Tech Talk for Thursday February 28th 2019

U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 220,000 versus 216,000 last week. Actual was 225,000. Consensus for first estimate for U.S. fourth quarter real GDP was growth at a 2.4% rate versus growth at a 3.4% rate in the third quarter actual was growth at a 2.6% rate.

South Korea KOSPI dropped 1.8% after U.S./North Korea talks were unable to reach an agreement.

L Brands dropped $1.75 to $25.65 after reporting lower than consensus fourth quarter earnings. The company also lowered guidance.

Air Canada (AC $34.27) is expected to open higher after raising guidance.

Anheuser Busch (BUD $74.72) is expected to open higher after reporting higher than consensus fourth quarter results.

HP Inc (HPQ $23.85) dropped $3.45 to $20.40 after reporting lower than consensus fourth quarter revenues.

Canadian Imperial Bank of Commerce (CM $114.73) and Toronto Dominion Bank (TD $77.30) reported less than consensus fiscal first quarter earnings. Both also increased their quarterly dividend.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/02/27/stock-market-outlook-for-february-28-2019/

Note seasonality charts on Margin Debt and New Manufacturing Orders.

StockTwits Released Yesterday @EquityClock

S&P 500 Index shows initial signs of reaction to horizontal resistance. http://www.equityclock.com/2019/02/26/stock-market-outlook-for-february-27-2019/ $SPX $SPY $ES_F

Laurentian Bank $LB.CA moved below $42.42 setting an intermediate downtrend

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $BBY Breakdowns: $HFC $MYL.

Editor's Note: After 10:00 AM EST, intermediate breakouts included CPB, KR and REGN. No breakdowns.

UnitedHealth Group $UNH, a Dow Jones Industrial stock moved below $256.34 setting an intermediate downtrend.

Chevron $CVX, a Dow Jones Industrial stock moved above $121.21 extending an intermediate uptrend.

US #Factory #Orders up 0.9% (NSA) in December, much weaker than 3.6% increase that is average for the month. $MACRO #Economy #Manufacturing

Canadian Utilities $CU.CA moved above $34.09 extending an intermediate uptrend

Corn ETN $CORN moved below $15.79 extending an intermediate downtrend

US Domestic Production of Oil charts another record high, but increasing net exports are keeping inventory situation in check $USO $XLE $XOP

US #Factory #Orders up 0.9% (NSA) in December, much weaker than 3.6% increase that is average for the month. $MACRO #Economy #Manufacturing

Trader's Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 27th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 27th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 27th 2019

Green: Increase from previous day

Red: Decrease from previous day

Update on Previously Favoured Seasonal Trades

Several silver and gold securities were supported with price and seasonality charts on January 25th, January 28th and January 30th. All moved below their 20 day moving average yesterday, all recorded a downtrend in momentum indicators during the past week and all have underperformed the S&P 500 Index during the past two weeks. Accordingly, they no longer are supported as a seasonal trade. All currently are trading at or near prices recorded when they broke above previous trading ranges. They include Yamana Gold (YRI.TO) recorded on January 25th, Franco-Nevada (FNV) on January 28th, Silver ETN (SLV) on January 28th and Agnico-Eagle (AEM) on January 29th and Goldcorp (G.TO) on January 30th

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

S&P 500 Momentum Barometer

The Barometer added 0.20 to 91.60 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer dropped 1.69 to 84.81 yesterday. It remains intermediate overbought and showing technical signs of rolling 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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