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Tech Talk for Thursday July 27th 2017

 

Observations

Response by equity markets to the FOMC announcement at 2:00 PM EDT was muted. The U.S. Dollar Index dropped sharply upon realizing that the Fed is reluctant to increase the Fed Fund rate anytime soon. Commodity prices promptly moved higher on the news

The Dow Jones Industrial Average gained 97.58 points yesterday to an all-time high. However, the Average was boosted by 144 points by one stock, Boeing following release of blow out second quarter results. In other words, the Average ex Boeing actually was down 46 points yesterday.

 

StockTwits Released Yesterday @EquityClock

Bond prices gap lower ahead of Wednesday’s FOMC announcement. See http://www.equityclock.com/2017/07/25/stock-market-outlook-for-july-26-2017/

Technical action by S&P 500 stocks to 10:00: Bearish. 6 stocks broke intermediate resistance. 12 stocks broke intermediate support.

S&P 500 breakouts to 10:00: $EXPE $R $APH $AVGO $EA $AMD

S&P 500 breakdowns to 10:00: $F $MRK $TMO $ANTM $DAL $FTV $IR $ROK $AKAM $PFE $GD $NSC

Editor’s Note: After 10:00 AM EDT, breakouts included NEE, TSN, DVN, LRCX, REG, ADP, MAC and NI. Breakdowns included IR, CERN $RHI, ESS and MAS.

George Weston $WN.CA, a TSX 60 stock moved below $114.62 extending an intermediate downtrend.

Another Canadian “gassy” stocks broke resistance! $ERF.CA moved above $11.48

Tourmaine Oil $TOU.CA moved above $28.25 completing a modified Head & Shoulders pattern

U.K. iShares $EWU moved above $34.17 extending an intermediate uptrend.

Greatest response to FOMC news at 2:00 PM EDT was strength in gold stocks. $GDX $HUI $XGD.CA

Editor’s Note: Individual gold and silver producers than moved above intermediate resistance included Goldcorp, Hecla Mining and Kinross Gold

TSX Gold iShares moved above $12.13 completing a double bottom pattern.

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for July 26th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for July 26th 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 26th 2017

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 1.80 to 68.20 yesterday despite the 97 point gain by the Dow Jones Industrial Average and virtually breakeven by the S&P 500 Index. The Barometer remains intermediate overbought and rolling over.

 

TSX Momentum Barometer

The Barometer added 3.75 to 47.92 yesterday. It remains intermediate neutral.

 

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