U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.
UPS added $2.09 to $107.90 after Stifel Nicolaus upgraded the stock to Buy from Hold.
Target eased $1.08 to $74.06 after reporting slightly lower than consensus fourth quarter earnings.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/03/05/stock-market-outlook-for-march-6-2018/
Note seasonality charts on the Utilities sector, U.S. REIT Index and the Transportation industry.
Observation
NAFTA negotiations are not going well. According to U.S. trade officials, only 6 of about 30 issues have reached agreement. Tariffs on steel and aluminum have aggravated negotiations, especially with Canadian negotiators. Canadian negotiators already indicated that offsets are planned if the U.S. imposes its tariffs on Canadian steel and aluminum. Not surprising, The Canadian Dollar has "tanked" as rhetoric escalates. The Canadian Dollar broke support at US 77.41 and US 77.40 cents, establishing a new intermediate downtrend.
StockTwits Released Yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Mixed. Breakouts: $XL $SO $AKAM. Breakdowns: $VFC $DLTR
Editor's Note: After 10:00 AM EST, breakouts included $MKC, MSI and ATVI. No breakdowns.
Manulife $MFC.CA moved below $23.69 extending an intermediate downtrend.
Shawcor $SCL.CA moved below $24.85 extending an intermediate downtrend.
Trader's Corner
Daily Seasonal/Technical Equity Trends for March 5th 2018
Green: Increase from previous day
Red: Decrease from previous day
Daily Seasonal/Technical Commodities Trends for March 5th 2018
Green: Increase from previous day
Red: Decrease from previous day
* Excludes adjustment from rollover of futures contracts
Daily Seasonal/Technical Sector Trends for March 5th 2018
Green: Increase from previous day
Red: Decrease from previous day
Keith Richards' Blog
A timely topic on today's blog: http://www.valuetrend.ca/is-steel-a-steal/
S&P 500 Momentum Barometer
The Barometer jumped 7.40 to 40.60 yesterday. It recovered from intermediate oversold to intermediate neutral.
TSX Momentum Barometer
The Barometer added 2.85 to 31.30 yesterday. It remains intermediate oversold despite the gain.
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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