Tech Talk for Thursday November 8th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade.

Investors are awaiting interest rate news from the FOMC meeting at 2:00 PM EST. Consensus calls for no change in the Fed Fund rate including indications of a likely increase following the next meeting in December.

Index futures were virtually unchanged following release of the Weekly Jobless Claims report. Consensus was unchanged at 215,000 from last week. Actual was 214,000.

Wynn Resorts plunged $15.81 to $98.18 after the company lowered its guidance. Stifel Nicolaus lowered its target price to $138 from $192.

Qualcomm dropped $4.20 to $59.01 after Stifel Nicolaus lowered its target price to $58 from $62.

Cardinal Healthcare gained $2.35 to $56.00 after the company reported higher than consensus fiscal first quarter sales and earnings.

Bombardier (BBD.B $3.19) is expected to open lower after announcing plans to cut 5,000 employees.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/07/stock-market-outlook-for-november-8-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply and Crude Oil.

StockTwits released yesterday@EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $CVS $DVA $UHS $HUM $JNJ $UNH $ADP $V $PCG. No breakdowns.

Editor's Note: After 10:00 AM EST, breakouts included AIV, UAL, INTU, JNPR, MMC, MSFT, SNPS, ECL, HCA, AJG and PEP. No breakdowns.

Breakouts this morning were notable in the Healthcare sector: $CVS $DVA $UHS $HUM $UNH $XLV

Johnson & Johnson $JNJ, a Dow Jones Industrial stock moved above $43.13 extending an intermediate uptrend.

Home Capital $HCG.CA moved above $15.41 and $15.95 setting an intermediate uptrend.

India ETF $PIN moved above $23.07 completing a double bottom pattern.

Encouraging technical action by Visa $V, a Dow Jones Industrial stock. Seasonal influences are positive to the first week in January.

Encouraging technical action in $ADP. Seasonal influences are positive to year end.

Encouraging technical action by Davita $DVA. Seasonal influences are positive to year end.

Encouraging technical action by UnitedHealth Group $UNH. Seasonal influences are positive until year end.

Encouraging technical action in Humana $HUM. Seasonal influences are positive until mid-January.

Selected Technology stocks show positive technical action: $JNPR $INTU.

Editor's Note: Add MSFT and SNPS to the list.

'Tis the season for the Technology sector to move higher to early January!

Nice breakout by United Continental $UAL above $91.39 extending an intermediate uptrend.

'Tis the season for United Continental $UAL to move higher to mid-February!

'Tis the season for Airline stocks to move higher to year end $XAL.

Ecolab $ECL moved above $159.92 to an all-time high extending an intermediate uptrend.

'Tis the season for Ecolab $ECL and other Material stocks to move higher to year end.

Domestic Production of #Oil jumping sharply to new all-time highs, pressuring oil prices lower. $USO $XLE $XOP

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 7th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 7th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 7th 2018

Green: Increase from previous day

Red: Decrease from previous day

CSTA Oakville Chapter Monthly Meeting – November

? When: 14 Nov 2018

?   7:30 PM – 9:30 PM

? Location

River Oaks Community Centre – Community Room C 2400 Sixth Line, Oakville

Registration

? Guest Registration (first time visitors: Free. Please email bm@csta.org to register) - $17.70

? Member Registration

Presenter – Don Vialoux

o   Past President of the Canadian Society of Technical Analysts (CSTA).

o   Chartered Market Technician (CMT) designation. Title of the thesis to earn the designation was "Seasonality in Canadian Equity Prices".

o   Fifty years of experience in the investment industry.

o   Advisor to the Horizons Seasonal  Rotation ETF: 2009-2015

o   Co-author of daily blogs on equity markets available free on the internet. The blogs are accessed at www.timingthemarket.ca and www.equityclock.com

o   Frequent presenter on BNNBloomberg, Michal Campbell's Money Show and Wall Street Raw.

o   Co-author of comments at www.StockTwits.com@EquityClock with over 46,000 followers. Inter-day technical comments are provided on equity indices, commodities, currencies, ETFs and actively traded U.S. and Canadian equities.

Topic – Timing the Market using Seasonal, Technical and Fundamental Research

**Members unable to attend in person are invited to join us remotely here.  Not a member?  Join here. 

S&P 500 Momentum Barometer

The Barometer jumped 13.00 to 49.00 yesterday. It changed to Neutral from Oversold and continues to trend higher.

TSX Momentum Barometer

The Barometer gained 4.15 to 34.85 yesterday. It remains intermediate oversold and continues to trend higher.

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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