Tech Talk for Wednesday December 18th 2019
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.
The Canadian Dollar was virtually unchanged at 76.06 following release of Canada's November Consumer Price Index at 8:30 AM EST. Consensus for November CPI was a decline of 0.1% versus an increase of 0.3% in October. Actual was a decline of 0.1%.
FedEx dropped $10.70 to $152.53 after reporting lower than consensus fiscal second quarter revenues and earnings. The company also lowered guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0011-4.png "clip_image001[1]")
Facebook added $0.91 to $199.30 after Deutsche Bank raised its target price for the stock from $260 to $270.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0021-3.png "clip_image002[1]")
Caterpillar (CAT $146.37) is expected to open higher after Deutsche Bank raised its target price to $147 from $123.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0031-3.png "clip_image003[1]")
General Mills (GIS $52.17) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0041-1.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/12/17/stock-market-outlook-for-december-18-2019/
Note seasonality charts for the Consumer Discretionary sector, U.S. Housing Starts and Industrial Production.
StockTwits released yesterday @EquityClock
Consumer Discretionary SPDRs $XLY moved above $123.98 and $124.19 to an all-time high extending an intermediate uptrend
Walgreen Boots $WBA, a Dow Jones Industrial stock moved below $57.65 setting an intermediate downtrend.
Schlumberger $SLB moved above $39.70 extending an intermediate uptrend.
More Canadian energy equity breakouts! Enerplus $ERF.CA moved above $8.96 completing a base building pattern.
Southern Companies $SO, an S&P 100 stock moved above $63.29 to an all-time high extending an intermediate uptrend.
Target $TGT, an S&P 100 stock moved above $127.97 to an all-time high extending an intermediate uptrend.
Another Canadian Energy breakout! Vermilion Energy $VET.CA moved above $20.60 completing a base building pattern.
Pembina Pipeline $PPL.CA, a TSX 60 stock moved above $48.13 setting an intermediate uptrend.
Canadian energy service stocks are strongly higher $PD.CA $MTL.CA. Mullen Group completed a classic reverse head and shoulders pattern on a move above $8.94.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for December 17th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 17th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 17th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 1.00 to 75.55 yesterday. It remains intermediate overbought, but has yet to show signs of peaking.
TSX Momentum Barometer
The Barometer added 0.47 to 68.22 yesterday. It remains intermediate overbought, but has yet to show signs of peaking.
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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