Tech Talk for Wednesday March 20th 2019

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Pre-opening Comments for Wednesday March 20th

U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point in pre-opening trade. Investors were quiet prior to results of the FOMC meeting to be released at 2:00 PM EDT.

The Canadian Dollar slipped 0.06 to 74.99 cents U.S. following release of the Federal Budget after the close yesterday.

FedEx plunged $12.46 to $168.95 after reporting lower than consensus fiscal third quarter earnings and revenues. The company also lowered fourth quarter guidance. Cowen and Oppenheimer lowered their target price on the stock. JP Morgan downgraded the stock to Neutral from Outperform.

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General Mills gained $2.41 to $49.65 after reporting higher than consensus fiscal third quarter earnings. The company also offered a positive outlook for the fourth quarter.

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Couche Tard (ATD.B $72.18) is expected to open mixed after reporting lower than consensus fiscal third quarter earnings. The company also raised its dividend by 25%.

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Allergan (AGN $154.10) is expected to open higher after SunTrust initiated coverage with a Buy rating.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/03/19/stock-market-outlook-for-march-20-2019/

Note seasonality charts on KBW Bank Index, Dow Jones Transportation Average and U.S. Manufacturers’ New Orders.

 

Observations

Equal weighted S&P 500 ETF stalls near the $105 level.

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BMO Junior Gas ETF moved above $51.88 completing a base building pattern.

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StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:15: Bullish. Breakouts: $NCLH $NBL $AMG $AME $DOV $FLR $IR $PNR $IBM $TMO $PRU $IDXX. No breakdowns

Editor’s Note: After 10:15 AM EDT, breakouts included VLO, TMK, NKE, PM, DGX, WAT, ITW, ATVI, ISRG and AMD. No breakdowns.

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Germany iShares $EWG moved above $27.67 extending an intermediate uptrend

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TSX Energy iShares $XEG.CA moved above $10.24 extending an intermediate uptrend

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Pacific ex Japan iShares $EPP moved above $45.86 extending an intermediate uptrend.

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National Bank $NA.CA, a TSX 60 stock moved above $62.99 extending an intermediate uptrend.

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Suncor $SU.CA, a TSX 60 stock moved above $45.76 extending an intermediate uptrend.

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U.S. Global Base Metals iShares $PICK moved above $31.46 extending an intermediate uptrend.

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Strength in base metal ETFs $PICK prompted by a breakout by $BHP above $53.60.

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Open Text $OTEX $OTEX.CA, a TSX 60 stock moved above $38.41 U.S. and $51.19 Cdn. extending an intermediate uptrend.

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Hong Kong ETF $EWH moved above $26.08 extending an intermediate uptrend.

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Bausch Health $BHC.CA, a TSX 60 stock moved above $34.52 extending an intermediate uptrend.

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 19th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 19th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 19th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer added 0.20 to 80.40 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 1.68 to 69.75 yesterday. It remains intermediate overbought and trending 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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One Response to “Tech Talk for Wednesday March 20th 2019”

  1. Ana Says:

    $SPX $ES

    5 hour chart

    https://invst.ly/ac5dy

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