Tech Talk for Tuesday March 17th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade.
Index futures were virtually unchanged following release of February Retail Sales at 8:30 AM EDT. Consensus was a gain of 0.2% versus an increase of 0.3% in January. Actual was a decline of 0.5%. Excluding auto sales, consensus was a gain of 0.2% versus an increase of 0.3% in January. Actual was a decline of 0.4%.
Procter & Gamble added $3.55 to $112.05 after Deutsche Bank raised its rating from Hold to Buy.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0011-2.png "clip_image001[1]")
Microsoft added $3.18 to $138.60 despite a drop in target price by Deutsche Bank from $200 to $180.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0021-4.png "clip_image002[1]")
Wedbush added Amazon, Facebook and Regions Financial to its Best Ideas List
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/03/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/03/16/stock-market-outlook-for-march-17-2020/
Note seasonality chart on iShares U.S. REIT.
Observation
The Dow Jones Industrial Average recorded its largest point loss in history yesterday. The decline was notable in late trading following President Trump's confirmation that control of the coronavirus has yet to be achieved.
The VIX Index responded by closing at an all-time closing high.
StockTwits released yesterday
Nil
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for March 16th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 16th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 16th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
Percent of S&P 500 stocks trading above their 50 day moving average slipped yesterday to 1.80. Percent remains deeply intermediate oversold and has yet to show signs of bottoming.
TSX Momentum Barometer
Percent of TSX stocks trading above their 50 day moving average dropped to 0, an all-time high. Percent is deeply intermediate oversold, but has yet to show signs of bottoming.
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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