Tech Talk for Friday February 22nd 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.

The Canadian Dollar was up 0.07 to 75.70 cents U.S. following release of December Canadian Retail Sales. Consensus was a slip of 0.3% versus a drop of 0.9% in November. Actual was a slip of 0.1%.

Royal Bank (RY $102.27) is expected to open higher after increasing its quarterly dividend.

KraftHeinz plunged $12.43 to $35.75 after reporting lower than consensus fourth quarter earnings. The company also lowered its dividend. JP Morgan downgraded the stock to Neutral from Overweight. Target was reduced to $37 from $52.

Intuit gained $3.66 to $238.69 after reporting higher than consensus fiscal second quarter earnings. Oppenheimer raised its target price to $254 from $239.

Foot Locker (FL $60.01) is expected to open higher after JP Morgan raised its target price to $63 from $55.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/02/21/stock-market-outlook-for-february-22-2019/

Note seasonality charts on the Utilities sector, Durable Goods Orders, Philly Fed Index and Existing Home Sales.

Wolf on Bay Street

Join Wolfgang tomorrow (Saturday) at 7:00 AM EST on Radio 640. The program includes an interview with Don Vialoux.

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $RCL $C $MMC. No breakdowns

Editor's Note: After 10:00 AM EST, intermediate breakouts included CMS, T, AEE and PNW. Breakdown: ALK.

US Durable Goods Orders up by 4.8% (NSA) in December, much weaker than 8.9% average gain for the month. $MACRO #Economy #Manufacturing

Philadelphia #Manufacturing #Business #Outlook survey shows a level of 0 (NSA) for February, around 8 points below average. $MACRO #Economy

Utilities SPDRs $XLU moved above $56.69 to an all-time high extending an intermediate uptrend.

Trader's Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 21st 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 21st 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 21st 2019

Green: Increase from previous day

Red: Decrease from previous day

Update

A price chart and a seasonality chart supporting Applied Materials (AMAT $38.83) was released on January 25th at approximately current prices. Initially, the stock moved higher, but yesterday it dropped below its 20 day moving average, its short term momentum indicators turned down and the stock began to underperform the S&P 500 Index. Accordingly, the stock no longer is supported for a seasonal trade.

S&P Momentum Barometer

The Barometer dropped 1.60 to 90.80 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer dropped 2.94 to 87.82 yesterday. It remains intermediate overbought.

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

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

Sponsored By...