Tech Talk for Thursday January 9th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.
Index futures were virtually unchanged following release of Weekly Initial Jobless Claims at 8:30 AM EST. Consensus was unchanged from the previous week at 223,000. Actual was 214,000.
Kohl's dropped $2.88 to $46.50 after the company lowered fourth quarter sales and earnings guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0011-3.png "clip_image001[1]")
Bed Bath & Beyond dropped $1.33 to $15.32 after reporting lower than consensus quarterly sales and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0021-3.png "clip_image002[1]")
Microsoft gained $1.48 to $161.57 after Wedbush raised its target price to $195 from $185.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0031-2.png "clip_image003[1]")
Chipotle (CMG $856.73) is expected to open higher after Wedbush raised its rating from Perform to Outperform.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/01/08/stock-market-outlook-for-january-9-2020/
Note seasonality charts on Gold Futures, Crude Oil, Crude Oil Days of Supply, Gasoline Days of Supply and Non-farm Payrolls.
StockTwits released yesterday @EquityClock
CVS Health $CVS, an S&P 100 stock moved below $72.64 completing a double top pattern.
Bank of New York $BK, an S&P 100 stock moved above $51.40 extending an intermediate uptrend.
Vertex Pharmaceutical $VRTX, a NASDAQ 100 stock moved above $225.66 to an all-time high extending an intermediate uptrend.
Take Two Interactive $TTWO, a NASDAQ 100 stock moved above $126.35 and $135.70 re-establishing an intermediate uptrend.
Thomson Reuters $TRI.CA, a TSX 60 stock moved above $96.34 to an all-time high extending an intermediate uptrend.
Sun Life $SLF.CA, a TSX 60 stock moved above $61.36 to an all-time high extending an intermediate uptrend.
Metals & Mining SPDRs $XME moved below $28.39 completing a double top pattern.
Regeneron Pharma $REGN, a NASDAQ 100 stock moved above $382.25 extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for January 8th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 8th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 8th 2019
Green: Increase from previous day
Red: Decrease from previous day
Observation
Healthcare SPDRs moved to an all-time high yesterday, typical at this time of year. The sector has a history of moving higher prior to the JP Morgan Healthcare conference scheduled this year between January 13th and January 16th. The conference is best known for updates on new drug launches and related research. The sector also has a history of moving lower after the conference is over.
S&P 500 Momentum Barometer
The Barometer gained 2.00 to 72.34 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer dropped 5.42 to 64.35 yesterday. It remains intermediate overbought and has started to trend lower.
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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