Energy & Natural Resources

Tech Talk for Thursday April 6th 2017

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.

clip_image001

The VIX Index responded accordingly after 2:00 PM EDT

clip_image002

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.

clip_image003

‘Tis the season for strength in the Oil Services sector to move higher to early May

clip_image005

More energy stocks breaking resistance and extending intermediate uptrends: $CNQ.CA $CHK

clip_image006

Telus $T.CA, a TSX 60 stock moved above $43.92 to all-time high extending intermediate uptrend.

clip_image007

Another Cdn. forest product stock Norbord $OSB.CA breaks to new highs extending an intermediate uptrend.

clip_image008

Another Cdn. forest product stock Cascades $CAS.CA breaks to a new high extending an uptrend.

clip_image009

Russian ETF $RSX responding to higher energy prices.

clip_image010

IGM Financial $IGM.CA moved below $39.27 extending an intermediate downtrend.

clip_image011

Editor’s Note: Power Financial, IGM’s parent company also weakened significantly.

clip_image012

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 5th 2017

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

Commodities and related ETFs

Daily Seasonal/Technical Commodities Trends for April 5th 2017

clip_image016

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

clip_image018

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.

clip_image019

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

clip_image020

The Barometer slipped 2.20 to 54.91 yesterday. It remains intermediate overbought and trending down.

TSX Momentum Barometer

clip_image021

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending now

To Top
Subscribe to ETFInsider notifications
Watch. Listen. Read. Raise your average.