Tech Talk for Wednesday March 6th 2019

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Pre-opening Comments for Wednesday March 6th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Index futures were virtually unchanged following release of the February ADP Private Employment report at 8:15 AM EST. Consensus was a drop to 190,000 from 213,000 in January. Actual was a drop to 183,000.

Index futures were virtually unchanged following release of the December U.S. Trade Deficit report at 8:30 AM EST. Consensus was $57.3 billion versus $49.3 billion in November. Actual was $59.8 billion.

The Canadian Dollar was virtually unchanged at 74.71 following release of the Canadian December Trade Deficit report at 8:30 AM EST. Consensus was $2.39 billion versus $2.06 billion in November. Actual was $4.59 billion.

The Canadian Dollar is expected to respond to the Bank of Canada’s statement released at 10:00 AM EST. Consensus is that the lending rate to major Canadian banks will remain unchanged at 1.75%.

Johnson & Johnson (JNJ $138.77) is expected to open higher after receiving FDA approval for new drug to treat severe depression.

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Urban Outfitters (URBN $30.35) is expected to open higher after reporting higher than consensus fourth quarter earnings.

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Abercrombie & Fitch gained $2.24 to $23.59 after reporting higher than consensus fourth quarter sales and earnings.

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Dollar Tree added $3.50 to $96.97 after reporting higher than consensus fourth quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/03/05/stock-market-outlook-for-march-6-2019/

Note seasonality charts on the Russell 2000 Index, NYSE Communications sector, U.S. Energy sector and New Home Sales

 

Observation

Nice breakout by the Cannabis ETF above $22.57 extending an intermediate uptrend!

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdown: $WBA, a Dow Jones Industrial stock

Editor’s Note: After 10:00 AM EST, breakouts included SEE, KSS and OI. No breakdowns.

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Surprising technical strength in India ETFs! $PIN moved above $24.06.

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US #New #Home #Sales show the weakest calendar year change since 2010, down 2.2%. $MACRO #Economy #Housing

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WestJet $WJA.CA moved below $20.45 setting an intermediate downtrend.

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Pre-opening Comments for Wednesday March 6th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Index futures were virtually unchanged following release of the February ADP Private Employment report at 8:15 AM EST. Consensus was a drop to 190,000 from 213,000 in January. Actual was a drop to 183,000.

Index futures were virtually unchanged following release of the December U.S. Trade Deficit report at 8:30 AM EST. Consensus was $57.3 billion versus $49.3 billion in November. Actual was $59.8 billion.

The Canadian Dollar was virtually unchanged at 74.71 following release of the Canadian December Trade Deficit report at 8:30 AM EST. Consensus was $2.39 billion versus $2.06 billion in November. Actual was $4.59 billion.

The Canadian Dollar is expected to respond to the Bank of Canada’s statement released at 10:00 AM EST. Consensus is that the lending rate to major Canadian banks will remain unchanged at 1.75%.

Johnson & Johnson (JNJ $138.77) is expected to open higher after receiving FDA approval for new drug to treat severe depression.

clip_image001[5]

Urban Outfitters (URBN $30.35) is expected to open higher after reporting higher than consensus fourth quarter earnings.

clip_image002[5]

Abercrombie & Fitch gained $2.24 to $23.59 after reporting higher than consensus fourth quarter sales and earnings.

clip_image003[5]

Dollar Tree added $3.50 to $96.97 after reporting higher than consensus fourth quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/03/05/stock-market-outlook-for-march-6-2019/

Note seasonality charts on the Russell 2000 Index, NYSE Communications sector, U.S. Energy sector and New Home Sales

 

Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 5th 2019

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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 another 2.00 to 87.20 yesterday. It remains intermediate overbought and has started to trend lower.

 

TSX Momentum Barometer

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The Barometer dropped another 0.42 to 81.01 yesterday. It remains intermediate overbought and has started to trend down.

 

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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