Tech Talk for Thursday November 29th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 220,000 versus 224,000 last week. Actual was 234,000/ Consensus for October Personal Income was an increase of 0.4% versus a gain of 0.2% in September. Actual was an increase of 0.5%. Consensus for October Personal Spending was an increase of 0.4% versus a gain of 0.4% in September. Actual was an increase of 0.6%.

Walt Disney (DIS $116.10) is expected to open higher after increasing its dividend by 5%.

Dollar Tree dropped $2.33 to $80.99 after reporting lower than consensus third quarter sales. The company also lowered guidance.

Abercrombie & Fitch gained $2.98 to $20.10 after reporting higher than consensus third quarter sales and earnings.

La Z Boy (LZB $29.16) is expected to open higher after reporting higher third quarter sales and earnings. The company also raised its dividend.

Toronto Dominion Bank (TD $73.60) reported fiscal fourth quarter earnings slightly higher than consensus and Canadian Imperial Bank of Commerce (CM $116.19) reported fiscal fourth quarter earnings slightly lower than consensus.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/28/stock-market-outlook-for-november-29-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply, U.S. Imports and U.S. Exports.

StockTwits Released Yesterday @EquityClock

Alimentation Couche-Tard $ATD.B.CA, a TSX 60 stock moved above $67.73 and $67.64 to an all-time high extending an intermediate uptrend.

'Tis the season for Alimentation Couche-Tard $ATD.B.CA to move higher until at least year end!

Restaurant Brands Int'l $QSR.CA, a TSX 60 stock moved above $75.23 Cdn. completing a double bottom pattern.

Constellation Brands, $CSU.CA, a TSX 60 stock moved above $923.88 completing a reverse Head & Shoulders pattern.

Royal Bank $RY.CA moved above $96.89 on Q4 results completing a double bottom pattern.

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $DHR. Breakdown: $GIS.

S&P 500 stock breakouts from 10:00 AM to1:00 PM: $FRT $PFE $DFS $UNM $AVY $ESRX $WYNN $MCO $ANTM $ETN $EXPD $ALLE $MSI $EW

S&P 500 breakouts from 1:00 PM to 4:00 PM: DE, MLM, WFC, AMP, CPRT, AFL BLK, MTD, EFX, RMD

'Tis the season for Danaher $DHR to move higher to year end!

Early technical signs of relative outperformance by Emerging Markets $EEM have appeared. Nice moves above 20 and 50 day MAs!

'Tis the season for real and relative strength in Emerging Markets $EEM to at least year end.

Editor's Note: Frontier iShares have a similar technical pattern. Nice move briefly above its 50 day moving average yesterday!

Continuing real and relative strength in individual emerging/frontier indices is helping. Nice breakout by the Turkey iShares yesterday to extend an intermediate uptrend!

American Express $AXP, a Dow Jones Industrial stock moved above $111.37 to an all-time high extending an intermediate uptrend.

Commerce Bank $CM.CA, a TSX 60 stock moved above $115.73 completing a double bottom pattern.

Linamar $LNR.CA joined $MRE.CA by breaking to new lows following $GM shutdown news.

Vietnam ETF $VNM moved above $15.82 completing a base building pattern. Emerging markets are moving!

Transportation iShares $IYT moved above $193.09 completing a reverse Head & Shoulders pattern. Ditto for Dow Jones Transportation Average! $TRAN

'Tis the season for strength in the Dow Jones Transportation Average until at least the end of the year! $IYT $TRAN

China Large Cap iShares $FXI moved above $42.03 completing a base building pattern.

'Tis the season for strength in Chinese equities to at least mid-January! $FXI $SSEC

Bank of Nova Scotia, a TSX 60 stock moved above $71.35 completing a double bottom pattern.

Equal weight Canadian Bank ETF $ZEB.CA moved above $28.33 completing a double bottom pattern.

Canadian Information Technology iShares $XIT.CA moved above $18.76 completing a double bottom pattern.

AltaGas $ALA.CA moved below $14.09 extending an intermediate downtrend.

Cdn. Financials iShares $XFN.CA moved above $36.51 completing a double bottom pattern.

Homebuilders SPDRs $XHB moved above $$35.60 completing a bottoming pattern.

Bank of Montreal $BMO.CA, a TSX 60 stock moved above $99.86 completing a double bottom pattern.

US New Home Sales down 6.7% in October, negatively diverging from the 1.9% increase that is average for the month. $MACRO #Economy #Housing

Trader's Corner

Editor's Note: Many equity indices and sectors moved above their 20 day moving average yesterday, an encouraging technical sign.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 28th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 28th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 28th 2018

Green: Increase from previous day

Red: Decrease from previous day

Keith Richards' Blog

Keith says, "It's the end of the world as we know it, and I feel fine". Following is the link:

https://www.valuetrend.ca/its-the-end-of-the-world-as-we-know-it-and-i-feel-fine/

http://www.equityclock.com/about/seasonal-advantage-portfolio/

S&P 500 Momentum Barometer

The Barometer jumped 13.72 to 51.60 yesterday. It changed from Intermediate Oversold to Intermediate Neutral and is trending higher.

TSX Momentum Barometer

The Barometer advanced 7.85 to 35.12 yesterday. It remains Intermediate Oversold, but is trending higher.

Disclaimer: Seasonality and technical ratings offered in this report and at

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

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