Tech Talk for Wednesday January 22nd 2020

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Pre-opening Comments for Wednesday January 22nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at U.S.76.68 cents following release of Canada’s December Consumer Price Index at 8:30 AM EST. Consensus was unchanged versus a decline of 0.1% in November. Actual was unchanged.

IBM added $6.70 to $145.01 after reporting higher than consensus fourth quarter revenues and earnings.

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Netflix gained $5.16 to $343.27 after reporting higher than consensus fourth quarter earnings.

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Capital One added $2.33 to $104.52 after reporting higher than consensus fourth quarter earnings.

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Tesla gained $28.50 to an all-time high at $575.80 after Wedbush raised its target price from $370 to $550.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/01/21/stock-market-outlook-for-january-22-2020/

Note seasonality chart on the U.S. REIT ETF and Manufactured Goods Shipments.

Observation

Wheat ETN moved above $5.99 completing a long term double bottom pattern.

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StockTwits released yesterday @EquityClock

Costco $COST, an S&P 100 stock moved above $307.10 to an all-time high extending an intermediate uptrend.

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Gildan Activewear $GIL.CA, a TSX 60 stock moved above $39.24 resuming an intermediate uptrend.

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Boeing $BA, a Dow Jones Industrial stock moved below $320.61 and $317.70 extending an intermediate downtrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 21st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 21st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 21st 2020

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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 4.41 to 78.76 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

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The Barometer dropped 2.65 to 77.17 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

 

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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2 Responses to “Tech Talk for Wednesday January 22nd 2020”

  1. Larry/ON Says:

    $CAD fell off a cliff based on slow growth projections by the BOC this morning. This may have broke the back of the rally CAD had to 0.77.

  2. Paula Says:

    Tawny
    Thanks for your reply yesterday, #8. I agree, that Ciovacco is on the right side of the market and unbiased, as much as is humanly possible. I need to pay more attention and patiently stay with the trend.
    Sorry to hear that you had a tough year; don’t feel obliged to update your life. I wish you good health – more important than money. Thanks for reminding me of your Mexican community.
    You are right, there are not too many posting on this site these days. Last time Ana posted, she described a broken arm, I think, as a result of a fall, so I hope she is okay. She was finding it hard to type, understandably.
    I am getting over the flu, so still not feeling great. Just checking in at the end of the day.

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