U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.
The Canadian Dollar at U.S.76.20 cents was virtually unchanged at following release of November Canadian Retail Sales at 8:30 AM EST. Consensus was an increase of 0.6% versus a revised decline of 1.1% in October. Actual was an increase of 0.9%.
Intel jumped $3.13 to $63.32 after reporting higher than consensus fourth quarter revenues and earnings.
American Express gained $2.93 to $131.37 after reporting higher than consensus fourth quarter earnings.
Procter & Gamble added $0.21 to $125.20 after Sun Trust RH raised its target price to $125 from $120.
Big Lots (BIG $26.75) is expected to open higher after JP Morgan raised its target price to $31 from $27.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/01/23/stock-market-outlook-for-january-24-2020/
Note seasonality charts on Crude Oil Days of Supply and Gasoline Days of Supply.
StockTwits released yesterday @EquityClock
Ford $F, an S&P 100 stock moved below $9.06 setting an intermediate downtrend.
Dow Holdings $DOW, a Dow Jones Industrial stock moved below $51.05 completing a double top pattern
Teck Resources $TECK $TECK.B.CA, a TSX 60 stock moved below intermediate support at $19.84 Cdn. and $14.92 U.S. Most copper stocks $COPX are lower in response to weakness in Chinese equities.
Another base metals stock breakdown! First Quantum $FM.CA , a TSX 60 stock moved below $11.85 setting an intermediate downtrend. Also breakdowns below support by base metal ETFs: $ZMT.CA $PICK
Nutrien $NTR.CA, a TSX 60 stock moved below $60.22 extending an intermediate downtrend.
Gold producer stocks are responding to the recent recovery in gold. Seasonal influences in the sector are positive to the end of February. Nice breakout by Yamana Gold $YRI.CA $AUY to a three year high!
‘Tis the season for strength in gold equities and related ETFs to the end of February ! XGD.CA $GDX $GDXJ
Another Canadian gold producer stock breakout! Kinross Gold $K.CA $KGC, a TSX 60 stock moved above $6.31 Cdn. setting an intermediate uptrend.
Coal ETF $KOL moved below $9.39 extending an intermediate downtrend. China influenced
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for January 23rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 23rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 23rd 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer slipped 0.80 to 75.55 yesterday. It remains intermediate overbought and starting to roll over.
TSX Momentum Barometer
The Barometer slipped another 1.38 to 75.69 yesterday. It remains intermediate overbought and starting to toll over.
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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