Tech Talk for Wednesday October 23rd 2019

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

Texas Instruments dropped $11.32 to $112.25 after reporting lower than consensus third quarter revenues and earnings. The company also lowered guidance.

Caterpillar slipped $0.03 to $133.66 after reporting lower than consensus third quarter revenues and earnings. The company also lowered guidance.

Whirlpool lost $8.08 to $152.54 after reporting lower than consensus third quarter revenues.

Canadian National Railway (CNR.CA $117.38 Cdn) is expected to open lower after reporting lower than consensus third quarter revenues and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/10/22/stock-market-outlook-for-october-23-2019/

Note seasonality charts on U.S. Existing Home Sales and Canadian Retail Trade.

StockTwits released yesterday @EquityClock

Biogen $BIIB, a NASDAQ 100 stock surged above $242.71 on encouraging news on its Alzheimer drug application. Strength in Biogen triggered breakouts above short term resistance by $XLV, $BBH and $IBB

McDonalds $MCD, a Dow Jones Industrial stock moved below $205.59 extending an intermediate downtrend. The company reported lower than consensus third quarter sales and earnings.

Mondelez $MDLZ, an S&P 100 stock moved below $205.59 completing a double top pattern

Mylan $MYL, a NASDAQ 100 stock moved below $16.10 setting an intermediate downtrend

Vertex Pharmaceutical $VRTX, a NASDAQ 100 stock moved above $188.44 resuming an intermediate uptrend

Raytheon $RTN, an S&P 100 stock moved above $204.28 extending an intermediate uptrend

United Technologies $UTX, a Dow Jones Industrial stock moved above $139.40 extending an intermediate uptrend. The company reported higher than consensus third quarter sales and earnings

Seagate Technology $STX, a NASDAQ 100 stock moved above $56.52 extending an intermediate uptrend.

Emerging Markets iShares $EEM moved above $42.35 setting an intermediate uptrend. ‘Tis the season for strength until early January!

Canadian lumber stocks continue to surge. West Fraser Timber $WFT.CA moved above $55.96 setting an intermediate uptrend.

Encana $ECA.CA, a TSX 60 stock moved below $5.23 to a three year low extending an intermediate downtrend.

Morgan Stanley $MS, an S&P 100 stock moved above $45.45 setting an intermediate uptrend

S&P Major Bank SPDRs $KBE moved above $44.54 to set an intermediate uptrend. Responded to the breakout by $MS

S&P Regional Bank SPDRs $KRE moved above $54.69 setting an intermediate uptrend.

Financial SPDRS $XLF moved above $28.57 extending an intermediate uptrend.

Caterpillar $CAT, a Dow Jones Industrial stock moved above $132.95 setting an intermediate uptrend.

TSX Technology iShares $XIT.CA moved below $25.60 completing a Head & Shoulders pattern.

Intuit $INTU, a NASDAQ 100 stock moved below $254.89 completing a Head & Shoulders pattern.

Medtronic $MDT, an S&P 100 stock moved below $105.00 completing a Head & Shoulders pattern

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 22nd 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 22nd 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 22nd 2019

Green: Increase from previous day

Red: Decrease from previous day

Keith Richard's Blog

Keith asks, "Emerging markets: Opportunity or Bust"? Following is a link:

https://www.valuetrend.ca/emerging-markets-opportunity-or-bust/

S&P 500 Momentum Barometer

The Barometer slipped 3.21 to 64.73 yesterday. It remains intermediate overbought

TSX Momentum Barometer

The Barometer added 0.45 to 47.32 yesterday. It remains intermediate neutral.

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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