Tech Talk for Monday October 30th 2017

Tech Talk for Monday October 30th 2017




by Don Vialoux, Timingthemarket.ca

The Bottom Line

Equity markets continue to climb a “wall of worry”. Technical parameters are extremely overbought and are showing early signs of rolling over. Seasonal influences turned positive in mid-October, particularly for economic sensitive sectors (e.g. Materials, Industrials, Financials and Technology). Preferred strategy is to continue to hold seasonally attractive equities and Exchange Traded Funds for now with the understanding the next intermediate trend will be flat to down.

Economic News This Week

September Personal Income to be released at 8:30 AM EDT on Monday is expected to increase 0.4% versus a gain of 0.2% in August. September Personal Spending is expected to increase 0.9% versus a gain of 0.1% in August.

Cdn. August GDP to be released at 8:30 AM EDT on Tuesday is expected to increase 0.1% versus no change in July.

Chicago October PMI to be released at 9:45 AM EDT on Tuesday is expected to slip to 62.0 from 65.2 in September.

October Consumer Confidence to be released at 10:00 AM EDT on Tuesday is expected to increase to 121.0 from 119.8 in September

October ADP employment to be released at 8:15 AM EDT on Wednesday is expected to increase to 220,000 from 135,000 in September.

October Purchasing Managers Index to be released at 9:45 AM EDT on Wednesday is expected to increase to 54.5 from 53.1 in September

October Manufacturing ISM to be released at 10:00 AM EDT on Wednesday is expected to slip to 59.5 from 60.8 in September.

September Construction Spending to be released at 10:00 AM EDT on Wednesday is expected to increase 0.1% versus a gain of 0.5% in August.

FOMC announcement to be released at 2:00 PM EDT on Wednesday is expected to maintain the Fed Fund Rate at its current rate.

Weekly Jobless Claims to be released at 8:30 AM EDT on Thursday are expected to increase to 235,000 from 233,000.

October Non-farm Payrolls to be released at 8:30 AM EDT on Friday are expected to jump to 323,000 from a drop of 33,000 in September. Private Non-farm Payrolls are expected to jump to 320,000 from a deficit of 40,000 in September. October Unemployment Rate is expected to increase to 4.3% from 4.2% in September. October Hourly Earnings are expected to increase 0.2% versus a gain of 0.5% in September.

September U.S. Trade Deficit to be released at 8:30 AM EDT on Friday is expected to increase to $43.4 billion from 42.4 billion in August.

Canadian October Employment to be released at 8:30 AM EDT on Friday is expected to increase 15,000 versus a gain of 10,000 in September. October Unemployment Rate is expected to remain unchanged from September at 6.2%

Canadian September Merchandise Trade Deficit to be released at 8:30 AM EDT on Friday is expected to slip to $2.9 billion from $3.4 billion in August.

October Services PMI to be released at 9:45 AM EDT on Friday is expected to increase to 55.9 from 55.3 in September.

September Factory Orders to be released at 10:00 AM EDT on Friday are expected to increase 1.2% versus a gain of 1.2% in August.

October Services ISM to be released at 10:00 AM EDT on Friday is expected to slip to 58.7 from 58.8 in September.

Observations

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