Tech Talk for Thursday January 3rd 2019

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Pre-opening Comments for Thursday January 3rd

U.S. equity index futures were lower this morning. S&P 500 futures are down 26 points in pre-opening trade. Index futures are responding to weakness in Apple after the company lowered its fiscal first quarter revenue guidance to $84 billion from $91.5 billion. JP Morgan and Moness lowered their target price on the stock. Apple dropped $12.64 to $145.28 in pre-opening trade.

Index futures were virtually unchanged following release of economic news. Consensus for December ADP Employment was 175,000 versus 170,000 in November. Actual was 271,000. Consensus for Weekly Jobless Claims was 225,000 versus a revised 221,000 last week. Actual was 231,000.

Celgene gained $21.21 to $87.85 after Bristol-Myers Squibb offered to buy the company at $50 cash per share plus one share of Bristol-Myers Squibb.

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Netflix (NFLX $267.66) is expected to open lower after Sun Trust lowered its target price to $355 from $410.

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Cigna (CI $187.17) is expected to open higher after Raymond James raised its rating to Outperform from Market Perform.

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Gilead added $0.89 to $63.44 after Oppenheimer upgraded the stock to Outperform from Perform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/01/02/stock-market-outlook-for-january-3-2019/

 

Observation

After the close yesterday, Apple announced that fiscal first quarter revenue estimate has dropped to $84 billion from a previous estimate of $91.5 billion. The stock quickly moved to $145, below support levels indicated at $146.43, $148.62 and 146.59. U.S. equity indices (particularly the NASDAQ 100) are expected to respond at the opening.

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StockTwits Released Yesterday @EquityClock

Turkey iShares $TUR moved below $23.84 and $23.93 setting an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Nil.

Editor’s Note: After 10:00 AM EST, one stock broke intermediate resistance (KSS) and none broke support.

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Mexico iShares $EWW moved above $41.57 completing a base building pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 2nd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 2nd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 2nd 2019 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

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http://www.equityclock.com/about/seasonal-advantage-portfolio/

 

S&P 500 Momentum Barometer

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The Barometer dropped 4.97 to 6.83 yesterday. It remains deeply intermediate oversold.

 

TSX Momentum Barometer

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The Barometer was unchanged yesterday at 27.98. 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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5 Responses to “Tech Talk for Thursday January 3rd 2019”

  1. Ana Says:

    $SPX $ES

    Opened really low, so had to rebound for the moving averages.

  2. Larry/ON Says:

    HCG – Up 3.5% today – Doing buy back of 10% of share float. LB up again. EQB up. CM flat. CWB flat. All while the market tanks. There is a bid for the most beaten down Cdn banks.

  3. Ron/BC Says:

    In past years the first week in January has been a complete basket case with the Indexes both up AND down. Looks like a repeat performance. Option Straddles and Strangles anyone?

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p9473364364c&a=582707024

  4. Ana Says:

    $SPX $ES

    Keeping my eye on this “possible” formation.

    https://invst.ly/9omos

  5. JP/BC Says:

    Re #3. Option Straddles and Strangles???? Is that a type of BDSM 🙂 ? Just kidding. I hadn’t heard that term as so looked it up.

    I see on your chart the term “concrete ceiling”. It doesn’t look good. It will be interesting to see if the December low holds.

    Gold and gold stocks are looking interesting. They are moving contrary to the general market. If the sale of the markets becomes a waterfall I expect the gold stock will reverse direction. Bullion may still rise.

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