Tech Talk for Friday January 24th 2020

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Pre-opening Comments for Friday January 24th

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

The Canadian Dollar at U.S.76.20 cents was virtually unchanged at following release of November Canadian Retail Sales at 8:30 AM EST. Consensus was an increase of 0.6% versus a revised decline of 1.1% in October. Actual was an increase of 0.9%.

Intel jumped $3.13 to $63.32 after reporting higher than consensus fourth quarter revenues and earnings.

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American Express gained $2.93 to $131.37 after reporting higher than consensus fourth quarter earnings.

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Procter & Gamble added $0.21 to $125.20 after Sun Trust RH raised its target price to $125 from $120.

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Big Lots (BIG $26.75) is expected to open higher after JP Morgan raised its target price to $31 from $27.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/01/23/stock-market-outlook-for-january-24-2020/

Note seasonality charts on Crude Oil Days of Supply and Gasoline Days of Supply.

 

StockTwits released yesterday @EquityClock

Ford $F, an S&P 100 stock moved below $9.06 setting an intermediate downtrend.

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Dow Holdings $DOW, a Dow Jones Industrial stock moved below $51.05 completing a double top pattern

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Teck Resources $TECK $TECK.B.CA, a TSX 60 stock moved below intermediate support at $19.84 Cdn. and $14.92 U.S. Most copper stocks $COPX are lower in response to weakness in Chinese equities.

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Another base metals stock breakdown! First Quantum $FM.CA , a TSX 60 stock moved below $11.85 setting an intermediate downtrend. Also breakdowns below support by base metal ETFs: $ZMT.CA $PICK

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Nutrien $NTR.CA, a TSX 60 stock moved below $60.22 extending an intermediate downtrend.

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Gold producer stocks are responding to the recent recovery in gold. Seasonal influences in the sector are positive to the end of February. Nice breakout by Yamana Gold $YRI.CA $AUY to a three year high!

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‘Tis the season for strength in gold equities and related ETFs to the end of February ! XGD.CA $GDX $GDXJ

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Another Canadian gold producer stock breakout! Kinross Gold $K.CA $KGC, a TSX 60 stock moved above $6.31 Cdn. setting an intermediate uptrend.

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Coal ETF $KOL moved below $9.39 extending an intermediate downtrend. China influenced

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 23rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 23rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 23rd 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 slipped 0.80 to 75.55 yesterday. It remains intermediate overbought and starting to roll over.

 

TSX Momentum Barometer

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The Barometer slipped another 1.38 to 75.69 yesterday. It remains intermediate overbought and starting to toll 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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