Tech Talk for Thursday November 7th 2019

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Pre-opening Comments for Thursday November 7th

U.S. equity index futures moved higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Index futures responded to news that China and the U.S. agreed to phase out some of their tariffs.

Index futures were virtually unchanged following release of the Weekly Initial Jobless Claims report at 8:30 AM EST. Consensus was a drop to 215,000 from a revised 219,000 last week. Actual was 211,000.

Qualcomm gained $4.44 to $89.07 after reporting higher than consensus quarterly results. JP Morgan raised its target price to $97 from $88.

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Expedia dropped $18.56 to $116.80 after reporting lower than consensus quarterly earnings. The stock also was downgraded by several investment dealers.

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Lululemon (LULU $200.74) is expected to open higher after B. Riley raised its target price to $182 from $176.

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Ralph Lauren gained $9.12 to $110.00 after reporting higher than consensus fiscal second quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/06/stock-market-outlook-for-november-7-2019/

Note seasonality charts on the Energy sector and Crude Oil Days of Supply.

StockTwits released yesterday @EquityClock

Husky Energy $HSE.CA, a TSX 60 stock moved above $10.21 completing a double bottom pattern.

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Comcast $CMCSA, an S&P 100 stock moved below $43.61 completing a double top pattern.

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Power Corp. $POW.CA, a TSX 60 stock moved above $31.68 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 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 6th 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 0.67 to 69.28 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 1.56 to 57.47 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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4 Responses to “Tech Talk for Thursday November 7th 2019”

  1. bruce Says:

    the AAII investor sentiment survey for the week ending nov.6th shows the bulls up 6.3 to 40.3%… the historical average is 38%…..the bears dropped 4.5 to 23.9%….historical average is 30.5%…..hmmmm…..

  2. FishFat Says:

    Precision Drilling (PD.to and PDS [NYSE]) has formed a double bottom. There is positive divergence of several indicators including MACD, Histogram, and RSI. This suggests a potential entry point. However, there is a strong downtrend in place and this is a risky counter trend play. Temper any enthusiasm accordingly.
    https://stockcharts.com/h-sc/ui?s=PDS&p=D&st=2018-07-02&id=p19777547602&a=698352641

  3. Larry/ON Says:

    Opposite Hammers – The market hasn’t closed as of this post so it can change but it’s interesting when the previous day you have a hammer candle on the SP500 and today you have an inverted hammer. There was profit taking yesterday but buyers stepped in on the drop and pushed the market back up. The emboldened buyers ran the market up today and some traders took profits pushing it back down. It shows buyers and sellers at an equilibrium around 3075 to 3090. With RSI close to 70 the market is at difficult resistance but does not want to roll over yet. We are ripe for a pull-back but if it happens I am betting it will be short lived due to money waiting to come in.

  4. Larry/ON Says:

    Big Steepening Of The Yield Curve Today – 15bps increase on the 10-year treasury. Bonds are being dumped and guess where a lot of that money will end up – Maybe equities?

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