Tech Talk for Wednesday November 21st 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for October Durable Goods Orders was a drop of 1.8% versus a gain of 0.8% in September. Actual was down 4.4%. Excluding transportation, consensus was an increase of 0.4% versus no change in September. Actual was an increase of 0.1%. Consensus for Weekly Jobless Claims was 215,000 versus 221,000 last week. Actual was 224,000.

The Canadian Dollar was up 0.13 to 75.28 cents U.S. prior to the Economic Update expected to be released by the Canadian government at 4:00 PM EST today.

Foot Locker gained $6.91 to $24.34 after the company reported higher than consensus third quarter earnings.

Autodesk (ADSK $123.05) is expected to open higher after the company reported higher than consensus third quarter earnings. The company also raised guidance.

Deere dropped $4.97 to $133.55 after reporting lower than consensus fiscal fourth quarter earnings.

Gap Stores slipped $0.32 to $24.34 despite reporting slightly higher than consensus third quarter sales and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/20/stock-market-outlook-for-november-21-2018/

Note seasonality charts on the U.S. Energy sector and U.S. Housing Starts.

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Observations

Greece continues to be a problem for the Eurozone.

Lumber equities and related ETFs reach break to new lows.

Canadian Dollar remains under technical pressure.

'Tis the season for weakness in the Canadian Dollar to mid-January!

Media stocks remain under technical pressure.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. 28 stocks broke support including $AMZN $HD $NKE $PYPL $GOOGL $V. Breakouts: $D $PHM

Editor's Note: After 10:00 AM EST, intermediate breakouts: PHM, CPB, ESS. Breakdowns: MS, MSFT, APC, NAVI

NASDAQ Composite Index $COMPQ moved below 6,922.83 extending an intermediate downtrend.

iShares long term Treasuries ETF $TLT moved above $115.04 completing a short term double bottom pattern.

Consumer Discretionary SPDRs $XLY moved below $100.99 extending an intermediate downtrend.

Toronto Dominion Bank $TD.CA, a TSX 60 stock moved below $71.31 extending an intermediate downtrend.

Metals & Mining SPDRs $XME moved below $29.56 extending an intermediate downtrend.

First Trust Natural Gas ETF $FCG moved below $18.51 extending an intermediate downtrend.

Another Dow Jones Industrial stock broke support. Microsoft $MSFT moved below $26.56 extending an intermediate downtrend.

Power Corp. $POW.CA, a TSX 60 stock moved below $25.56 extending an intermediate downtrend. Ditto for Power Financial $PWF.CA

Restaurant Brands International $QSR.CA moved below $69.11 extending an intermediate downtrend.

BMO Equal Weight Cdn. Bank ETF $ZEB.CA moved below $27.50 extending an intermediate downtrend.

Goldcorp. $G.CA, a TSX 60 stock moved above $12.71 Cdn. completing a bottoming pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 20th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 20th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 20th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped 7.40 to 28.80 yesterday. It remains intermediate oversold.

TSX Momentum Barometer

The Barometer dropped 7.02 to 25.21 yesterday. It remains intermediate oversold.

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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