by Don Vialoux, Timingthemarket.ca

 

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Observations

U.S. equity markets and economic sensitive sectors recorded a short term momentum spurt yesterday (i.e. moves above 20 day moving averages, recovering Stochastics, RSI, MACD from oversold levels). See Trader’s Corner below.

Other than Canadian forest product stocks, lumber stocks continue to move higher. WOOD moved above $58.33 to an all-time high prior to anticipation of tariffs charged against Canadian producers to be announced early next week. President Trump mentioned concerns about the softwood agreement during a press conference today suggesting that Canadian producers are taking unfair advantage of U.S. producers.

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StockTwits Released Yesterday

Earlier than average rise in gasoline inventories throwing some turmoil into the price of oil.

Technical action by S&P 500 stocks to Noon: Mixed. 15 stocks broke intermediate resistance. 10 stocks broke intermediate support.

Editor’s Note: After Noon, breakouts included VRSK, TROW, UNH, HOLX, AVY, NAVI, AMAT, PYPL, GPS and TDC. One breakdown: $SLB.

Home Builder SPDRs $XHB moved above $37.68 to a 20 month high extending an intermediate uptrend.

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Cdn. Pacific $CP.CA moved above $208.58 to a 20 month high extending an intermediate uptrend.

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Discovery Communications $DISCA, a NASDAQ 100 stock moved above $29.91 extending an intermediate uptrend

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eBay $EBAY, a NASDAQ 100 stock moved below $32.66 completing a double top pattern.

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QUALCOMM, $QCOM, a NASDAQ 100 stock moved below $51.88 extending an intermediate downtrend.

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Good news for coffee drinkers! The coffee ETN $JO broke $18.81 extending an intermediate downtrend.

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The Grain ETN $JJG moved below $27.21 extending an intermediate downtrend. Ditto for $WEAT!

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UnitedHealth Group $UNH, a Dow Jones Industrial stock moved above $172.14 to an all-time high extending an intermediate uptrend.

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General Electric $GE, a Dow Jones Industrial stock moved above $30.43 resuming an intermediate uptrend.

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U.S. Medical Devices iShares 4IHI moved above $152.60 to an all-time high extending an intermediate uptrend.

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‘Tis the season for strength in the Health Care Equipment Industry to the end of July! $IHI

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for April 20th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for April 20th 2017

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Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for April 20th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer jumped 9.60 to 57.20 yesterday. It has returned to an intermediate overbought level and continues to trend down.

 

TSX Momentum Barometer

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The Barometer added 0.65 to 56.90 yesterday. It remains intermediate overbought and trending down.

 

ETFInsights by Yves Rebetez

Yves offers an interesting column on the Bank of Canada’s policies entitled “Decidedly Neutral”. Following is a link:

http://www.etfinsight.ca/

 

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