Tech Talk for Thursday October 17th 2019
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. Index futures responded to news that a tentative Brexit deal between the European Union and the United Kingdom has been reached.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the October Philly Fed Index was 8.0 versus 12.0 in September. Actual was 5.6. Consensus for September Housing Starts was 1.320 million units versus 1.364 million units in August. Actual was 1.256 million units. Consensus for Weekly Initial Jobless Claims was 215,000 versus 210,000 last week. Actual was 214,000.
IBM dropped $7.23 to 134.66 after reporting lower than consensus third quarter revenues.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0015-3.png "clip_image001[5]")
Netflix gained $26.49 to $312.26 after reporting higher than consensus third quarter earnings.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0025-4.png "clip_image002[5]")
CSX added $1.75 to $70.75 after reporting higher than consensus third quarter earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0035-3.png "clip_image003[5]")
Morgan Stanley gained $1.49 to $44.10 after reporting higher than consensus third quarter earnings.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0045.png "clip_image004[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/10/16/stock-market-outlook-for-october-17-2019/
Note seasonality charts on U.S. Retail Trade, VIX Index and Consumer Discretionary sector.
Nice Breakout by the Nikkei Average above 22,300
The Average closed yesterday at 22,473.
StockTwits released yesterday @EquityClock
CVS Health $CVS, an S&P 100 stock moved above $65.25 extending an intermediate uptrend.
Thomson Reuters $TRI.CA, a TSX 60 stock moved below $86.71 completing a Head & Shoulders pattern
Exelon $EXC, an S&P 100 stock moved below $46.64 completing a double top pattern.
Fortis $FTS.CA, a TSX 60 stock moved below $54.70 completing a double top pattern.
Coffee ETN $JJOFF moved below $8.37 extending an intermediate downtrend.
Nickel ETN $JJNTF moved below $20.50 completing a double top pattern.
Metro $MRU.CA, a TSX 60 stock moved below $56.18 completing a double top pattern.
Global Forest Products ETF $WOOD moved above $60.35 completing a base building pattern. ‘Ti s the season for forest product stocks to move higher to next February!
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for October 16th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 16th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 16th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer slipped 1.60 to 63.53 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer slipped 0.66 to 48.44 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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