Tech Talk for Thursday March 12th 2020
U.S equity index futures were lower this morning. S&P 500 futures were down 139 points. Index futures are responding to growing coronavirus fears.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the February Producer Price Index was a slip of 0.1% versus a gain of 0.5% in January. Actual was a decline of 0.3%. Excluding food and energy, consensus for the February Producer Price Index was a gain of 0.1% versus a gain of 0.5% in January. Actual was a decline of 0.6%. Consensus for Weekly Jobless Claims was an increase to 218,000 from 215,000 last week. Actual was 211,000.
Airline stocks are expected to open lower after President Trump initiated a 30 day travel to Europe ban.
Darden Restaurants dropped $4.80 to $65.41 after Oppenheimer lowered its target price from $125 to $96.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0015-1.png "clip_image001[5]")
Walt Disney fell $6.78 to $98.73 after Imperial Capital lowered its target price from $144 to $118.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0025-2.png "clip_image002[5]")
Gap Stores lost $0.47 to $10.50 after Wedbush lowered its target price from $20 to $12.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0035-1.png "clip_image003[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/03/11/stock-market-outlook-for-march-12-2020/
Note seasonality charts on TSX Gold Index, Consumer Price Index and Crude Oil Days of Supply.
Observations
Yesterday, the Dow Jones Industrial Average moved into an official bear market on a drop of more than 20% from its peak in mid-February
Ditto for the TSX Composite Index!
StockTwits comments released yesterday @EquityClock
Even gold stocks/ETFs are under technical pressure in this market! $GDX $GDXJ The Junior Gold Miners ETF is down 28% from its peak in late February.
US Consumer Price Index up 0.3% (NSA) in February, weaker than the 0.4% increase that is average for this time of year. The impact of the coronavirus is being hinted within the results. Signup now and we’ll show you where. https://charts.equityclock.com/subscribe $MACRO $STUDY #CPI
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for March 11th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 11th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 11th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer dropped 4.81 to 3.41 yesterday. It remains deeply intermediate oversold and has yet to show significant signs of a bottom
TSX Momentum Barometer
The Barometer dropped 7.00 to 3.11 yesterday, the lowest level since October 2008. It remains deeply intermediate oversold, but has yet to show significant signs of a bottom.
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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