Tech Talk for Wednesday January 17th 2018

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

The Canadian Dollar was quiet at US80.38 cents prior to the Bank of Canada's announcement on its overnight lending rate at 10:00 AM EST. Consensus is that rate will be increased by 0.25% to 1.25%.

Frequency in release of fourth quarter reports accelerated. Companies that reported since yesterday's close included Ford, Goldman Sachs, Fastenal and Bank of America.

Citigroup added $0.04 to $77.15 after Oppenheimer and RBC Capital raised their target price.

IBM gained $2.95 to $166.80 after Barclay's upgraded the stock to Outperform from Under Perform.

Merck added $0.32 to $62.39 after SunTrust upgraded the stock to Buy from Hold. Target price was raised to $72 from $54.

UnitedHealth Group increased $1.94 to $234.84 after RBC Capital raised its target price to $280 from $269.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/01/16/stock-market-outlook-for-january-17-2018/

Note seasonality charts on the Industrial sector, Materials sector, Energy sector, Empire State Manufacturing Survey and CRB Index.

Observations

Huge key reversal yesterday by U.S. equity market! The Dow Jones Industrial Average initially surged to over 26,000, but weakened through most of the day to close at a small loss. The VIX Index spiked.

Technical action by S&P 500 stocks was relatively quiet given their volatility. Three stocks broke intermediate resistance (PDCO, UNH, ADP) and four stocks broke intermediate support (MAC, VNO, SYMC, ALB).

Investors are guessing that U.S. trade negotiations with Mexico will go better than anticipated

Mexico iShares completed a double bottom pattern yesterday on a move above $51.36..

Uranium ETF completed a short term double top pattern yesterday on a move below $14.75

Trader's Corner

Daily Seasonal/Technical Equity Trends for January 16th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for January 16th 2018

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for January 16th 2018

Green: Increase from previous day

Red: Decrease from previous day

StockTwits @EquityClock

Will resume tomorrow.

S&P 500 Momentum Barometer

S&P 500 Barometer slipped 1.80 to 79.20 yesterday. It remains intermediate overbought and showing early signs of rolling over.

TSX Momentum Barometer

TSX Barometer added 0.41 to 56.02 yesterday. It remains intermediate overbought.

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...