Tech Talk for Tuesday January 7th 2020

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Index futures were virtually unchanged following release of the November Trade report at 8:30 AM EST. Consensus was a deficit of $43.60 billion versus a deficit of $47.20 billion in October. Actual was a deficit of $43.1 billion

The Canadian Dollar was virtually unchanged at U.S. 77.00 cents following release of Canada's November Trade report at 8:30 AM EST. Consensus was a deficit of $1.20 billion versus a deficit of $1.08 billion in October. Actual was a deficit of $1.09 billion.

Lululemon added $0.07 to $234.90 after Wedbush raised its target price to $235 from $225.

Abercrombie & Fitch (ANF $17.26) is expected to open higher after Wedbush raised its target price to $18 from $16.

Bank of America (BAC $34.77) is expected to open higher after JP Morgan raised its target price to $35.00 from $33.50.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/01/06/stock-market-outlook-for-january-7-2020/

Note seasonality charts on Facebook, Amazon, Netflix, Alphabet and Gold futures.

StockTwits released yesterday @EquityClock

Gold ETN $GLD moved above $146.82 to a 7 year high extending an intermediate uptrend.

Wal-mart $WMT, a Dow Jones Industrial stock moved below $117.24 completing a double top pattern.

Palladium ETN $PALL moved above $187.65 to an all-time high extending an intermediate uptrend.

Cognizant Technology $CTSH, a NASDAQ 100 stock moved below $60.42 setting an intermediate downtrend.

Costco $COST, an S&P 100 stock moved below $289.10 extending an intermediate downtrend.

Energy stocks are responding to higher crude oil prices. Occidental Petroleum $OXY, an S&P 100 stock moved above intermediate resistance at $43.71.

Editor's Note: TSX Energy Index and related ETF: $XEG also responded. XEG moved above $9.44 extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 6th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 6th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 6th 2019

Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

Thank you to David Chapman and www.enrichedinvesting.com for a link to the weekly comment:

http://enrichedinvesting.com/wp-content/uploads/2020/01/Bang-start-maybe-top-gold-soar-yield-fall-haven-sought-election-promise-climate-cost-decade-following.pdf?EUR<

S&P 500 Momentum Barometer

The Barometer dropped 1.80 to 73.75 yesterday. It remains intermediate overbought and showing signs of rolling over.

TSX Momentum Barometer

The Barometer slipped 0.77 to 66.05 yesterday. It remains intermediate overbought and showing signs of rolling over.

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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