Tech Talk for Friday November 8th 2019

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Pre-opening Comments for Friday November 8th

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

The Canadian Dollar slipped 0.17 to 75.58 U.S. following release of the October Canadian Employment Report at 8:30 AM EST. Consensus is an increase in employment of 15,000 versus a gain of 53,700 in September. Actual was a decline of 1,800. Consensus for the October Unemployment Rate was unchanged at 5.5% set in September. Actual was 5.5%.

Walt Disney gained $7.74 to $132.96 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

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Gap Stores plunged $1.47 to $18.06 after the company’s CEO announced his retirement. In addition, the company lowered guidance.

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Booking Holdings (BKNG $1,849.93) is expected to open lower after the company’s CEO announced his resignation. The company also lowered guidance.

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Gold equities are expected to open lower after JP Morgan downgraded the sector from Overweight to Underweight.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/07/stock-market-outlook-for-november-8-2019/

Note seasonality charts on the Utilities sector and 10 year Treasury Notes..

 

Holiday Schedules

Monday is a holiday in Canada. Canadian equity markets are closed. Monday is a partial holiday in the U.S. Banks are closed, but equity markets are open. Trading volumes in U.S. equity markets are expected to be lower than average. Next Tech Talk report will be released on Monday.

 

StockTwits released yesterday @EquityClock

20 year+ Treasury Notes iShares $TLT moved below $136.06 completing a double top pattern

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Editor’s Note: 7-10 year Treasury Notes iShares $IEF also completed a double top pattern on a move below $110.17

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Alphabet $GOOGL, a NASDAQ 100 stock moved above 1,296.97 to an all-time high extending an intermediate uptrend.

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United Parcel Services $UPS, an S&P 100 stock moved above $123.63 extending an intermediate uptrend.

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Kinross Gold $K.CA $KGC, a TSX 60 stock moved below $5.85 Cdn. and $4.46 U.S. extending an intermediate downtrend.

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U.S. Telecommuications iShares $IYZ moved above $29.84 setting a new intermediate uptrend

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Occidental Petroleum $OXY, an S&P 100 stock moved below $39.97 extending an intermediate uptrend.

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Telus $T.CA, a TSX 60 stock moved above resistance at $49.11

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Canadian Tire $CTC.A.CA, a TSX 60 stock moved above $149.51 extending an intermediate uptrend. Third quarter earnings beat consensus. The company increased its dividend

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Wal-Mart $WMT, a Dow Jones Industrial stock moved above $120.71 to an all-time high extending an intermediate uptrend.

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Gold ETN $GLD moved below $137.80 extending an intermediate downtrend.

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Fiserv $FISV, a NASDAQ 100 stock moved above $109.92 to an all-time high extending an intermediate uptrend

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Southern Companies $SO, an S&P 100 company moved below $60.45 completing a double top pattern.

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Costco $COST, an S&P 100 stock moved above $306.67 to an all-time high extending an intermediate uptrend.

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Despite the fact that snow has already fallen, Natural Gas inventories continue to climb. Average peak to inventory injection season is TODAY. $NG_F $UNG #NatGas

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 7th 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 2.74 to 66.53 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 1.81 to 59.28 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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