Tech Talk for Wednesday November 20th 2019

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Pre-opening Comments for Wednesday November 20th

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

The Canadian Dollar was virtually unchanged at U.S. 75.25 cents following release of Canada’s October Consumer Price Index at 8:30 AM EST. Consensus was a year-over-year gain of 1.9% versus an increase of 1.9% in September. Actual was a gain of 1.9%.

Urban Outfitters plunged $4.70 to $24.09 after reporting lower than consensus third quarter sales and earnings.

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Target gained $10.15 to $120.93 after reporting higher than consensus third quarter revenues and earnings. The company also raised guidance.

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Lowes gained $4.24 to $117.64 after reporting higher than consensus third quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/19/stock-market-outlook-for-november-20-2019/

Note seasonality charts on the Consumer Discretionary sector and U.S. Housing Starts

 

Observations

Turkey iShares moved above $26.98 resuming an intermediate uptrend.

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Lumber prices responded to higher October New Housing Starts

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StockTwits released yesterday @EquityClock

Constellation Software $CSU.CA, a TSX 60 stock moved above $1,356.82 to an all-time high extending an intermediate uptrend.

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Thomson Reuters $TRI.CA, a TSX 60 stock moved above $94.28 to an all-time high extending an intermediate uptrend.

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Canadian forest product stocks are responding favourably to an increase in U.S. October Housing Starts reported this morning including Interfor $IFP.CA, Norbord $OSB.CA and West Fraser $WFT. Nice breakout by Interfor above $16.27 extending an intermediate uptrend!

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‘Tis the season for strength in forest product stocks until next spring! $WOOD $IFP.CA $WFT.CA $OSB.CA

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‘Tis the season for lumber prices to move higher to early April! $LUMBER

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 19th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 19th 2019

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for November 19th 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 dropped 2.00 to 69.34 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 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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3 Responses to “Tech Talk for Wednesday November 20th 2019”

  1. bruce Says:

    gary
    any chance of our getting Armstrongs latest on the u.s. share market?…..

  2. Gary Says:

    Bruce:

    Private Blog

    Socrates had pinpointed the week of the 18th for a temporary high and our monthly models show choppiness into February 2020. The Fed is still trying to prevent short-term rates from rising which reflects the true sense of risk in the world economy. The source of the crisis remains that in Europe so while the Americans keep running off at the mouth that this is QE as before and are beating the bushing trying to find the next bank in trouble in the USA, they remain oblivious to the external factors and why banks no longer trust banks.

    The support in the Dow begins at the 27570 level and a closing below that would imply a retest of support going into perhaps early December. Make no mistake about it, we are still not in a clear breakout mode just yet. There remains a distinct risk that a high with the ECM in January would spark a correction sucking in all the bears who will pound their chests saying they were right for the past 10 years after all. But our model warns that such a correction will refuel the market for a slingshot to the upside thereafter.

  3. bruce Says:

    tnx Gary
    the AAII survey says optimism has pulled back to below average……bulls are 34.2% down 6.5 and the bears are 29% up 4.2

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