ETFs

Tech Talk for Tuesday January 31st 2017

by Don Vialoux, Timingthemarket.ca

Observations

Short term momentum indicators rolled over from overbought levels. See Trader’s Corner and Market Barometers below.

New concerns about southern Europe!

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. No breakouts. Breakdowns: $LEG $WFM $PXD $AIG $AAL $ACN $CSRA

Editor’s Note: After 10:00, the following S&P 500 stocks broke intermediate support levels: XEC RIG COG EOG NFX SLB EXC CTHS NI. Note oil and oil service stocks. None broke intermediate resistance levels.

Cenovus $CVE.CA, a TSX 60 stock moved below $17.92 extending intermediate downtrend.

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Valeant Pharma $VRX.CA, a TSX 60 stock moved below $17.42 extending intermediate downtrend.

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Metro $MRU.CA, a TSX 60 stock moved below $38.60 extending intermediate downtrend.

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BlackBerry $BB.CA, a TSX 60 stock moved below $9.21 extending intermediate downtrend.

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Oil Services ETF $OIH moved below $33.16 completing a double top pattern.

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Trader’s Corner

Short term momentum indicators turned down for a wide variety of equity indices, commodities and sectors.

Daily Seasonal/Technical Equity Trends for January 30th 2017

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Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for January 30th 2017

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Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for January 30th 2017

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Green: Increase from previous day

Red: Decrease from previous day

CSTA News

Next Toronto Chapter meeting is held at Noon on February 7th. Location is Toronto CFA Society Classroom, Suite 701 at 120 Adelaide Street West.

Speaker: Giuseeppe Basile

Topic: Modelling Smart and Dumb Money in Modern Markets

Everyone is welcome. Please register at www.csta.org

Keith Richards’ Latest Blog

Following is a link:

http://www.valuetrend.ca/different-chart-patterns-mean-different-tactics/

Accountability Report

The seasonal trade in the Oil Services sector at this time of year is not working (at least not yet). Technical action in sector ETFs and selected individual stocks has deteriorated significantly since the third week in January: establishment of new intermediate downtrends, breaks below 20 day moving averages, a change to negative strength relative to the S&P 500 Index and a downtrend in short term momentum indicators. Accordingly, two previously favoured oil service stocks for a seasonal trade no longer are supported: Schlumberger (SLB $83.61) originally supported in StockTwits on January 18th at 87.41 and Precision Drilling (PD.TO $7.26 Cdn) originally supported on BNN on January 20th at 7.74 Cdn.

S&P 500 Momentum Barometer

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The Barometer plunged 5.80 to 63.20. It remains intermediate overbought and trending down.

TSX Momentum Barometer

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The Barometer plunged 12.71 to 55.93. It remains intermediate overbought and trending down.

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

Copyright © DV Tech Talk, Timingthemarket.ca

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