by Don Vialoux, Timing the Market
Interesting Charts
More fallout from Yellenâs comments late on Thursday!
· The U.S. Dollar continued to move lower.
· Weakness in the U.S. Dollar triggered a stampede into gold,
silver and precious metal stocks. Their moves above resistance
levels encouraged additional technical buying.
Extraordinary swings were recorded by Far East markets.
Technical action by Individual Equities
Yesterday
Technical action by S&P 500 stocks remained mildly bullish.
Nine stocks broke resistance (OMC, PSX, DTE, EIX, NU, PNW, KMB,
CCE, CELG) and one stock broke support (CAG). Once again,
utility stocks were prominent on the list of stocks breaking
resistance. Celgene (CELG) moved higher following news of a two
for one stock split.
Among TSX 60 stocks, Gildan Activewear broke to an all-time
high.
Tis the season for earnings warnings prior to release of second
quarter results!
After the close AK Steel and Smith & Wesson also released
an earnings warning.
Weekly Technical Review of Select Sector
SPDRs
Technology
· Intermediate trend remains up (Score: 1.0)
· Units remain above their 20 day moving average (Score: 1.0)
· Strength relative to the S&P 500 Index changed from
positive to negative (Score: 0.0)
· Technical score based on the above indicators slipped to 2.0
from 3.0 out of 3.0
· Short term momentum indicators have rolled over and are
trending down.
Materials
· Intermediate trend remains up
· Units remain above their 20 day moving average.
· Strength relative to the S&P 500 Index remains negative
· Technical score remains at 2.0 out of 3.0
· Short term momentum indicators are trending down.
Industrials
· Intermediate trend remains up
· Units remain above their 20 day moving average
· Strength relative to the S&P 500 Index changed from
neutral to negative
· Technical score slipped to 2.0 from 2.5 out of 3.0
· Short term momentum indicators are trending down.
Consumer Discretionary
· Intermediate trend remains up
· Units remain above their 20 day moving average.
· Strength relative to the S&P 500 Index changed from
neutral to negative
· Technical score slipped to 2.0 from 2.5 out of 3.0
· Short term momentum indicators are trending down
Financials
· Intermediate trend remains up
· Units remain above their 20 day moving average
· Strength relative to the S&P 500 Index changed from
positive to neutral
· Technical score slipped to 2.5 from 3.0 out of 3.0
· Short term momentum indicators are trending down.
Energy
· Intermediate trend remains up
· Units remain above their 20 day moving average
· Strength relative to the S&P 500 Index remains positive
· Technical score remains at 3.0 out of 3.0
· Short term momentum indicators are trending up, but are
overbought
Consumer Staples
· Intermediate trend remains up.
· Units remain above their 20 day moving average.
· Strength relative to the S&P 500 Index changed from
negative to neutral
· Technical score improved to 2.5 from 2.0 out of 3.0
· Short term momentum indicators are mixed.
Health Care
· Intermediate trend remains up
· Units remain above their 20 day moving average
· Strength relative to the S&P 500 Index remains negative
· Technical score remains at 2.0 out of 3.0.
· Short term momentum indicators are trending down
Utilities
· Intermediate trend remains up
· Units moved above their 20 day moving average
· Strength relative to the S&P 500 Index changed from
negative to positive
· Technical score improved to 3.0 from 1.0 out of 3.0.
· Short term momentum indicators are trending up, but are
overbought.
Summary of Weekly Seasonal/Technical Parameters
for SPDRs
Key:
Seasonal: Positive, Negative or Neutral on a relative
basis applying EquityClock.com charts
Trend: Up, Down or Neutral
Strength relative to the S&P 500 Index: Positive,
Negative or Neutral
Momentum based on an average of Stochastics, RSI and
MACD: Up, Down or Mixed
Twenty Day Moving Average: Above, Below
Green: Upgrade from last
week
Red: Downgrade from last
week
Editorâs Note: All of the economic sensitive sectors
(Technology, Materials, Industrials, Consumer Discretionary,
Financials) other than Energy have negative strength relative
to the S&P 500 Index.
Special Free Services available
through www.equityclock.com
Equityclock.com is offering free access to a data base showing
seasonal studies on individual stocks and sectors. The data
base holds seasonality studies on over 1000 big and moderate
cap securities and indices. To login, simply go to http://www.equityclock.com/charts/
Following is an example:
(Editorâs Note: After the close yesterday, Oracle
reported lower than consensus fiscal fourth quarter revenues
and earnings. Seasonal influences are near the end of their
period of seasonal strength)
Disclaimer: Comments, charts and opinions
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 guaranteed. Don and Jon Vialoux are
Research Analysts with Horizons ETFs Management (Canada) Inc.
All of the views expressed herein are the personal views of the
authors and are not necessarily the views of Horizons ETFs
Management (Canada) Inc., although any of the recommendations
found herein may be reflected in positions or transactions in
the various client portfolios managed by Horizons ETFs
Management (Canada) Inc.
Horizons Seasonal Rotation ETF HAC June
19th 2014
Copyright © Don Vialoux, Jon Vialoux, Brooke Thackray
