Tech Talk for Friday March 6th 2020

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Pre-opening Comments for Friday March 6th

U.S. equity index futures moved lower again. S&P 500 futures dropped 87 points in response to increasing coronavirus concerns.

Index futures recovered slightly following release of U.S. economic news at 8:30 AM EST. Consensus for February Non-farm Payrolls was a drop to 175,000 from an upwardly revised 273,000 in January. Actual was 273,000 Consensus for the February Unemployment Rate was a slip to 3.5% from 3.6% in January. Actual was 3.5%. Consensus for February Average Hourly Earnings was an increase of 0.3% versus a gain of 0.2% in January. Actual was an increase of 0.3%. Consensus for the January Trade Deficit was a slip to $48.2 billion from $48.90 billion in December. Actual was a drop to $45.3 billion.

The Canadian Dollar was virtually unchanged at U.S. 74.53 cents following release of Canadian economic news at 8:30 AM EST. Consensus for the January Trade Deficit was an increase to $610 million from $400 million in December. Actual was. Consensus for Canada’s February Employment was a drop to 11,000 from 34,500 in January. Actual was 30,300. Consensus for the February Unemployment Rate was an increase to 5.6% from 5.5% in January. Actual was unchanged at 5.5%.

Crude Oil dropped $1.82 to $44.08 after Russia resisted participation in OPEC’s proposed 1.5 million barrels per day cut in production.

Costco slipped $1.96 to $313.80 despite reporting higher than consensus fiscal second quarter revenues and earnings.

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Apple (AAPL $292.92) is expected to open lower after Deutsche Bank lowered its fiscal second quarter revenues and earnings estimated due to impact of the coronavirus. Target was reduced from $305 to $295.

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H&R Block dropped $0.99 to $19.85 despite reporting higher than consensus fiscal third quarter revenues.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/03/05/stock-market-outlook-for-march-6-2020/

Note seasonality charts on Non-farm Payrolls, Initial Jobless Claims and Manufacturers’ New Orders

 

Upcoming BNN Appearance

Get your questions ready … Jon Vialoux will be on BNN’s Market Call Tonight at 6:00pm ET on Monday, March 9th taking your calls on Technical Analysis and Seasonal Investing.  CALL TOLL-FREE 1-855-326-6266,  EMAIL marketcall@bnnbloomberg.ca,  or TWEET @MarketCall.

 

StockTwits released yesterday @EquityClock

21st Century Fox $FOX $FOX.A, a NASDAQ 100 stock moved below $29.40 and $29.48 respectively extending an intermediate downtrend.

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Coronavirus has triggered stocking up of staples (toilet paper, etc.). Equities such as Loblaws, Costco and Metro are responding. Metro $MRU.CA, a TSX 60 stock moved back above intermediate resistance at $56.28

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 5th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for March 5th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for March 5th 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 7.82 to 18.24 yesterday. It remains intermediate oversold.

 

TSX Momentum Barometer

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The Barometer slipped 0.76 to 29.73 yesterday. It remains intermediate oversold.

 

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




5 Responses to “Tech Talk for Friday March 6th 2020”

  1. tony Says:

    Holy cow, oil just fell 26% at 11 pm,
    there is no more ouch here.

  2. tony Says:

    wow the nikkey is down more than 6%

    tomorrow unless the there is an imf market will be killed.

    time to start thinking who will benefit from this market despair.
    and move small portions of our money. since I was one of the smart ones who went bearish a few weeks on my triggers.

    its moment like these where buffet makes his moves.

    12years ago tomorrow march 9th the market made its move.

  3. Ana Says:

    $SPX Futures

    -4.90%

    -144.62

    2818.88

    😀

  4. DM/ON Says:

    Tony,
    Do not need James Bond for excitement these days, just follow the markets,
    OIL as you say (and story behind it), U.S. 10yr yield dip below 0.5%, wild swings in GOLD (just follow Asian markets on XAU/USD trading too, 1674open-1703-1674 now), Bitcoin (drop coinciding with OIL’s ??)…
    Seems as microcosm (COVIG19 this time) is ruling in style

  5. Ron/BC Says:

    Things are looking bearish for Monday’s opening. Recall Black Monday October 19, 1987.

    https://www.cnbc.com/pre-markets/

    Black Monday is the name commonly attached to the large stock market crash of October 19, 1987. In the United States, the Dow Jones Industrial Average fell exactly 508 points. This was the largest one-day percentage drop in history.

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