Tech Talk for Tuesday October 23rd 2018
U.S. equity index futures were lower this morning. S&P 500 Index dropped 38 points in pre-opening trade. Futures responded to a fall in European and Asian equity indices.
United Technologies dropped $0.50 to $125.90 despite after reporting higher than consensus third quarter sales and earnings. The company also raised guidance.
MMM fell $13.36 to $188.00 after reporting lower than consensus third quarter sales and earnings. The company also lowered its guidance.
Verizon added $0.26 to 55.25 after reporting higher than consensus third quarter sales and revenues.
Caterpillar dropped $9.40 to $119.31 despite reporting higher than consensus sales and earnings. The company also guided lower than consensus.
McDonalds (MCD $166.63) is expected to open higher after reporting higher than consensus third quarter sales and earnings.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/10/22/stock-market-outlook-for-october-23-2018/
Note seasonality charts on U.S. Banks and the Shanghai Composite Index.
U.S. Equity Markets During Mid-term Election Years
Please note David Chapman's excellent report in the latest edition of Technical Scoop.
Observations
Palladium and its related ETF (PALL) moved above $1,085 per ounce extending an intermediate uptrend.
'Tis the season for Platinum prices to move higher!
Traders took profits on news.
StockTwits Released Yesterday @EquityClock
Merck $MRK, a Dow Jones Industrial stock moved above $72.89 to an all-time high extending an intermediate uptrend.
Energy SPDRs $XLE moved below $71.21 setting an intermediate downtrend.
Oil Services ETF $OIH moved below $22.73 extending an intermediate downtrend.
Natural Gas Equity ETF $FCG moved below $21.15 extending an intermediate downtrend.
BMO Junior Gas ETF $ZJN.CA moved below $12.25 extending an intermediate downtrend.
Technical action by S&P 500 to 10:00: Bearish. Intermediate breakouts: $MRK $HSY. Breakdowns: $HAS $UNP $FMC $A
Editor's Note: After 10:00 AM EDT, no additional breakouts. Breakdowns: CCL, C, DHR, NKTR
Stantec $STN.CA moved above $34.61 setting an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for October 22nd 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 22nd 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 22nd 2018
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Link to David Chapman's weekly comment:
S&P 500 Momentum Barometer
The Barometer dropped 3.20 to 19.80. It remains intermediate oversold and continues to form a bottom.
TSX Momentum Barometer
The Barometer dropped 2.08 to 23.75 yesterday. It remains intermediate oversold and continues to form a 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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