Tech Talk for Tuesday October 30th 2018
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.
Coca Cola (KO $46.46) is expected to open higher after reporting higher than consensus third quarter sales and earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0015-3.png "clip_image001[5]")
Under Armour advanced $1.81 to $20.00 after reporting higher than consensus third quarter sales and earnings. The company also raised guidance for the fourth quarter.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0025-6.png "clip_image002[5]")
Pfizer dropped $1.53 to $41.70 after reporting lower than consensus third quarter sales. The company also lowered its fourth quarter guidance.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0035-2.png "clip_image003[5]")
General Electric fell $0.25 to $10.91 after reporting lower than consensus third quarter sales and earnings. The company also cut its quarterly dividend to $0.01 from $0.12 per share and announced plans for a restructure.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0045-1.png "clip_image004[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/10/29/stock-market-outlook-for-october-30-2018/
StockTwits Released Yesterday @EquityClock
Brazil iShares $EWZ responded favourably to election of a new "right leaning" president.
Technical action by S&P 500 stocks to 10:00 AM EDT: Quietly bullish Intermediate breakouts: $TSCO $RHT $IFF $JWN. No breakdowns.
Editor's Note: Wild and crazy day by U.S. equity indices yesterday! The Dow Jones Industrial Average initially moved sharply higher (more than 350 points, subsequently moved sharply lower (down over 550 points) followed by a 320 point gain in the last 20 minutes of trade. Trading range was in excess of 900 points. Additional breakouts after 10:00 AM EDT included MO, WMT and CBOE. Breakdowns (mostly technology stocks) included AAPL HRS, MSI, TSS, ADBE, AKAM, SNPS, INTU, HPQ, HUM, RIG, ANTM, SYMC, ATVI, FLT, LMT and XOM
More Canadian gold producer stocks break intermediate support: $YRI.CA $IMG.CA
Much of market weakness early this afternoon attributed to a drop by Apple $AAPL below $212.32 completing a short term Head & Shoulders pattern.
Editor's Note: Slightly offsetting among Dow Jones Industrial stocks was strength in Wal-Mart in late trading.
Chile iShares $ECH moved below $41.50 extending an intermediate downtrend. Influenced by falling copper prices $JJCTF.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for October 29th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 29th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 29th 2018
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Link to David Chapman's weekly report (Compliments of Enriched Investng):
S&P 500 Momentum Barometer
The Barometer gained 5.20 to 16.20 yesterday thanks to a recovery during the last 20 minutes of trade. The Barometer remains intermediate oversold. Despite the gain, more technical evidence of an intermediate bottom is needed.
TSX Momentum Barometer
The Barometer dropped another 1.24 to 12.03 yesterday. It remains deeply intermediate oversold, but has yet to show technical signs of 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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