U.S. equity index futures were lower this morning. S&P 500 futures were limit down 92 points in pre-opening trade. Investors responded to news that COVID 19 infections in the world exceeded 200,000.
Early weakness partially was prompted by a $19.64 drop in Boeing to $104.50.
Index futures were unchanged following release of February Housing Starts at 8:30 AM EDT. Consensus was a decrease to 1.502 million units from an upwardly revised 1.624 million units in January. Actual was 1.599 million units.
The Canadian Dollar was virtually unchanged following release of Canada's February Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.3% in January. Actual was an increase of 0.4%.
WTI crude oil dropped $ 2.25 to a 17 year low at $24.70 per barrel. The energy sensitive Canadian Dollar dropped 0.72 to U.S. 69.69 cents
FedEx (FDX $94.96) reported higher than consensus fiscal third quarter earnings. However, the company withdrew guidance due to uncertainties related to the coronavirus.
General Mills dropped $2.17 to $57.50 after reporting lower than consensus fiscal third quarter revenues.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/03/17/stock-market-outlook-for-march-18-2020/
Note seasonality chart on U.S. Retail Trade.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for March 17th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 17th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 17th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer improved 2.81 to 4.61 yesterday. It remains deeply intermediate oversold and showing early signs of bottoming.
TSX Momentum Barometer
The Barometer improved 3.93 to 3.93 yesterday. It remains deeply intermediate oversold and showing early signs of bottoming.
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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