Tech Talk for Thursday January 17th 2019

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade.

Index futures recovered slightly following release of economic news at 8:30 AM EST. Consensus for the January Philly Fed Manufacturing Index was an increase to 10.0 from 9.1 in December. Actual was 17.0. Consensus for Weekly Jobless Claims was 220,000 versus 216,000 last week. Actual was 213,000.

Morgan Stanley dropped $2.60 to $41.89 after the company reported lower than consensus fourth quarter earnings.

Signet Jewelers dropped $3.34 to $30.02 after the company reported lower than consensus fourth quarter earnings. The company also lowered its guidance.

Alcoa slipped $0.62 to $28.36 despite reporting higher than consensus fourth quarter earnings and revenues. The company also lowered its guidance. Morgan Stanley lowered its target price to $52 from $57.

CSX fell $1.52 to $63.86 despite reporting fourth quarter sales and earnings in line with consensus. The company also announced a $5 billion share buyback program.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/01/16/stock-market-outlook-for-january-17-2019/

Note seasonality charts on the U.S. Financial sector, Crude Oil Days of Supply and Gasoline Days of Supply.

StockTwits released yesterday @EquityClock

Encouraging technical action by Asian ETFs! iShares Pacific ex Japan $EPP moved above $42.96 completing a double bottom pattern.

Editor's Note: 'Tis the season for Asia Pacific ex Japan stocks and ETFs to move higher from just after the Chinese New Year to mid -April

New Flyer Industries $NFI.CA moved below $31.52 extending an intermediate downtrend.

Editor's Note: The company issued negative guidance.

Technical action by S&P 500 stocks to 10:00: Quietly mixed. Intermediate breakouts: $VAR $RMD. Breakdowns: $JWN $FISV.

Editor's Note: After 10:00 AM EST, intermediate breakouts included: BIIB, IRM, SYF and AJG. No breakdowns.

Intertape Polymer $ITP.CA moved above $19.25 extending an intermediate uptrend.

South Africa ETF $EZA completed a reverse Head & Shoulders pattern on a move above $54.59.

Bank of Nova Scotia $BNS.CA moved above $72.27 extending an intermediate uptrend.

'Tis the season for Bank of Nova Scotia BNS.CA and other Canadian financial service stocks and related ETFs to move higher!

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 16th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 16th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 16th 2019

Green: Increase from previous day

Red: Decrease from previous day

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S&P 500 Momentum Barometer

Percent of S&P 500 stocks trading above their 50 day moving average increased 7.40 yesterday to 43.00. Percent changed to intermediate neutral from intermediate oversold on a move above 40%, but continues to trend higher.

TSX Momentum Barometer

Percent of TSX stocks trading above their 50 day moving average increased 3.36 yesterday to 71.43. Percent remains intermediate overbought, but continues to trend higher.

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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