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Tech Talk Financial Network in Timing the market,

Tech Talk for Friday July 28th 2017

 

Observations

Strange day for S&P 500 stocks yesterday! Fifteen stocks broke intermediate resistance and 26 stocks broke intermediate support. Rotation, rotation, rotation! Notable on the list of stocks breaking intermediate resistance were Consumer Discretionary stocks (7 stocks including Disney). Notable on the list of stocks breaking support were Financials (6 stocks including American Express), Health Care stocks (9 stocks including Johnson & Johnson) and Industrial stocks (3 stocks including United Technologies). S&P 500 Momentum Barometer (Percent of stocks trading above their 50 day moving average) continued to trend down from an intermediate overbought level.

Growing concerns about the U.S. equity market: Cracks are appearing in selected sectors (e.g. Transportation). The VIX Index suddenly woke up.

TSX 60 stocks completing double top patterns yesterday included Brookfield Asset Management and Restaurant Brands

Cameco completed a reverse Head & Shoulders pattern on a move above $13.03 following news of a tax settlement with the U.S.

Another TSX 60 stock, Barrick Gold responded to a better than expected quarterly report by moving above $20.78. ‘Tis the season for strength in the gold sector.!

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for July 27th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for July 27th 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 27th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer dropped 2.00 to 66.20 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

The Barometer increased 0.42 to $48.33 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