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Tech Talk Financial Network in Timing the market,

Tech Talk for Tuesday July 11th 2017

 

Observations

Rotation, rotation, rotation! Rotation out of U.S. retail stock on concerns that Amazon will continue to take more market share.

Rotation into base metal and fertilizer stocks. Among fertilizer stocks, Agrium, Potash Corp and CF Industry moved above base building patterns.

 

StockTwits Released Yesterday

Utilities employment showing weakest first half of year since 2004.

Technical action by S&P 500 stocks to 10:00: Mixed. Breakouts: $DE $PYPL. Breakdowns: $BBY $WAT

Editor’s Note: After 10:00 AM EDT, breakouts included FIS, PCLN, AMP, BXP, CAT, FCX, CMA, BA, COL, PNR, PWR, TXT, BWA, DLPH and WRK. Breakdowns included ILMN, CERN, GPS, ROST, M, HRL, HSY, WMT and SCG.

Telecom iShares $IYZ moved below $31.46 extending an intermediate downtrend.

Platinum ETN $PPLT moved below $85.60 extending an intermediate downtrend.

Cogeco Cable $CCA.CA moved above $81.11 to all-time high extending intermediate uptrend on takeover.

Linamar $LNR.CA moved above $64.61 to 18 month extending an intermediate uptrend.

Agrium $AGU moved above $96.06 completing bottom pattern. Other fertilizers strong: $POT $MOS $CF.

‘Tis the season for strength in Agrium $AGU and related fertilizer stocks: $POT $CF $MOS.

Editor’s Note: Strength in fertilizer stocks was related to continuing strength in grain prices.

Caterpillar $CAT, a Dow Jones Industrial stock moved above $108.18 to an all-time high extending an intermediate uptrend.

Freeport McMoran $FCX moved above $12.61 completing a base building pattern.

Base metal stocks strong across the board: $FCX $FM.CA $TECK $HBM.CA $LUN.CA $ZMT.CA

Wal-Mart $WMT, a Dow Jones Industrial stock moved below $73.29 extending an intermediate downtrend.

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for July 10th 2017

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for July 10th 2017

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for July 10th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer dipped 2.20 to 58.20 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

The Barometer added 7.02 to 35.12 yesterday. It remains intermediate oversold and showing early signs of bottoming.

 

Disclaimer: Seasonality and technical ratings offered in this report and 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