Tech Talk for Tuesday November 20th 2018
Jon Vialoux will be on BNN's Market Call Tonight at 6:00pm ET this Friday, November 23rd taking your calls on Technical Analysis and Seasonal Investing.
CALL TOLL-FREE 1-855-326-6266,
EMAIL marketcall@bnnbloomberg.ca,
or TWEET @MarketCall.
Pre-opening Comments for Tuesday November 20th
U.S. equity index futures were lower this morning. S&P 500 futures were down 31 points in pre-opening trade.
Index futures were virtually unchanged following release of October Housing Starts at 8:30 AM EST. Consensus was an increase to 1.235 million units from 1.201 million units in September. Actual was 1.228 million units.
Agilent (A $62.61) is expected to open higher after the company reported higher than consensus fiscal fourth quarter sales and earnings.
Urban Outfitters (URBN $35.61) is expected to open higher after the company reported higher than consensus third quarter earnings.
Intuit (INTU $199.24) is expected to open higher after reporting higher than consensus fiscal first quarter earnings. The company also raised guidance.
Target dropped $7.59 to $77.79 after the company reported lower than consensus third quarter sales and earnings.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/11/19/stock-market-outlook-for-november-20-2018/
Note seasonality study on the S&P 500 around the U.S. Thanksgiving holiday as well as seasonality charts on the Technology sector and the U.S. Homebuilding industry.
StockTwits Released Yesterday @EquityClock
Waste Management $WM moved above $92.85 to an all-time high extending an intermediate uptrend.
'Tis the season for Waste Management $WM to move higher to end of the year!
Technical action by S&P 500 stocks to 10:00: Quietly Bullish. Intermediate breakouts: $PSA $WM $CCI. No breakdowns.
Editor's Note: After 10:00 AM EST, Breakout: CMS. Breakdowns: BA, RL, DVA, TPR, ADS, AA, INTU, EXPE and NFLX.
Boeing $BA, a Dow Jones Industrial stock moved below $327.12 and $326.52 completing a topping pattern.
Shaw Communications $SJR $SJR.B.CA moved above $19.32 U.S. completing a double bottom pattern.
'Tis the season for Shaw Communications $SJR $SJR.B.CA to move higher!
Cameco $CCJ $CCO.CA moved higher on upgrade by Merrill Lynch from Underperform to Buy on improving uranium sector outlook $URA.
'Tis the season for Cameco $CCJ $CCO.CA to move higher!
BlackBerry $BB.CA, a TSX 60 stock moved below $11.35 extending an intermediate downtrend.
Technology SPDRs are leading U.S. equity indices downward. $XLK moved below $65.59 extending an intermediate downtrend.
Netflix $$NFLX, one of the FAANG stocks moved below $271.21 extending an intermediate downtrend.
Yield on 10 year U.S. Treasuries moved below $3.059% completing a short term double top pattern.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for November 19th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 19th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 19th 2018
Green: Increase from previous day
Red: Decrease from previous day
Josef Schachter on BNNBloomberg
Josef has started to take a more positive stance on crude oil and "oily" stock. Following are links to his appearance yesterday on BNN Bloomberg's Market Call
Market Overview
https://www.bnnbloomberg.ca/market-call/josef-schachter-s-market-outlook~1543630
Past Picks
https://www.bnnbloomberg.ca/market-call/josef-schachter-s-past-picks~1543631
Top Picks
https://www.bnnbloomberg.ca/market-call/josef-schachter-s-top-picks~1543633
Technical Scoop
Thank you to David Chapman and Enriched Investing for their weekly comment.
Here is the link to the report:
S&P 500 Momentum Barometer
The Barometer fell 5.40 to 36.20 yesterday. It dropped back to Intermediate Oversold from Intermediate Neutral.
TSX Momentum Barometer
The Barometer dropped 3.31 to 32.23 yesterday. It remains Intermediate Oversold.
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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