Tech Talk for Tuesday March 10th 2020
U.S. equity index futures were sharply higher this morning. S&P 500 futures were up 80 points in pre-opening trade. Index futures responded to news that the Trump Administration will announce fiscal measures later today to offset coronavirus fears.
Crude oil recovered $3.11 to $34.24 per barrel on rumors that Russia and key OPEC members will resume negotiations on production quotas.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0015.png "clip_image001[5]")
UPS gained $3.50 to $90.68 after Stifel Nicolaus upgraded the stock from Hold to Buy.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0025.png "clip_image002[5]")
Dick's Sporting Goods advanced $4.67 to $39.15 after reporting higher than consensus fourth quarter sales and earnings. The company also increased its dividend.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0035.png "clip_image003[5]")
JP Morgan and Stifel Nicolaus substantially lowered target prices on oil service companies. For example, JP Morgan slashed its target price on Halliburton (HAL $9.15) from $25 to $14 and Stifel Nicolaus dropped its target price on Halliburton from $30 to $13.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0045.png "clip_image004[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/03/09/stock-market-outlook-for-march-10-2020/
Jon Vialoux on BNNBloomberg's Market Call Tonight
Recorded last night. Following are links:
Market Comment
https://www.bnnbloomberg.ca/video/jon-vialoux-s-market-outlook~1918256
Past Picks
https://www.bnnbloomberg.ca/video/jon-vialoux-s-past-picks~1918275
Top Picks
https://www.bnnbloomberg.ca/video/jon-vialoux-s-top-picks~1918290
Observations
The drop in equity markets was prompted by lower crude oil prices
Lower oil equities and related ETF prices were the focus on both sides of the border.
StockTwits released yesterday @EquityClock
Another 58 S&P 100/NASDAQ 100 stocks broke short and intermediate support levels just after the opening.
TSX 60 stocks breaking short/intermediate support this morning: $TRP.CA $BIP/UN.CA $ARX.CA $ENB.CA $CCO.CA $CNR.CA $BCE.CA $CP.CA $MG.CA $RCI.B.CA $OTEX.CA $SJR.B.CA $FTS.CA $TECK.B.CA
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for March 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Compliments of David Chapman and www.EnrichedInvesting.com
Headline reads, "March lion, COVID volatility, golden performer, slashed rates, ongoing repo, bear territory, oil war" Following is a link:
S&P 500 Momentum Barometer
The Barometer plunged 9.22 to 5.01 yesterday. It remains deeply oversold, but has yet to show significant signs of an intermediate bottom.
TSX Momentum Barometer
The Barometer plunged 16.18 to a new 15 month low. It remains intermediate oversold, but has yet to show significant signs of an intermediate bottom.
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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