Tech Talk for Wednesday February 26th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

Salesforce.com dropped $3.01 to $178.26 after reporting lower than consensus fourth quarter earnings.

Canadian Imperial Bank of Commerce (CM $106.02) is expected to open higher after reporting higher than consensus fiscal first quarter earnings. The Bank also raised its dividend.

Wendy's fell $1.01 to $21.95 after guiding lower than consensus first quarter results.

Home Depot slipped $0.38 to 237.00 despite an increase in target price by Stifel Nicolaus and JP Morgan.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/25/stock-market-outlook-for-february-26-2020/

Note seasonality charts on the Materials sector, Industrial sector, Energy sector and Case/Shiller Home Price Index.

StockTwits released yesterday @EquityClock

Occidental Petroleum $OXY, an S&P 100 stock moved below $39.42 setting an intermediate downtrend.

Marriott $MAR, a NASDAQ 100 stock moved below $133.36 completing a double top pattern

Starbucks $SBUX, an S&P 100 stock moved below $84.13 setting an intermediate downtrend.

Chevron $CVX, a Dow Jones Industrial stock moved below $104.18 extending an intermediate downtrend.

Bank of America $BAC, an S&P 100 stock moved below $32.47 completing a double top pattern.

US Bancorp $USB, an S&P 100 stock moved below $52.87 setting an intermediate downtrend

Cenovus Energy $CVE.CA, a TSX 60 stock moved below $11.16 setting an intermediate downtrend

Canadian Imperial Bank of Commerce $CM.CA, a TSX 60 stock moved below $106.85 setting an intermediate downtrend.

S&P 500 Equal Weight ETF $RSP moved below $113.29 completing a double top pattern

S&P 500 iShares $SPY moved below support at 320.73

Semiconductor iShares $SOXX moved below $241.90 completing a double top pattern

Editor's Note: SMH also broke support and has a similar technical profile.

Russell 2000 iShares $IWM moved below 160.03 completing a double top pattern

Accenture $ACN, an S&P 100 stock moved below $202.41 completing a double top pattern

Mid-cap 400 SPDRs $MDY moved below $364.63 completing a double top pattern

US Home prices, according to the Case-Shiller Home Price Index, gained 2.9% (NSA) last year, weaker than the 4.0% increase that is average for the calendar year. $STUDY $MACRO

Travelers $TRV, a Dow Jones Industrial stock moved below $131.43 setting an intermediate downtrend.

Verizon $VZ, a Dow Jones Industrial stock moved below $57.65 completing a Head & Shoulders pattern.

Consumer Staples SPDRs $XLP moved below $61.96 extending an intermediate downtrend.

Canadian Natural Resources $CNQ.CA, a TSX 60 stock moved below $36.85 setting an intermediate downtrend.

S&P Retail SPDRs $XRT moved below $42.90 completing a Head & Shoulders pattern.

Industrial SPDRs $XLI moved below $78.87 extending an intermediate downtrend

UnitedHealth Group$UNH, a Dow Jones Industrial stock moved below $270.82 completing a double top pattern.

United Technologies $UTX, a Dow Jones Industrial stock moved below $142.10 extending an intermediate downtrend

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 25th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 25th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 25th 2020

Green: Increase from previous day

Red: Decrease from previous day

Observation

The VIX Index remains elevated.

S&P 500 Momentum Barometer

The Barometer plunged another 14.83 to 23.65 yesterday. It already is deeply oversold, but has yet to show signs of bottoming.

TSX Momentum Barometer

The Barometer plunged another 11.47 to 38.53 yesterday. It changed from intermediate neutral to intermediate oversold on a move below 40.00.

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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