Tech Talk for Thursday March 5th 2020

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Pre-opening Comments for Thursday March 5th

U.S. equity index futures were lower this morning. S&P 500 futures were down 76 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 212,000 versus 219,000 last week. Actual was 216,000. Consensus for Fourth Quarter Non-farm Productivity was growth at an annualized rate of 1.4% versus a decline of 0.2% in the third quarter. Actual was growth at a 1.2% rate..

WTI crude oil gained $0.11 to $46.89 per barrel after OPEC agreed to reduce production by 1.5 million barrels per day.

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American Eagle Outfitters added $0.79 to $13.66 after reporting higher than consensus adjusted fourth quarter earnings.

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Marvell Technology Group advanced $2.21 to $24.80 after reporting higher than consensus fourth quarter revenues and earnings.

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State Street (STT $67.00) is expected to open lower after Deutsche Bank downgraded the stock from Buy to Hold.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/03/04/stock-market-outlook-for-march-5-2020/

Note seasonality chart on Gasoline Supply

 

StockTwits released yesterday @EquityClock

Loblaw Companies $L.CA, a TSX 60 stock moved above $71.66 resuming an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for March 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 4th 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 added another 15.83 to 26.05 yesterday. It remains intermediate oversold, but is trending up.

 

TSX Momentum Barometer

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The Barometer added another 7.17 to 30.40 yesterday. It remains intermediate oversold, but is trending up.

 

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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4 Responses to “Tech Talk for Thursday March 5th 2020”

  1. Ana Says:

    $SPX

    We might bounce at 2880 – 2884.

    Thank you for this comment and chart, Ron/BC

    “Ron/BC Says:
    March 3rd, 2020 at 1:38 pm
    BIG TEST with the $SPX. Price broke below 3025 support area Friday and recleared it Monday. Price has now pulled back to this important price support area. This 3025 level needs to hold to suggest the market is stabilizing. It’s not unusual for price to break below the 200ema or even below support for a few days and then rally back through it as well, but I won’t be betting on it.
    The virus threat is also a financial threat to the economy world wide. Not the same as the 2007-09 economic reversal but just as damaging. Each reversal in the economy is different. Many years ago it was typically record high interest rates. Bottom line is the results are the same. But the charts will tell the tale.
    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=3&dy=0&id=p20117548687&a=693577605

  2. Ron/BC Says:

    Ana

    Here is another view of the $SPX but with only 8 months of data to see recent price action clearer. Price has been see sawing back and forth through that 3025 price point support but trying to reestablish support at 3025. The RSIs did reach very oversold readings and are bouncing back over the 30 line again but that doesn’t guarantee this price support area will hold. Friday’s close might tell the tale but historically major selloffs last months not days even in a bull market. Price remains below the 200ema and if it stays there will turn the line down. And the 50ema is coming down fast and needs to hold above the 200ema to suggest a stabilizing market. I wouldn’t bet on that either. It’s just time for a tide change I suspect. Things can’t be rosy forever……….

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=8&dy=0&id=p73763003458&a=725299577

  3. Ana Says:

    #2. Ron/BC

    Thank you for your comment and chart.

    I agree, more down for the markets.

  4. Paula Says:

    Ron/BC and Ana,

    Thanks for the charts and comments. I have not had much to say lately but I do look in. Trying to wait patiently…

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