Tech Talk for Tuesday February 4th 2020

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Pre-opening Comments for Tuesday February 4th

U.S. equity index futures continued to recover this morning. S&P 500 futures were up 42 points in pre-opening trade.

Index futures were bolstered by a recovery in the Shanghai Composite Index, up 36.68 points to 2783.29 in overnight trade.

Tesla jumped another $118.75 to $898.75 after Argus Research raised its target price from $556 to $808.

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McKesson added $3.21 to $147.11 after reporting higher than consensus fiscal third quarter earnings.

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Conoco-Philips (COP $59.18) is expected to open mixed after reporting lower than consensus fourth quarter earnings. The company also increased its share buyback program by another $10 billion.

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Alphabet slipped $5.01 to $1432.50 after reporting less than consensus fourth quarter earnings growth

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/03/stock-market-outlook-for-february-4-2020/

Note seasonality chart on U.S. Construction Spending.

 

StockTwits released yesterday @EquityClock

Morgan Stanley A shares $CAF, a proxy for China A shares moved below $19.37 extending an intermediate downtrend.

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Base Metals iShares $PICK moved below support at $26.85 extending an intermediate downtrend.

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Lower base metal prices are taking their toll on base metal stocks. Hudbay Mining $HBM.CA moved below $3.97 to a four year low extending an intermediate downtrend.

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Cameco $CCO.CA, a TSX 60 stock moved below $10.63 to reach a 2 year low extending an intermediate downtrend.

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Pembina Pipeline $PPL.CA, a TSX 60 stock moved above $51.09 to an all-time high extending an intermediate uptrend.

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Energy SPDRs $XLE moved below $52.93 extending an intermediate downtrend. Responding to lower crude oil prices $USO

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 3rd 2020

spx feb 4

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 3rd 2020

crb feb 4

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 3rd 2020

xlk feb 4

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

A link to David Chapman’s weekly comment! David discusses

Non-trial headline, economic flu, sharp volatility, confirmation vital, gold benefit, spread creep, China gap”.

Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2020/02/Non-trial-headline-economic-flu-sharp-volatility-confirmation-vital-gold-benefit-spread-creep-China-gap.pdf

 

S&P Momentum Barometer

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The Barometer added 3.81 to 49.70 yesterday. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer added 0.92 to 54.84 yesterday. It remains intermediate neutral and trending down.

 

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 Tuesday February 4th 2020”

  1. Larry/ON Says:

    Raging Bull continuing today. If you look at the SP500 it touched the 50 day MA on Friday which made for a healthy minor correction. This kind of strength in the face of coronavirus fears is very positive.
    MSFT – My favourite stock made a new all-time high yesterday. – $200 coming quickly
    $CAD – Reached oversold and at an important support level. Perhaps ready to reverse trend. WTI (oversold) up this morning after what may have been a false break yesterday below support at $50.52.

  2. Larry/ON Says:

    WTI – Looks scary. Can’t see CAD holding up if it keeps dropping. Chinese oil consumption is dropping like a stone with coronavirus. I stay away from resource stocks.
    SEMIS – Really gapped higher off the 50day MA with stochastics crossing back above 20 from oversold. LRCX a real winner.

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