Tech Talk for Thursday October 10th 2019

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Pre-opening Comments for Thursday October 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are focusing on news from U.S./China trade talks that started today.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the September Consumer Price Index was an increase of 0.1% versus a gain of 0.1% in August. Actual was unchanged. Excluding food and energy, consensus for the September Consumer Price Index was an increase of 0.2% versus a gain of 0.3% in August. Actual was an increase of 0.1%. Consensus for Weekly Initial Jobless Claims was unchanged from last week at 219,000. Actual was down 10,000 to 209,000

Bed Bath & Beyond jumped $2.22 to $12.16 after the company named a former Target executive as its new Chief Executive Officer.

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Delta dropped $1.83 to $52.09 after releasing lower than consensus fourth quarter guidance.

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Nike (NKE $92.52) is expected to open higher after Oppenheimer raised its target price to $115 from $100.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/10/09/stock-market-outlook-for-october-10-2019/

Note seasonality charts on Crude Oil Days of Supply, Job Openings and the U.S. Technology sector.

 

StockTwits released yesterday @EquityClock

Alexion $ALXN, a NASDAQ 100 stock moved below $94.93 extending an intermediate downtrend

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Canadian energy stocks remain under technical pressure. Cenovus $CVE.CA, a TSX 60 stock moved below support at $10.71 Cdn.

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Target $TGT, an S&P 100 stock moved above $110.94 to an all-time high extending an intermediate uptrend

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Align Technologies $ALGN, a NASDAQ 100 stock moved above $188.16 completing a base building pattern

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Note change in seasonality to Positive from Neutral for the U.S. Technology sector

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S&P 500 Momentum Barometer

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The Barometer added 8.22 to 41.28 yesterday. It changed to intermediate oversold to intermediate neutral on a recovery above 40.00.

 

TSX Momentum Barometer

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The Barometer added 1.53 to 46.78 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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5 Responses to “Tech Talk for Thursday October 10th 2019”

  1. bruce Says:

    the AAII survey this week still shows the public sentiment as very bearish…….the bulls are just 20.3% versus the historical average of 38%……the bears are 44.0% vs 30.5% historically…..hard to see this market selling off much with the public this negative……too bad because i m mostly in cash…..

  2. Ana Says:

    $SPX Futures

    Maybe a larger channel:

    https://invst.ly/j0tua

    Still have my short position.

  3. Paula Says:

    Bernie,

    RE: #4, yesterday but dated today 2:26am.

    Thanks for your further clarification of the nitty gritty of dividend payments. I realized after I posted about the x-dividend effect, that I had not really explained it. So it was good that you did.

    Ana,

    I had the impression that you were day trading. So are now holding positions longer?

  4. Paula Says:

    Bruce,

    RE: #1. Thanks for that sentiment indicator. I guess it is just one input and how much weight to give it? I believe Keith Richards has worked out a system that incorporates sentiment in his Bear-O-Meter:

    https://www.valuetrend.ca/bear-o-meter-suggests-current-selloff-is-reducing-market-risk/

  5. bruce Says:

    paula
    yes keith has 6 indicators and one of them is sentiment………i think when the aaii is at this extreme it becomes fairly valuable……like i said i m mostly in cash so i dont want it to work this time…

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