Tech Talk for Thursday November 7th 2019
U.S. equity index futures moved higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Index futures responded to news that China and the U.S. agreed to phase out some of their tariffs.
Index futures were virtually unchanged following release of the Weekly Initial Jobless Claims report at 8:30 AM EST. Consensus was a drop to 215,000 from a revised 219,000 last week. Actual was 211,000.
Qualcomm gained $4.44 to $89.07 after reporting higher than consensus quarterly results. JP Morgan raised its target price to $97 from $88.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/11/clip_image0015-1.png "clip_image001[5]")
Expedia dropped $18.56 to $116.80 after reporting lower than consensus quarterly earnings. The stock also was downgraded by several investment dealers.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/11/clip_image0025-1.png "clip_image002[5]")
Lululemon (LULU $200.74) is expected to open higher after B. Riley raised its target price to $182 from $176.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/11/clip_image0035-1.png "clip_image003[5]")
Ralph Lauren gained $9.12 to $110.00 after reporting higher than consensus fiscal second quarter earnings.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/11/06/stock-market-outlook-for-november-7-2019/
Note seasonality charts on the Energy sector and Crude Oil Days of Supply.
StockTwits released yesterday @EquityClock
Husky Energy $HSE.CA, a TSX 60 stock moved above $10.21 completing a double bottom pattern.
Comcast $CMCSA, an S&P 100 stock moved below $43.61 completing a double top pattern.
Power Corp. $POW.CA, a TSX 60 stock moved above $31.68 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for November 6th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 6th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 6th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 0.67 to 69.28 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer added 1.56 to 57.47 yesterday. It remains intermediate neutral.
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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