Pre-opening Comments for Wednesday March 11th

U.S. equity index futures were lower this morning. S&P 500 futures were down 85 points in pre-opening trade. Index futures responded to disappointment that the U.S. Administration did not offer a fiscal package after the close yesterday as had been expected.

U.S. equity index futures were virtually unchanged following release of the February Consumer Price Index at 8:30 AM EDT. Consensus was unchanged versus a gain of 0.1% in January. Actual was a gain of 0.1%. Excluding food and energy, consensus for the February Consumer Price Index was an increase of 0.2% versus a gain of 0.2% in January. Actual was an increase of 0.2%.

Occidental Petroleum dropped $1.30 to $13.04 after JP Morgan lowered its target price from $37 to $16.

Dow fell $1.10 to $30.30 after Deutsche Bank lowered its target price from $58 to $40

Pepsico slipped $1.43 to $132.71 after announcing purchase of Rockstar Energy Beverages for $3.85 billion.

Hilton (HLT $90.32) is expected to open lower after the company lowered first quarter guidance due to the coronavirus.

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/03/10/stock-market-outlook-for-march-11-2020/

Note seasonality charts on Shanghai Composite Index, Copper and Australia All Ordinaries Composite Index.

 

StockTwits released yesterday

Nil

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 10th 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 3.21 to 8.22 yesterday. It remains intermediate oversold.

 

TSX Momentum Barometer

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The Barometer recovered 1.79 to 10.71 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