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Tech Talk for Wednesday January 4th 2017

 

Observations

Brexit has been great for U.K. stocks and related indices. The London FTSE Index broke to an all-time high yesterday.

Higher precious metal prices prompted the S&P/TSX 60 Index to close just below its all-time high yesterday.

 

StockTwits Released Yesterday

S&P 500 Index averaged a gain of 0.9% in January, positive 56% of the time past 50 periods

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Breakouts: $LVLT $DLR $HAL. Breakdown: $MDT

Editor’s Note: After 10:00 AM EST, breakouts included MA, URI and CTL. Breakdowns included FTV, EQT and HPQ.

Russia ETF $RSX moved above $21.64 to a 28 month high responding to higher crude oil prices.

Crude Oil ETF $USO moved above $11.94 to a 7 month high extending intermediate uptrend.

Zinc 2x ETF $LZIC.L slipped below $7.30 completing a double top pattern.

Fertilizer ETF $SOIL moved above $9.067 extending intermediate uptrend.

Platinum ETN $PPLT moved above $89.55 completing a double bottom pattern.

‘Tis the season for Platinum $PPLT to move higher to late April!

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for January 3rd 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for January 3rd 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for January 3rd 2017

Green: Increase from previous day

Red: Decrease from previous day

 

CSTA Events

KWGC Chapter Meeting

7:30 PM EST on Thursday January 5th

3355 King St. E.

Topic: Momentum investing

 

Toronto Chapter

12:00 Noon on Tuesday January 10th

Suite 701 120 Adelaide St. W

Speaker: George Davis

Topic: 2017 FX Outlook

 

Everyone is welcome. Register for events at www.csta.org

 

Accountability Report

Another previously favoured seasonal trade has reached the end of its current period of seasonal strength, General Electric (GE $31.69). In addition, the stock’s strength relative to the S&P 500 Index has turned neutral at best and its short term momentum indicators have rolled over from overbought levels. The stock originally was favoured technically and seasonally on November 10th at $30.42. The stock no longer is favoured.

 

S&P 500 Momentum Barometer

The Barometer gained 8.40 to $75.20 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

The Barometer added another 1.80 to 73.95 yesterday. It remains intermediate overbought, but has yet to show significant signs of peaking.

 

Disclaimer: Seasonality and technical ratings offered in this report by www.timingthemarket.ca 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 guarantee