Tech Talk for Wednesday January 8th 2020
U.S. equity index futures were higher this morning despite missile attacks by Iran against U.S. troop locations in Iraq. S&P 500 futures were up 7 points in pre-opening trade. President Trump is scheduled to comment later this morning.
Index futures moved slightly higher following release of the December ADP Employment Report at 8:15 AM EST. Consensus was 150,000 versus a gain of 67,000 in November. Actual was 202,000.
Boeing (BA $337.28) and General Electric (GE $12.05) are expected to open lower after a Boeing 737 aircraft powered by General Electric engines suffered a fatal crash outside of Tehran.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0015-1.png "clip_image001[5]")
Walgreen Boots dropped $1.99 to $57.30 after reporting lower than consensus fiscal first quarter sales and earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0035-1.png "clip_image003[5]")
Constellation Brands gained $6.11 to $189.71 after reporting higher than consensus fiscal third quarter results.
Maxar Technologies added $0.42 to $18.31 after JP Morgan raised its target price to $25 from $15.
![clip_image005[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0055.png "clip_image005[5]")
Lennar gained $2.11 to $59.25 after reporting higher than consensus quarterly sales and earnings.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/01/07/stock-market-outlook-for-january-8-2020/
Note seasonality charts on the U.S. Trade Deficit and Manufacturers' New Orders.
Observation
Gold continues moving higher during its period of seasonal strength.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for January 7th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 7th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 7th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
![clip_image001[7]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0017.png "clip_image001[7]")
The Barometer dropped another 3.41 to 70.34 yesterday. It remains intermediate overbought and has started to trend down.
TSX Momentum Barometer
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/01/clip_image0025-1.png "clip_image002[5]")
The Barometer added 3.72 to 69.77 yesterday. It remains intermediate overbought.
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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