U.S. equity index futures were mixed this morning prior to news this afternoon at 2:00 PM EDT from the FOMC meeting. S&P 500 futures were down 2 points in pre-opening trade.
FedEx slipped $0.19 to $251.80 despite reporting higher than consensus quarterly sales and earnings. In addition, Stifel Nicolaus and JP Morgan raised their target price on the stock.
General Mills dropped $2.93 to $47.00 after the company lowered its fiscal fourth quarter guidance.
Canadian auto parts stocks are expected to open higher on news that the U.S. will not pursue changes in U.S. auto part content.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/03/20/stock-market-outlook-for-march-21-2018/
Note seasonality charts on Amazon, Mid-caps relative to Large-caps as well as Consumer Staples relative to Discretionary.
Observation
Encouraging technical action by TSX Energy Index (particularly by "gassy" stocks)
'Tis the season for strength in the sector into June!
StockTwits Released Yesterday @EquityClock
General Electric $GE, a Dow Jones Industrial stock moved below $13.95 extending an intermediate downtrend.
Technical action by S&P 500 stocks to 10:00: Quietly bearish. No intermediate breakouts. Breakdowns: $FB $GE $WBA
Editor's Note: After 10:00 AM EDT, no intermediate breakouts. Breakdowns included MCK, WFC, QRVO and DISCK.
Birchcliffe Energy $BIR.CA, a "gassy" stock completed a double bottom pattern on a move above $3.50.
Editor's Note: National Bank raised its target prices on a wide variety of Canadian "gassy" stocks yesterday
'Tis the season for Birchcliffe Energy $BIR.CA to move higher from late March to mid-June!
Methanex $MX.CA moved above $75.20 setting an intermediate uptrend.
'Tis the season for Methanex $MX.CA $MEOH to move higher from late March to early June!
Trader's Corner
Daily Seasonal/Technical Equity Trends for March 20th 2018
Green: Increase from previous day
Red: Decrease from previous day
Daily Seasonal/Technical Commodities Trends for March 20th 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 20th 2018
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 0.49 to 43.29 yesterday. It remains intermediate neutral.
TSX Momentum Barometer
The Barometer slipped 0.82 to 41.39 yesterday. It remains intermediate neutral.
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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