Tech Talk for Thursday October 11th 2018
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.
Index futures moved sharply higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 210,000 from 207,000 last week. Actual was 214,000. Consensus for the September Consumer Price Index was a gain of 0.2% versus an increase of 0.2% in August. Actual was a gain of 0.1%. Excluding food and energy, consensus for the September Consumer Price Index was an increase of 0.2% versus a gain of 0.1% in August. Actual was.an increase of 0.1%
Delta Airlines gained $1.65 to $51.36 after reporting higher than consensus third quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0011-4.png "clip_image001[1]")
Walgreen Boots dropped $2.16 to $70.15 after reporting lower than consensus fiscal fourth quarter sales.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0021-6.png "clip_image002[1]")
Costco gained $2.75 to $223.80 after reporting higher than consensus September sales.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/10/clip_image0031-4.png "clip_image003[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/10/10/stock-market-outlook-for-october-11-2018/
Note seasonality charts on Producer Prices, Vehicle Sales, Wholesale Sales and Wholesale Inventories.
Observation
Damage from the third strongest hurricanes on record in the U.S. (and its expected impact on the U.S. economy in the fourth quarter of 2018) triggered general selling in U.S. equity markets. The VIX Index spiked to over 22%
StockTwits Released Yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Bearish. Breakouts: $CAH $NEE $AEP. Breakdowns:$GT $MAR $NKE $TROW $COL $TDG $NVDA.
More breakdowns between 10:00 and 11:30: $UA $BKNG $CSX $EXPD $LLL $PNR $XYL $FLT
Editor's Note: After 11:30 AM EDT, add the following S&P 500 stocks to the list of breakdowns:
CPRT, BK, AME, ITW, ADBE, GOOG, GOOGL, V, JBHT, L, HIG, BEN, DHI, FDX, CSCO
S&P 500 SPDRs $SPY moved below intermediate support at $285.42
Semiconductor iShares $SOXX moved below $174.57 extending an intermediate downtrend.
CAE Inc $CAE.CA, a TSX 60 stock moved below $25.01 extending an intermediate downtrend.
Retail SPDRs $XRT moved below $47.75 extending an intermediate downtrend.
South Korea iShares $EWY moved below $62.89 extending an intermediate downtrend.
Suncor $SU.CA, a TSX 60 stock moved below $49.65 extending an intermediate downtrend
BlackBerry $BB.CA moved below $12.34 extending an intermediate downtrend.
Laurentian Bank $LB.CA moved below $41.54 extending an intermediate downtrend.
Lithium ETN $LIT moved below $30.72 extending an intermediate downtrend.
EAFE iShares $EFA moved below $65.15 extending an intermediate downtrend.
Large cap China iShares $FXI moved below $39.82 extending an intermediate downtrend.
Encana $ECA.CA $ECA, a TSX 60 stock moved below $15.46 Cdn. completing a Head & Shoulders pattern.
SNC Lavalin $SNC.CA, a TSX 60 stock moved below $50.09, $49.01 and $48.28 extending an intermediate downtrend.
Fairfax Financial $FFH.CA moved below $678.04 extending an intermediate downtrend.
Goldman Sachs $GS, a Dow Jones Industrial stock moved below $218.17 extending an intermediate downtrend.
Shaw Communications $SJR $SJR.B.CA, a TSX 60 stocks moved below $18.89 U.S. extending an intermediate downtrend.
Recipe Unlimited $RECP.CA moved below $26.99 extending an intermediate downtrend
Technology SPDRs $XLK moved below $70.08 extending an intermediate downtrend.
TSX Energy iShares $XEG.CA moved below $11.74 extending an intermediate downtrend.
Rogers Communications $RCI $RCI.B.CA, a TSX 60 stock moved below $50.15 U.S. completing a double top pattern.
Trader's Corner
Daily Seasonal/Technical Equity Trends for October 10th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 10th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 10th 2018
Green: Increase from previous day
Red: Decrease from previous day
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S&P 500 Momentum Barometer
The Barometer plunged 23.60 to 24.40 yesterday. It changed from intermediate neutral to intermediate oversold on a move below 40, but has yet to show signs of bottoming.
TSX Momentum Barometer
The Barometer dropped another 5.88 to 18.91 yesterday. It remains intermediate oversold, but continues to trend down.
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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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