Tech Talk for Thursday March 19th 2020

U.S. equity index futures were lower this morning. S&P 500 futures were down 72 points in pre-opening trade.

The New York Stock Exchange announced a move to start fully electronic trading on Monday.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the March Philly Fed Index was 10.0 versus 36.7 in February. Actual was -12.7. Consensus for Weekly Initial Jobless Claims was an increase to 220,000 from 211,000 last week. Actual was an increase to 281,000

Darden Restaurants (DRI $34.16) is expected to open higher after reporting higher than consensus fiscal third quarter revenues and earnings.

Lennar (LEN $30.92) is expected to open higher after reporting higher than consensus fiscal third quarter revenues and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/03/18/stock-market-outlook-for-march-19-2020/

Note seasonality charts on U.S. Housing Starts, Crude Oil Days of Supply, Gasoline Days of Supply and S&P 500 Index.

StockTwits released yesterday @EquityClock

Citrix Systems $CTXS, a NASDAQ 100 stock moved above $130.14 extending an intermediate uptrend.

Walmart $WMT, a Dow Jones Industrial stock moved above $124.82 to an all-time high extending an intermediate uptrend.

The U.S. Dollar and its related ETN $UUP surged this morning. The U.S. Dollar moved above 100 to a three year high.

Editor's Note: Conversely, other currencies dropped sharply.

TSX Composite Index briefly moved below its 2016 low at 11,531.22

Despite the expectation of demand destruction resulting from the coronavirus, the change in the level of gasoline product supplied in the US (a gauge of demand) this year is trending well above average, pulling the days of supply of the commodity below the seasonal norm for this time of year. $STUDY $MACRO $UGA $USO $XLE $XOP

The change in the number of housing units authorized but not started showing the weakest start to the year on record. Low rates won’t matter much if home builders have no plots of land on which to build and no buyers to buy. $STUDY $MACRO $ITB $XHB

Observation

North American equity indices bounced from lows set at 2:30 PM EDT yesterday. The Dow Jones Industrial Average recovered 981 points by the close.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 18th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 18th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 18th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Greg discusses, "The Global Breakdown". Following is a link:

https://www.youtube.com/watch?v=4PZJfv6upYM&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer added 0.60 to 4.01 yesterday. It remains deeply intermediate oversold, but has yet to show significant technical evidence of bottoming.

TSX Momentum Barometer

The Barometer slipped 2.62 to 1.31 yesterday. It remains deeply intermediate oversold, but has yet to show significant technical evidence of bottoming.

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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