Tech Talk for Friday April 29th 2016

April 29, 2016

2 minute read

Daily Observations

Carl Icahn’s note late yesterday afternoon, that he no longer held a position in Apple, triggered a quick sell off by U.S. equity indices starting with weakness in Apple.

Volatilty (VIX) spiked in late trading

Home builder stocks and related ETFs were particularly hard hit. ‘Tis the season to take profits in the Home Builder sector!

StockTwits Released Yesterday @EquityClock

Investors continue to lean toward cyclical sectors as positive seasonal tendencies near an average peak.

Technicals by S&P stocks to 11:15: Bearish. Breakouts: $MJN, $RSG, $FB. Breakdowns: $HAR, $ORLY, $SBUX, $CB, $XL, $ALXN, $MYL, $AME, $FSLR, $FE.

Editor’s Note: After 11:15 AM EDT, one stock broke resistance (Micron) and one stock broke support: Cardinal Health

Nice breakouts by HudBay Minerals $HBM.CA and $LUN.CA to extend intermediate uptrends!

Nice breakout by Micron $MU above $12.29 to complete a double bottom pattern.

Trader’s Corner

Editor’s Note: More short term deterioration by U.S. equity indices

Daily Seasonal/Technical Equity Trends for April 28^th 2016

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for April 28^th 2016

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for March April 28^th 2016

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

Deterioration by the Barometer was significant yesterday, down 6.19% to 75.80. The Barometer remains intermediate overbought and has resumed a short term downtrend.

TSX Momentum Barometer

The Barometer was virtually unchanged yesterday, down 0.11% to 79.22. The Barometer remains intermediate overbought and showing short term signs of rolling over

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:

Disclaimer: Seasonality and technical ratings 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

Author

Don Vialoux, EquityClock.com

Don Vialoux is the author of free daily reports on equity markets, sectors, commodities and Exchange Traded Funds. All of the views expressed herein are his personal views although they may be reflected in positions or transactions in the various client portfolios. Daily reports are available at http://www.timingthemarket.ca.