Tech Talk for Wednesday November 6th 2019

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Pre-opening Comments for Wednesday November 6th

U.S equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Index futures were virtually unchanged following release of the initial estimate of third quarter non-farm Productivity. Consensus was an annualized growth rate of 0.9% versus an annualized growth rate at 2.3% in the second quarter. Actual was a deficit of 0.3%.

HP Inc. gained $1.40 to $19.80 on street rumors that Xerox is considering a cash and stock takeover of the company.

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Wendy’s added $0.67 to $21.51 after reporting higher than consensus third quarter revenues and earnings. The company also raised guidance.

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Humana advanced $9.25 to $304.00 after reporting higher than consensus third quarter revenues and earnings. The company also raised guidance.

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CVS Health gained $2.00 to $69.32 after reporting higher than consensus third quarter revenues and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/05/stock-market-outlook-for-november-6-2019/

Note seasonality charts on U.S. Job Openings, Canadian Exports and Canadian Imports.

StockTwits released yesterday @EquityClock

Coca Cola $KO, a Dow Jones Industrial stock moved below $52.82 completing a double top pattern.

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Pepsico $PEP, an S&P 100 stock moved below $133.49 completing a double top pattern

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Danaher $DHR, an S&P 100 stock moved below $134.38 and $134.42 completing a double top pattern

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Regeneron Pharma $REGN, a NASDAQ 100 stock moved above $327.83 extending an intermediate uptrend.

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Utility SPDRs $XLU moved below $62.98 completing a double top pattern.

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Regional Bank SPDRs $KRE moved above $56.54 resuming an intermediate uptrend.

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Steel ETF $SLX moved above $36.70 completing a double bottom pattern.

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First Quantum Minerals $FM.CA, a TSX 60 stock moved above $12.72 completing a reverse Head & Shoulders pattern

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Global Base Metals iShares $XBM.CA moved above $11.20 completing a double bottom pattern.

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BMO Equal Weight Base Metals ETF $ZMT.CA moved above $43.90 completing a double bottom pattern.

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Editor’s Note: Strength in base metal equity prices was prompted by completion of a double bottom by copper futures on a move above $2.707 U.S. per lb.

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Dow Jones Transportation iShares $IYT moved above $198.42 and $198.99 resuming an intermediate uptrend.

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Israel iShares $EIS moved above $56.77 resuming an intermediate uptrend.

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NextEra Energy $NEE, an S&P 100 stock moved below $226.58 completing a double top pattern.

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Morgan Stanley A shares $CAF, a proxy for actively traded Chinese equities moved above $21.90 setting an intermediate uptrend.

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TC Energy $TRP.CA, a TSX 60 stock moved below $64.93 completing a double top pattern

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Coffee ETN $JJOFF moved above $9.72 completing a double bottom pattern.

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Microchip Technologies $MCHP, a NASDAQ 100 stock moved above $100.50 extending an intermediate uptrend

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Advanced Micro Devices $AMD, a NASDAQ 100 stock moved above $35.55 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 November 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 5th 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 slipped 1.53 to 68.61 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer
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The Barometer slipped 0.91 to 55.91 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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