Tech Talk for Thursday January 3rd 2019
U.S. equity index futures were lower this morning. S&P 500 futures are down 26 points in pre-opening trade. Index futures are responding to weakness in Apple after the company lowered its fiscal first quarter revenue guidance to $84 billion from $91.5 billion. JP Morgan and Moness lowered their target price on the stock. Apple dropped $12.64 to $145.28 in pre-opening trade.
Index futures were virtually unchanged following release of economic news. Consensus for December ADP Employment was 175,000 versus 170,000 in November. Actual was 271,000. Consensus for Weekly Jobless Claims was 225,000 versus a revised 221,000 last week. Actual was 231,000.
Celgene gained $21.21 to $87.85 after Bristol-Myers Squibb offered to buy the company at $50 cash per share plus one share of Bristol-Myers Squibb.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/01/clip_image0011.png "clip_image001[1]")
Netflix (NFLX $267.66) is expected to open lower after Sun Trust lowered its target price to $355 from $410.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/01/clip_image0021.png "clip_image002[1]")
Cigna (CI $187.17) is expected to open higher after Raymond James raised its rating to Outperform from Market Perform.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/01/clip_image0031.png "clip_image003[1]")
Gilead added $0.89 to $63.44 after Oppenheimer upgraded the stock to Outperform from Perform.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/01/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/01/02/stock-market-outlook-for-january-3-2019/
Observation
After the close yesterday, Apple announced that fiscal first quarter revenue estimate has dropped to $84 billion from a previous estimate of $91.5 billion. The stock quickly moved to $145, below support levels indicated at $146.43, $148.62 and 146.59. U.S. equity indices (particularly the NASDAQ 100) are expected to respond at the opening.
StockTwits Released Yesterday @EquityClock
Turkey iShares $TUR moved below $23.84 and $23.93 setting an intermediate downtrend.
Technical action by S&P 500 stocks to 10:00: Nil.
Editor's Note: After 10:00 AM EST, one stock broke intermediate resistance (KSS) and none broke support.
Mexico iShares $EWW moved above $41.57 completing a base building pattern.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for January 2nd 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 2nd 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 2nd 2019 2018
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 dropped 4.97 to 6.83 yesterday. It remains deeply intermediate oversold.
TSX Momentum Barometer
The Barometer was unchanged yesterday at 27.98. It remains intermediate oversold
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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