Tech Talk for Friday February 28th 2020
U.S. equity index futures were lower again this morning. S&P 500 futures were down 32 points in pre-opening trade.
Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for January Personal Income was an increase of 0.3% versus a gain of 0.1% in December. Actual was an increase of 0.6%. Consensus for January Personal Spending was an increase of 0.3% versus a gain of 0.4% in December. Actual was an increase of 0.2%.
The Canadian Dollar was virtually unchanged at U.S.74.43 cents following release of December Canadian GDP at 8:30 AM EST. Consensus was an increase of 0.2% versus a gain of 0.1% in November. Actual was an increase of 0.3%.
Emerson Electric dropped $1.88 to $62.50 after guiding lower second quarter revenues due to the coronavirus.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0011-7.png "clip_image001[1]")
Deutsche Bank substantially lowered target prices on cruise line stocks including Royal Caribbean, Norwegian Cruise and Carnival due to the coronavirus.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0021-10.png "clip_image002[1]")
Waste Management (WM $113.62) is expected to open higher after Oppenheimer upgraded the stock from Perform to Outperform.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0031-6.png "clip_image003[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/02/27/stock-market-outlook-for-february-28-2020/
Note seasonality charts on the TSX Composite Index relative to the S&P 500 and Durable Goods Orders.
StockTwits released yesterday @EquityClock
S&P 100 and NASDAQ 100 stocks breaking intermediate support just after the opening included $CPRT $TGT $LULU $ULTA $WMT $ISRG $BA $FDX $GD $GE $ADP $ANSS $AMAT $ASML $BIDU $EA $AMD $MELI
Editor's Note: Add PG, NTES, JNJ, ADI and AMGN to the list
TSX 60 stocks breaking intermediate support levels this morning include $BNS.CA $TD.CA $SU.CA $CNR.CA $OTEX.CA $SAP.CA $BB.CA $PPL.CA $QSR.CA $CTC.A.CA
Editor's Note: Add ENB, BBD.B, RY, NA and MRU to the list.
Dow Jones Industrial Average and S&P 500 Index drop below their 200 day moving average.
TSX Composite Index dropped below its 200 day moving average
Editor's Note: Trading on the TMX was halted at approximately 1:54 PM EST yesterday.
Observation
The VIX (i.e. Fear) Index continues to move higher.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for February 27th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for February 27th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 27th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer plunged another 14.23 yesterday to a level rarely reached during the past five years. It is deeply oversold, but has yet to show signs of bottoming.
TSX Momentum Barometer
The Barometer dropped another 8.26 yesterday. It remains intermediate oversold, but has yet to show signs of bottoming.
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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