Tech Talk for Thursday October 24th 2019
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 215,000 versus 214,000 last week. Actual was 212,000. Consensus for September Durable Goods Orders was a drop of 0.8% versus a gain of 0.2% in August. Actual was a drop of 1.1%. Excluding transportation orders, consensus for September Durable Goods Orders was an increase of 0.1% versus a revised gain of 0.3% in August. Actual was a drop of 0.3%
Microsoft gained $1.66 to $138.90 after reporting higher than consensus third quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0011-4.png "clip_image001[1]")
3M dropped $2.08 to $166.68 after reporting lower than consensus third quarter revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0021-4.png "clip_image002[1]")
Tesla jumped $47.38 to $302.06 after reporting higher than consensus third quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0031-3.png "clip_image003[1]")
Twitter dropped $7.72 to $21.11 after reporting lower than consensus third quarter revenues and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/10/clip_image0041-2.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/10/23/stock-market-outlook-for-october-24-2019/
Note seasonality chart on the Industrial sector.
Observation
Commodity prices were notably stronger yesterday, particularly copper, crude oil and gasoline. They finally are starting to respond to U.S. Dollar weakness.
StockTwits released yesterday @EquityClock
Eli Lilly $LLY, an S&P 100 stock moved below $104.56 extending an intermediate downtrend. The company reported less than consensus third quarter results.
Texas Instruments $TXN, a NASDAQ 100 stock moved below $123.63 and $116.22 setting an intermediate downtrend. The company reported lower than consensus third quarter results and lowered fourth quarter guidance.
Saputo $SAP.CA, a TSX 60 stock moved below $38.24 extending an intermediate downtrend.
Bitcoin Index $NYXBT dropped 8% last night below support at 7932.66. Related to Zuckerberg’s testimony to Congress today focusing on Libra
Enbridge $ENB.CA, a TSX 60 stock moved above $47.87 extending an intermediate uptrend.
MasterCard $MA, anS&P 100 stock moved below $260.09 completing a Head & Shoulders pattern.
Telus $T.CA, a TSX 60 stock moved below $46.27 resuming an intermediate downtrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for October 23rd 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 23rd 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 23rd 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added another 2.20 to 66.93 yesterday. It remains intermediate overbought and trending up.
TSX Momentum Barometer
The Barometer slipped 3.38 to 43.95 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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