Tech Talk for Friday December 21st 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for November Durable Goods Orders was an increase of 1.2% versus a gain of 4.3% in October. Actual was an increase of 0.8%. Excluding transportation, consensus for November Durable Goods Orders was an increase of 0.2% versus a gain of 0.2% in October. Actual was. Next estimate of annualized third quarter real GDP was growth at a 3.5% rate. Actual was 3.5%

The Canadian Dollar was virtually unchanged following release of October Retail Sales and November Annualized Real GDP. Consensus was an increase of 0.5% versus a gain of 0.2% in September. Actual was a gain of 0.3%. Consensus for November Real GDP was an increase of 0.2%. Actual was a gain of 0.3%.

Nike gained $6.10 to $67.53 after reporting higher than consensus fiscal second quarter results. Pivotal Research upgraded the stock to Buy from Hold.

Altria (MO $50.44) is expected to open lower after Stifel Nicolaus lowered its target price to $59 from $70.

Cintas (CTAS $159.04) is expected to open higher after reporting higher than consensus fiscal second quarter results. The company also raised guidance.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/12/20/stock-market-outlook-for-december-21-2018/

Observations

Brutal day yesterday for equity markets: Computer generated selling and Trump tweets on a possible shutdown of the U.S. government took their toll. The VIX spiked to a 10 month high.

The U.S. Dollar and its related ETN continue to show technical signs of rolling over.

Conversely, other currencies strengthened (notably the Japanese Yen)

StockTwits Released Yesterday @EquityClock

Tech action by S&P 500 stocks to 10:15: No breakouts. 17 breakdowns including $DISH $CCL $DG $HD $RCL $CL $CHD $ETN $NLSN

Technical action by S&P 500 stocks: 10:15-2:00: Another 31 stocks broke support including Dow Industrials: $IBM $MSFT $WBA $T

Editor's Note: Add DWDP to the list of Dow Industrial breakdowns

Editor's Note: After 2:00 PM EST, another four S&P 500 stocks broke intermediate support.

Cenovus Energy $CVE.CA, a TSX 60 stock moved below $9.00 extending an intermediate downtrend.

CCL Industries $CCL.B.CA, a TSX 60 stock moved below $49.96 extending an intermediate downtrend.

Pembina Pipeline $PPL.CA, a TSX 60 stock moved below $42.06 extending an intermediate downtrend.

TSX Technology ETF $XIT.CA moved below $17.14 extending an intermediate downtrend.

Put Call Ratio looking set to close session at the highest level in over 20 years. Looks like an excellent contrarian buy signal. $CPC $SPX

Philadelphia Business Outlook Survey at +1.6 (NSA) for December, stronger than -11.6 average for this time of year. $MACRO #Economy

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 20th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 20th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 20th 2018

Green: Increase from previous day

Red: Decrease from previous day

The Astrologers Fund 2019 Forecasts

for the Stock Market, Trump, Gold and Crypto

by Henry Weingarten

Register here to attend our 11.55am December 21 Shindig webinar:

https://shindig.com/login/event/astrologer2019

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

S&P 500 Momentum Barometer

The Barometer dropped another 3.60 to 8.60, the lowest level since September 2015. It is deeply oversold, but has yet to show signs of bottoming.

TSX Momentum Barometer

The Barometer added 0.41 to 23.05 yesterday. It remains intermediate oversold.

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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