Tech Talk for Thursday October 15th 2020

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Morning Technical Notes for Thursday October 15th

Vertex Pharmaceutical (VRTX), a NASDAQ 100 stock moved below $253.97 extending an intermediate downtrend.

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Verizon (VZ), a Dow Jones Industrial Average stock moved below $58.03 setting an intermediate downtrend.

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AT&T (T), an S&P 100 stock moved below $27.45 extending an intermediate downtrend.

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Pre-opening Comments for Thursday October 15th

U.S. equity index futures were lower this morning. S&P 500 futures were down 42 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the October Empire State Manufacturing Survey was 15.00 versus 17.00 in September. Actual was 10.5. Consensus for October Philly Fed Index was 14.00 versus 15.00 in September. Actual was 42.3. Consensus for Weekly Initial Jobless Claims was 825,000 versus 840,000 last week. Actual was 898,000.

United Airlines slipped $0.19 to $35.42 after reporting a higher than consensus third quarter loss.

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Walgreens Boots added $0.69 to $36.60 after reporting higher than consensus third quarter revenues and earnings.

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Roku (ROKU) dropped $8.80 to $224.25 after KeyBank downgraded the stock from Overweight to Sector Weight.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/10/14/stock-market-outlook-for-october-15-2020/

Note seasonality charts on the Dow Jones Industrial Average.

 

Technical Notes for Wednesday October 14th

Exelon (EXC), an S&P 100 stock moved above $41.54 resuming an intermediate uptrend.

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Pepsico (PEP), a NASDAQ 100 stock moved above $144.04 to an all-time high extending an intermediate uptrend.

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Baidu (BIDU), a NASDAQ 100 stock moved above $135.44 extending an intermediate uptrend.

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Shaw Communications (SJR), a TSX 60 stock moved below US$17.60 extending an intermediate downtrend.

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With the exception of Goldman Sachs that released “blow out” third quarter results, equities of most major reporting companies moved lower yesterday after releasing third quarter results.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for October 14th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 14th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 14th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Market Buzz

Greg Schnell notes “Software: New Names Perk Up”

Following is a link:

https://www.youtube.com/watch?v=C05Qj2xce54&feature=yout

 

S&P 500 Momentum Barometer

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The Barometer dropped 2.81 to 70.28 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

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The Barometer dropped another 4.23 to 54.46 yesterday. It remains intermediate neutral 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

MoneyShowNovember62020




One Response to “Tech Talk for Thursday October 15th 2020”

  1. bruce Says:

    the AAII survey says it is at the lowest level of pessimism since february but bearish sentiment remains above the historical average of 30.5%……….the bears are at 35.7 minus 3.2 and the bulls are 34.8% unchanged for the week…..

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