Tech Talk for Friday March 22nd 2019
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening trade.
The Canadian Dollar dropped 0.16 to 74.84 cents U.S. following economic news released at 8:30 AM EDT. Consensus for January Retail Sales was an increase of 0.4% versus a downwardly revised drop of 0.3% in December. Actual was a drop of 0.3%. Consensus for the February Canadian Consumer Price Index was a year-over-year increase of 1.4%. Actual was an increase of 1.5%.
Nike dropped $3.62 to $88.01 following release of lower than consensus third quarter U.S. sales.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/03/clip_image0011-7.png "clip_image001[1]")
Chipotle added $4.66 to $670.45 after Wedbush raised its target price to $640 from $500.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/03/clip_image0021-11.png "clip_image002[1]")
Tiffany dropped $4.06 to $96.00 after reporting lower than consensus fourth quarter sales.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/03/clip_image0031-9.png "clip_image003[1]")
Sherwin Williams (SHW $433.63) is expected to open lower after JP Morgan downgraded the stock to Neutral from Overweight.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/03/clip_image0041-7.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/03/21/stock-market-outlook-for-march-22-2019/
Note seasonality chart on the Philly Fed Index.
Observations
Dow Jones Industrial Average gained 217 points yesterday thanks mainly to strength in Apple in anticipation of new product announcements scheduled to be released on Monday. The gain in Apple added 166 points to the Average.
Israel iShares are extending their intermediate uptrend.
Bitcoin trying to bottom.
StockTwits released yesterday @EquityClock
Platinum ETN $PPLT moved above $82.84 extending an intermediate uptrend.
Crescent Point Energy $CPG.CA moved above $4.63 completing a reverse Head & Shoulders pattern.
First Majestic Silver $FR.CA $AG moved above $9.36 Cdn. extending an intermediate uptrend.
Tech action by S&P 500 stocks to 10:00:Mixed. Breakouts: $DRI $CAG $ALGN $QRVO $NTAP. Breakdowns: $TPR $JWN $FITB $KEY $LNC $USB $BIIB $SIVB
Editor's Note: After 10:00 AM EDT, breakouts included AMAT, XLNX, MU, LKQ, SBUX, SJM, A, MKC, MSCI, HCP, FAST, ACN, CRM, VAR, SYMC and EMR. Breakdown: REGN.
U.S. Medical Devices ETF $IHI moved above $232.42 to an all-time high extending an intermediate uptrend.
Base Metals iShares $XBM.CA moved above $12.92 extending an intermediate uptrend.
Agribusiness ETF $MOO moved above $62.97 extending an intermediate uptrend.
Trader's Corner.
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for March 21st 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 21st 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 21st 2019
Green: Increase from previous day
Red: Decrease from previous day
http://www.equityclock.com/about/seasonal-advantage-portfolio/
S&P 500 Momentum Barometer
The Barometer added 4.60 to 76.80 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer added 3.36 to 73.53 yesterday. It remains intermediate overbought.
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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