Tech Talk for Wednesday November 27th 2019

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Pre-opening Comments for Wednesday November 27th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

Equity index futures moved slightly higher following release of economic news at 8:30 AM EST. Consensus for October Durable Goods Orders was a drop of 1.0% versus a decline of 1.2% in September. Actual was an increase of 0.6%. Excluding transportation orders, consensus for October Durable Goods Orders was an increase of 0.2% versus a decline of 0.4% in September. Actual was an increase of 0.6%. Consensus for Weekly Initial Jobless Claims was 216,000 versus revised 228,000 last week. Actual was 213,000. Consensus for second estimate of third quarter U.S. GDP was growth at a 1.9% rate versus the first estimate of 1.9%. Actual was 2.1%.

Best Buy advanced $0.42 to $81.99 after Instinet raised its target price to $81 from $73.

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Under Armour added $0.52 to $18.51 after Raymond James upgraded the stock to Strong Buy from Outperform.

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Deere dropped $6.40 to $176.65 after the company lowered guidance for fiscal 2020.

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Lundin Mining (LUN $7.33) is expected to open higher after the company raised its dividend by 33%.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/26/stock-market-outlook-for-november-27-2019/

Note seasonality chart on New Home Sales.

 

StockTwits released yesterday @EquityClock

Gildan Activewear $GIL.CA, a TSX 60 stock moved above $37.21 completing a base building pattern.

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Midcap SPDRs $MDY moved above $368.05 to an all-time high extending an intermediate uptrend.

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Water Resources ETF $PHO moved above $37.48 to an all-time high extending an intermediate uptrend.

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When new home sales rise during a period when they typically fall, you know it is a strong housing market. $MACRO #Economy $ITB $XHB

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Merck $MRK, a Dow Jones Industrial stock moved above $87.24 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 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for November 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sell in May and Go Away?

Interesting 60 year study assuming a holding in equities from November to April and a holding in Treasury Notes from May to October.

https://seekingalpha.com/article/4309223-sell-may-corollary

 

S&P 500 Momentum Barometer

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The Barometer added 0.80 to 71.94 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 0.91 to 65.00 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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