by Don Vialoux, Timingthemarket.ca
Observations
Roller coaster day! North American equity markets moved higher following release of a stronger than expected March ADP report at 8:15 AM EDT. North American equity markets moved strongly lower following release of FOMC meeting minutes released at 2:00 PM that implied a growing chance for at least two more increases in the Fed Fund rate this year.
S&P 500 stocks that broke above intermediate resistance levels prior to 2:00 PM EDT included CHK, FAST, IR, EBAY, MON, OKE, FDX, CMCSA, FTI, AON, WY, LH, DISCK, CRM and MCO. None broke resistance after 2:00 PM. Stocks that broke support after 2:00 PM included Bed Bath & Beyond and Hasbro.
The VIX Index responded accordingly after 2:00 PM EDT
StockTwits Released Yesterday @EquityClock
Benchmarks continue to battle with short term resistance at 20 day moving averages.
Philadelphia Oil Services Index $OSX completed a short term reverse Head & Shoulders pattern on a move above 170.95.
‘Tis the season for strength in the Oil Services sector to move higher to early May
More energy stocks breaking resistance and extending intermediate uptrends: $CNQ.CA $CHK
Telus $T.CA, a TSX 60 stock moved above $43.92 to all-time high extending intermediate uptrend.
Another Cdn. forest product stock Norbord $OSB.CA breaks to new highs extending an intermediate uptrend.
Another Cdn. forest product stock Cascades $CAS.CA breaks to a new high extending an uptrend.
Russian ETF $RSX responding to higher energy prices.
IGM Financial $IGM.CA moved below $39.27 extending an intermediate downtrend.
Editor’s Note: Power Financial, IGM’s parent company also weakened significantly.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 5th 2017
Green: Increase from previous day
Red: Decrease from previous day
Commodities and related ETFs
Daily Seasonal/Technical Commodities Trends for April 5th 2017
Green: Increase from previous day
Red: Decrease from previous day
* Excludes adjustment from rollover of futures contracts
Sectors
Daily Seasonal/Technical Sector Trends for April 5th 2017
Green: Increase from previous day
Red: Decrease from previous day
ETF Insight Reports:
A series of reports offering an update on the ETF industry
Articles released during the past week by Yves Rebetez at www.etfinsight.ca :
Q1 Performance Highlights – All about Emerging! A rather notable change
Suspended Reality – Perspectives – April 2017
Rob Sluymer on CNBC last night
An old and trusted friend and former Trend & Cycle analyst for RBC Capital resurfaced on CNBC late yesterday. Rob noted that the S&P 500 Index currently is testing the 50 day moving average currently at 2,339, an important short term support level. A break below the 50 day moving average implies downside risk to the 200 day moving average currently at 2,234.
Keith Richards’ Blog
Headline reads, “Do as they say, not as they do”. Following is a link:
http://www.valuetrend.ca/do-as-they-say-not-as-they-do/
S&P 500 Momentum Barometer
The Barometer slipped 2.20 to 54.91 yesterday. It remains intermediate overbought and trending down.
TSX Momentum Barometer
The Barometer added 0.41 to 63.22 yesterday. 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