Tech Talk for Thursday October 31st 2019

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Pre-opening Comments for Thursday October 31st

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 215,000 versus revised 213,000 last week. Actual was 218,000. Consensus for September Personal Income was an increase of 0.3% versus a gain of 0.4% in August. Actual was an increase of 0.3%. Consensus for September Personal Spending was an increase of 0.2% versus a gain of 0.1% in August. Actual was an increase of 0.2%.

The Canadian Dollar was virtually unchanged at U.S. 75.95 cents following release of August real GDP at 8:30 AM EDT. Consensus was a year-over-year increase of 1.4%. Actual was a year-over-year of 1.3%.

Apple jumped $3.82 to $247.08 after reporting higher than consensus third quarter sales and earnings.

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Facebook jumped $7.75 to $196.00 after reporting higher than consensus third quarter revenues and earnings.

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Kraft Heinz gained $1.12 to $30.12 after reporting higher than consensus third quarter earnings.

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Celgene added $0.08 to $107.25 after reporting higher than consensus third quarter earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2019/10/30/stock-market-outlook-for-october-31-2019/

Note seasonality chart on the Transportation Average.

Responses to FOMC announcement at 2:00 PM EDT

As expected, the Federal Reserve reduced its Fed Fund Rate by another 0.25%

U.S. equity indices moved higher.

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The U.S. Dollar and related ETF initially moved higher, but closed lower.

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Gold and gold equity prices initially moved lower, but recovered smartly when the U.S. Dollar moved lower

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Long term government bond prices moved higher

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StockTwits released yesterday @EquityClock

Allstate $ALL, an S&P 100 stock moved below $104.82 completing a double top pattern.

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General Electric $GE, an S&P 100 stock moved above $9.54 setting an intermediate uptrend.

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Solar ETF $TAN moved below $28.40 completing a Head & Shoulders pattern.

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BlackBerry $BB.CA, a TSX 60 stock moved above $7.08 completing a short term base building pattern.

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Public discord continues in Chile. Chile iShares $ECH moved below $34.21 extending an intermediate downtrend.

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Southern Companies $SO, an S&P 100 stock moved above $62.36 to an all-time high extending an intermediate uptrend.

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Brookfield Asset Management $BAM.A.CA, a TSX 60 stock moved above $72.28 to an all-time high extending an intermediate uptrend.

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Industrial SPDRs $XLI moved above $79.37 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 30th 2019

spx oct 30

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 30th 2019

crb oct 30

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 30th 2019

xlk oct 30

Green: Increase from previous day

Red: Decrease from previous day

 

Observation

Natural gas moved above $2.71 per MBtu extending an intermediate uptrend.

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S&P 500 Momentum Barometer

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The Barometer added 1.20 to 69.94 yesterday. It remains intermediate overbought, but continues to trend higher

 

TSX Momentum Barometer

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The Barometer added 5.21 to 47.03 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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