Tech Talk for Tuesday October 16th 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade.

Johnson & Johnson added $0.04 to $133.99 after reporting higher than consensus third quarter earnings. The company also raised guidance.

Goldman Sachs added $2.66 to $217.88 after reporting higher than consensus third quarter earnings.

Adobe (ADBE $238.01) is expected to open higher after raising guidance.

UnitedHealth Group advanced $5.45 to $265.70 after reporting higher than consensus earnings. The company also raised guidance.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/10/15/stock-market-outlook-for-october-16-2018/

Note seasonality charts on the Technology sector, Retail Trade and Empire State Manufacturing Survey.

Observations

Out of the ashes?

Still smoking!!! All-time closing high prior to the big day: Wednesday.

StockTwits Released Yesterday @EquityClock

Goldcorp $GG $G.CA, a TSX 60 stock moved above$11.00 U.S. completing a double bottom pattern.

IAMGold $IMG.CA moved above $5.29 completing a double bottom pattern.

Editor's Note: TSX Gold stocks and their related ETFs have a history of bottoming at this time of year. Next period of seasonal strength on a relative basis is from mid-December to the end of February.

Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdowns: $OXY $ PH

Editor's Note: After 10:00 AM EDT, breakouts included WBA, LLL and HRS. No additional breakdowns.

Walgreen-Boots $WBA, a Dow Jones Industrial stock moved above $74.57 extending an intermediate uptrend.

Consensus Third Quarter Earnings Estimates for TSX 60 Companies

Consensus for third quarter earnings by TSX 60 companies generally show good year-over-year gains: Thirty six companies are scheduled to report higher earnings, three companies are expected to record no change, 14 companies are expected to report lower earnings and data is not available on seven companies. Strongest gains are expected to be recorded by energy and technology companies. Average (median) gain is 10.9%.

*Median

Source: Zacks

Trader's Corner

Equity Indices/related ETFs

Daily Seasonal/Technical Equity Trends for October 15th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 15th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 15th 2018

Green: Increase from previous day

Red: Decrease from previous day

Seasonal Advantage Portfolio continues to mitigate much of equity market's recent weakness. How are you positioned? equityclock.com/about/seaso… $SPX $SPY

Hap Sneddon on BNN Bloomberg's Market Call

Recorded yesterday. Following are links:

Market Outlook

https://www.bnnbloomberg.ca/market-call/hap-sneddon-s-market-outlook~1514621

Past Picks

https://www.bnnbloomberg.ca/market-call/hap-sneddon-s-past-picks~1514622

Top Picks

https://www.bnnbloomberg.ca/market-call/hap-sneddon-s-top-picks~1514636

Technical Scoop

By David Chapman

David says, "October Bottom, or Bull End with Strong Gold, but No Recession Yet amidst Fed Attack and Bitcoin Precipice"

Following is a link:

http://www.enrichedinvesting.com/PDF/Technical-Scoop-2018-Oct-15-Final.pdf

S&P 500 Momentum Barometer

The Barometer slipped 1.00 to 14.60 yesterday. It remains deeply intermediate oversold, but trend remains down and a significant technical signs of bottoming has yet to appear.

TSX Momentum Barometer

The Barometer added 2.10 to 21.85 yesterday. It remains intermediate oversold, but trend remains down. Early technical signs of bottoming have appeared, but are not sufficient to call a change in trend.

Next Tech Talk report

Next report is scheduled to be released on Monday October 22nd

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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