Tech Talk for Friday October 30th 2020

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Morning Technical Notes for Friday October 30th

Check Point (CHKP), a NASDAQ 100 stock moved below $114.89 completing a double top pattern.

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Hong Kong iShares moved below $21.51 setting an intermediate downtrend.

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Pre-opening Comments for Friday October 30th

U.S. equity index futures were lower this morning. S&P 500 futures were down 29 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for September Personal Spending was an increase of 1.0% versus a gain of 1.0% in August. Actual was an increase of 1.4% Consensus for September Personal Income was an increase of 0.4% versus a decline of 2.7% in August. Actual was an increase of 0.9%.

Starbucks eased $0.60 to $87.70 despite reporting higher than consensus third quarter revenues and earnings.

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ExxonMobil slipped $0.14 to $32.83 despite reporting higher than consensus third quarter revenues and earnings.

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Chevron eased $0.19 to $68.61 after reporting lower than consensus third quarter earnings.

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Citigroup dropped $0.15 to $41.00 after JP Morgan lowered its target price from $57.50 to $52.50.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/10/29/stock-market-outlook-for-october-30-2020/

Note seasonality chart on the U.S. Energy sector.

 

The Wolf on Bay Street

Don Vialoux appears on The Wolf on Bay Street at 7:00 PM tomorrow (Saturday) on Corus Radio 640. Topics include impact on equity market of COVID 19 and the U.S. Presidential election. Following is a link:

https://globalnews.ca/radio/640toronto/player/#/

 

Technical Notes for Thursday October 29th

Technical weakness in U.S equity markets continued in early trading yesterday. S&P 100 and NASDAQ 100 stocks that broke intermediate support by 10:00 AM included BKNG, MCD, ROST, CVS, KO, MNST, WBA, PFE, MMM, WLTW and VRSK. Selected ETFs that broke intermediate support included XOP, XLP, DIA, EWZ, GDXJ, UGA and USO.

After 10:00 AM EDT, additional equities and ETFs that moved below intermediate support included PICK, EA, FM.TO, SU.TO, YRI.TO and IPL.TO. No intermediate breakouts!

A clear breakdown in WTI crude oil prices:

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Seasonal influences turn positive for the S&P 500 Index just before U.S. Presidential Election Day. Historically, the Index has moved higher during the next 12 weeks to Inauguration Day

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Responses to Quarterly Reports released by Tech Companies

Face Book, Alphabet, Amazon, Apple and Twitter reported higher than consensus third quarter results after the close last night. Responses were mixed:

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for October 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 29th 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 recovered 5.81 to 33.47 yesterday. It remains intermediate oversold

TSX Momentum Barometer

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The Barometer added 4.27 to 32.23 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




2 Responses to “Tech Talk for Friday October 30th 2020”

  1. Kam Says:

    Hello guys,

    Long time no see on my part, I don’t think I posted this year. Maybe its Covid effect.
    I didn’t see any post for last week so I want to post to see if site is working.

  2. dave/ab Says:

    Welcome back, Kam.
    Posting on here has been slow this past week.

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