Tech Talk for Tuesday February 4th 2020
U.S. equity index futures continued to recover this morning. S&P 500 futures were up 42 points in pre-opening trade.
Index futures were bolstered by a recovery in the Shanghai Composite Index, up 36.68 points to 2783.29 in overnight trade.
Tesla jumped another $118.75 to $898.75 after Argus Research raised its target price from $556 to $808.
McKesson added $3.21 to $147.11 after reporting higher than consensus fiscal third quarter earnings.
Conoco-Philips (COP $59.18) is expected to open mixed after reporting lower than consensus fourth quarter earnings. The company also increased its share buyback program by another $10 billion.
Alphabet slipped $5.01 to $1432.50 after reporting less than consensus fourth quarter earnings growth
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/02/03/stock-market-outlook-for-february-4-2020/
Note seasonality chart on U.S. Construction Spending.
StockTwits released yesterday @EquityClock
Morgan Stanley A shares $CAF, a proxy for China A shares moved below $19.37 extending an intermediate downtrend.
Base Metals iShares $PICK moved below support at $26.85 extending an intermediate downtrend.
Lower base metal prices are taking their toll on base metal stocks. Hudbay Mining $HBM.CA moved below $3.97 to a four year low extending an intermediate downtrend.
Cameco $CCO.CA, a TSX 60 stock moved below $10.63 to reach a 2 year low extending an intermediate downtrend.
Pembina Pipeline $PPL.CA, a TSX 60 stock moved above $51.09 to an all-time high extending an intermediate uptrend.
Energy SPDRs $XLE moved below $52.93 extending an intermediate downtrend. Responding to lower crude oil prices $USO
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for February 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for February 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
A link to David Chapman's weekly comment! David discusses
"Non-trial headline, economic flu, sharp volatility, confirmation vital, gold benefit, spread creep, China gap".
Following is the link:
S&P Momentum Barometer
The Barometer added 3.81 to 49.70 yesterday. It remains intermediate neutral and trending down.
TSX Momentum Barometer
The Barometer added 0.92 to 54.84 yesterday. It remains intermediate neutral and trending down.
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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