Tech Talk for Wednesday October 28th 2020

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Pre-opening Comments for Wednesday October 28th

U.S. equity index futures were sharply lower this morning. S&P 500 futures were down 52 points in pre-opening trade.

This morning Bank of Canada is scheduled to release on update on the Canadian economy. No change in its 0.25% lending rate charged to major Canadian banks is anticipated.

Microsoft slipped $0.41 to $212.84 despite reporting higher than consensus third quarter sales and earnings.

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United Parcel Services slipped $1.14 to $169.70 despite reporting higher than consensus third quarter earnings.

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General Electric added $0.37 to $7.47 after reporting higher than consensus third quarter earnings.

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Boeing gained $0.91 to $156.15 after reporting a lower than consensus third quarter loss.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/10/27/stock-market-outlook-for-october-28-2020/

Note seasonality charts on U.S. Durable Goods Orders

Technical Notes for Tuesday October 27th

American International Group (AIG), an S&P 100 stock moved above $32.67 resuming an intermediate uptrend.

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Eli Lilly (LLY), an S&P 100 stock moved below $139.00 extending an intermediate downtrend.

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Teck Resources (TECK), a TSX 60 stock moved below US$13.05 setting an intermediate downtrend.

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Dollarama (DOL), a TSX 60 stock moved below $48.00 completing a double top pattern.

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Dow Jones Industrial Average stocks, Caterpillar, Pfizer and MMM moved lower in early trading yesterday despite reporting higher than consensus third quarter results.

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Altria (MO), an S&P 100 stock moved below $37.59 moved below $37.59 completing a Head & Shoulders pattern.

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Couche Tard (ATD.B), a TSX 60 stock moved below Cdn$42.11 and Cdn$42.66 completing a double top pattern.

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National Bank (NA), a TSX 60 stock moved below $64.51 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 27th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 27th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 27th 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 another 8.22 to 46.29 yesterday. It remains intermediate neutral and Trending down.

 

TSX Momentum Barometer

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The Barometer added 0.47 to 43.60 yesterday. It remains intermediate neutral.

 

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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