot (ODP $3.77) is expected to open lower after reducing first quarter guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0031-2.png "clip_image003[1]")
Facebook gained $3.09 to $176.63 after Guggenheim upgraded the stock to Buy from Neutral.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0041-2.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/04/03/stock-market-outlook-for-april-4-2019/
Note seasonality charts on the Materials sector, DAX Index and Crude Oil days of supply.
Observation
Brexit watch
StockTwits released yesterday @EquityClock
Technical action by S&P 500 stocks to 10:15: Bullish. Intermediate breakouts: $ORLY $ALLE $PH $FB $LYB $AMG $TEL $WDC $MXIM. No breakdowns.
Editor's Note: After 10:15 AM EDT, breakouts included CTSH, MAR and DRE. Breakdowns included MDT and RTN.
Facebook $FB, one of the FAANG stocks moved above $174.30 extending an intermediate uptrend.
Agriculture ETF $MOO moved above $63.00 extending an intermediate uptrend.
BMO base metals ETF $ZMT.CA moved above $47.25 completing a reverse Head & Shoulders pattern.
Copper Miners ETF $COPX moved above $27.67 completing a reversed Head & Shoulders pattern
China iShares $FXI moved above $46.25 extending an intermediate uptrend.
Editor's Notes: The closed end China Fund CAF also broke out above $45.25, forming a similar technical target. Japan iShares also broke out above $55.36
ARC Resources $ARX.CA moved below $8.83 setting an intermediate downtrend.
Loblaw Companies $L.CA, a TSX 60 stock moved above $67.03 to an all-time high extending an intermediate uptrend.
Dollarama $DOL.CA, a TSX 60 stock moved above $38.40 extending an intermediate uptrend
Trader's Corner.
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for April 3rd 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 3rd 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 3rd 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer slipped 0.80 to 78.76 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer dropped 2.06 to 67.08 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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