Tech Talk for Friday March 23rd 2018

U.S. equity index futures were higher this morning. S&P 500 futures were added 4 points in pre-opening trade on news that the Senate passed a $1.3 trillion spending bill.

World equity markets were weaker overnight. Weakest was the Nikkei Average, down 4.51%.

Index futures were virtually unchanged following release of February Durable Goods Orders report at 8:30 AM EDT. Consensus was an increase of 1.6% versus a drop of 3.7% in January. Actual was an increase of 3.1%. Excluding Transportation Orders, consensus for February Durable Goods Orders was an increase of 0.5% versus a decline of 0.3% in January. Actual was an increase of 1.2%.

The Canadian Dollar added 0.40 to US 77.89 cents following release of Canadian economic news at 8:30 AM EDT. Consensus for February Consumer Price Index was an increase of 0.5% versus a gain of 0.7% in January. Actual was an increase of 0.6%. Consensus for January Retail Sales was an increase of 1.3% versus a decline of 0.8% in December. Actual was an increase of 0.3%.

Nike gained $3.28 to $67.70 after reporting higher than consensus adjusted fiscal third quarter results.

Micron dropped $1.30 to $57.60 despite target increases announced by several Wall Street investment dealers.

MMM slipped $0.17 to $223.00 after RBC Capital lowered its target price to $241 from $254.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/03/22/stock-market-outlook-for-march-23-2018/

Note seasonality charts on the TSX Composite Index and Freight Shipments Index

Observation

Trade war fears triggered greater volatility in U.S. equity markets.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $DRI $TAP $AXP $LUK $USB $ABBV $XRAY $ACN $AVY

More S&P 500 stocks break intermediate support after 10:00: $GPC $UAA $GILD $ANTM $PCAR $IFF $ARNC $AYI

Editor's Note: Add C and JPM to the list in late trading

New Flyer Industries $NFI.CA moved above $59.67 to an all-time high extending an intermediate uptrend.

Rio Tinto $RIO moved below $50.77 completing a Head & Shoulders pattern. China concerns?

iShares Chile ETF $ECH moved below $52.01 completing a double top pattern.

JP Morgan $JPM, a Dow Jones Industrial stock moved below $111.12 completing a double top pattern.

Citigroup $C, another money center bank moved below $71.00 completing a modified Head & Shoulders pattern

S&P 500 Index breaking below the flag consolidation portion of the bear-flag pattern. $SPX $SPY $ES_

Trader's Corner

Daily Seasonal/Technical Equity Trends for March 22nd 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for March 22nd 2018

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for March 22nd 2018

Green: Increase from previous day

Red: Decrease from previous day

Keith Richards' Blog

Following is a link:

http://www.valuetrend.ca/staples-not-stable/

Josef Schachter's Energy Report

Josef remains cautious on the sector, with a slightly positive bias on "gassy" stocks. Following is a link for subscribers:

https://www.schachterenergyreport.ca/

S&P 500 Momentum Barometer

The Barometer dropped 18.20 to 25.60 yesterday. It has dropped from intermediate neutral to intermediate oversold, but has yet to show signs of bottoming.

TSX Momentum Barometer

The Barometer dropped to 6.97 to 40.57 yesterday. Despite the drop, 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

Sponsored By...