Tech Talk for Friday October 23rd 2020
Intel (INTC), a Dow Jones Industrial Average stock moved below intermediate support at $46.65 following release of a disappointing third quarter report.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/10/clip_image0013-1.png "clip_image001[3]")
Pre-opening Comments for Friday October 23rd
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.
Intel dropped $5.33 to $48.57 after reporting lower than consensus revenues by its Data Center Group.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/10/clip_image0011-2.png "clip_image001[1]")
Gilead gained $2.23 to $62.90 after the FDA approved the use of Remdesivir as a coronavirus treatment.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/10/clip_image0021-4.png "clip_image002[1]")
Mattel gained $1.06 to $14.08 after reporting higher than consensus third quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/10/clip_image0031-4.png "clip_image003[1]")
Best Buy dropped $1.89 to $115.57 after Oppenheimer downgraded the stock from Outperform to Perform.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/10/clip_image0041-4.png "clip_image004[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/10/22/stock-market-outlook-for-october-23-2020/
Note seasonality chart on Existing Home Sales
Technical Notes for Thursday October 22nd
CSX Corp.(CSX), an S&P 100 stock moved above $81.40 to an all-time high extending an intermediate uptrend following release of higher than consensus third quarter earnings.
Citrix Systems (CTXS), a NASDAQ 100 stock moved below $131.15 completing a Head & Shoulders pattern.
IBM (IBM), a Dow Jones Industrial Average stock moved below $113.71 setting an intermediate downtrend.
Travelers (TRV), a Dow Jones Industrial Average stock moved above $126.33 extending an intermediate uptrend
Southern Companies (SO), an S&P 100 stock moved above $60.43 resuming an intermediate uptrend.
Open Text (OTEX), a TSX 60 stock moved below U.S. $40.59 extending an intermediate downtrend.
Rogers Communications (RCI.B), a TSX 60 stock moved above $58.15 setting an intermediate uptrend.
Bitcoin (NYXBT) moved above $12,163.73 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 22nd 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 22nd 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 22nd 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 5.29 to 66.33 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer added 0.48 to 56.19 yesterday. It remains intermediate neutral.
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
|
| More from the network: |