Tech Talk for Tuesday November 19th 2019

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Pre-opening Comments for Tuesday November 19th

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

Index futures were virtually unchanged following release of October Housing Starts at 8:30 AM EST. Consensus was an increase to 1.320 million units in October from upwardly revised 1.266 million units in September. Actual was 1.314 million units.

Home Depot dropped $11.09 to $227.76 after reporting less than consensus third quarter revenues. The company also lowered guidance.

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Kohl’s fell $6.29 to $58.40 after reporting less than consensus third quarter revenues. The company also lowered guidance.

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Medtronic gained $2.25 to $113.50 after reporting higher than consensus third quarter earnings. The company also raised guidance.

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Broadcom gained $6.39 to $317.46 after Morgan Stanley upgraded the stock to Overweight from Equal Weight.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/18/stock-market-outlook-for-november-19-2019/

Earnings Outlook for TSX 60 companies

Earnings have reached an inflection point.Quarterly earnings on a year-over-year basis turn positive in the fourth quarter of 2019 for TSX 60 companies. Consensus shows that 35 companies are expected to report higher year-over-year earnings, 21 will report lower earnings and data was unavailable on four companies. Average (median) increase is 5.2%.

 

StockTwits released yesterday @EquityClock

Paychex $PAYX, a NASDAQ 100 stock moved above $84.79 completing a base building pattern.

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Consumer Staples SPDRs $XLP moved above $61.69 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 18th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 18th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 15th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

U.S. Dollar Index

The Index has a history of moving lower between now and year end due to annual capital flows

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Copper and Copper Stocks

Their seasonal influences are positive from mid-November to the end of April on a real and relative basis. Short term weakness in the U.S. Dollar Index will help.

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FUTURE_HG1 Relative to the S&P 500

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Technical Scoop

Chapman’s weekly report compliments of www.enrichedinvesting.com

David discusses, “Suspense continues, broadening channel, three scenarios, trifecta wish, golden rebound, derivative risk”. Following is a link:

http://enrichedinvesting.com/wp-content/uploads/2019/11/Suspense-continues-broadening-channel-three-scenarios-trifecta-wish-golden-rebound-derivative-risk.pdf

 

Michael Campbell’s Money Talks

Guest analyst on Saturday’s show was Don Vialoux. Following is a link to the show:

https://mikesmoneytalks.ca/complete-show-nov-16th/?mc_cid=a4b579fbbe&mc_eid=592546b4b5

 

S&P 500 Momentum Barometer

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The Barometer slipped 1.40 to 71.34 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer eased 0.45 to 65.16 yesterday. It remains intermediate overbought.

 

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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