Tech Talk for Friday August 10th 2018

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Pre-opening Comments for Friday August 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade. Index futures are responding to an overnight drop by the Turkish Lira by more than 10%.

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

The Canadian Dollar was virtually unchanged at U.S.76.44 after release of the July Canadian Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 17,000 versus a gain of 31,800 in June. Actual was an increase of 54,100. Consensus the Unemployment Rate was a drop to 5.8% from 6.0% in June. Actual was a drop to 5.8%.

Lions Gate (LGF.B $22.21) is expected to open higher after reporting higher than consensus quarterly results.

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Cineplex (CPX $30.30) is expected to open higher after reporting higher than consensus quarterly results.

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Tesla (TSLA $352.45) is expected to open higher after the Board of Directors announced a review to take the company private.

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Campbell Soup (CPB $) dropped 0.88 to $41.40 after JP Morgan downgraded the stock to Underweight from Neutral

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/08/09/stock-market-outlook-for-august-10-2018/

Note seasonality charts on the U.S. Producer Price Index, Wholesale Sales, Wholesale Inventories and Japanese Yen Futures.

 

StockTwits Released Yesterday @EquityClock

Cdn.Tire $CTC.A.CA, a TSX 60 stock moved below $168.18 on lower than consensus Q2 results.

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IGM Financial $IGM.CA moved below $37.59, $37.64 and $37.57 setting an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $FAST $FLS. Breakdowns: $BKMG $EL $MUR.

Editor’s Note: After 10:00 AM EDT, breakouts included NKE, CTL, EXC and DHI. Breakdowns included PRGO and AIG.

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TMX Group $X.CA moved above $88.23 to an all-time high extending an intermediate uptrend.

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U.S. Telecom iShares $IYZ moved above $28.55 extending an intermediate uptrend.

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Retail SPDRs $XRT moved above $51.04 to an all-time high extending an intermediate uptrend.

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Brookfield Asset Management $BAM $BAM.A.CA, a TSX 60 stock moved above $43.20 U.S. extending an intermediate uptrend.

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Nike $NKE, a Dow Jones Industrial stock moved above $81.00 to an all-time high extending an intermediate uptrend.

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June Wholesale Sales down 3.4% (NSA), while Inventories down 0.1%. Average change for each: +1.8% and +0.4%, respectively. $MACRO #Economy

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PPI for All Commodities up 0.2% in July, more than the 0.1% increase that is average for the month. $MACRO #Economy #Inflation

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for August 9th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 9th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 9th 2018

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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 slipped 1.00 to 68.90 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 3.75 to 52.50 yesterday. It remains intermediate neutral and trending down.

 

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I look forward to seeing you in Toronto!

Sincerely,
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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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10 Responses to “Tech Talk for Friday August 10th 2018”

  1. dave/ab Says:

    Ron/Bernie

    i’m not sure where your golf games are at. But I see each club with at least 3 different distances. I am right handed, so I will talk from that point of view. For example I hit my 7 iron 150 from a neutral position at finish, that is with both thumbs pointing up and toe of club up. If I turn my thumbs to my back or my right forearm up with my toe of my club pointing to my back it is 165 yard draw. My thumbs front or left forearm up it is about 140 yard cut shot. knockdown shot (windy conditions) 135-145.

    Don’t give up on your hybrids. Change the angle of attack towards the ball. Don’t deloft or hit down on the ball like irons. Aim to sweep into the back of the ball just like fairway woods. This should help. Irons you hit down and pinch the ball but hybrids and woods try more of a sweep. Flatter swing and distance between hands and ball position less at impact with hybrids and woods. This should help.

  2. Ron/BC Says:

    Dave/AB
    NTR
    Thanks. I’ll give that some serious thought.

  3. Ron/BC Says:

    The EURO XEU has just broken major price support of 115 with a gap below. Price has formed a large bearish Head and Shoulder pattern and is now following through with the breakdown of the neckline. The U.S.$ trades inverse to the EURO so should breakout over 95 and rally. Markets that trade inverse to the U.S.$ should selloff. The CD$ is selling off presently which is typical but does not always trade exactly inverse like the Euro does.

    https://stockcharts.com/h-sc/ui?s=%24XEU&p=D&yr=3&mn=0&dy=0&id=p73923685758&a=579408555

    https://stockcharts.com/h-sc/ui?s=%24XEU&p=D&yr=20&mn=0&dy=0&id=p46009480547&a=579408383

  4. Ron/BC Says:

    Here is a chart of the U.S.$ ETF:UUP. Price just broke out above an Inverse Head and Shoulder pattern which is bullish. Overlaid is DLR.to and a ratio chart above of UUP:FXC.

    https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=1&mn=8&dy=0&id=p15761457431&a=579408309

  5. Ron/BC Says:

    Here is the Canadian dollar $CDW. Price bounced back to its downtrendline at 77 in classic fashion and rolled over. With the U.S.$ rallying the CD$ should typically selloff as it tends to trade inverse most of the time.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=6&dy=0&id=p37867005888&a=579408456

  6. Bernie Says:

    dave/ab,

    Re: #1 NTR
    Thanks for the tips but while I understand what you do with your grip adjustments I’m not going to change up mine at this stage. I’ve had basically the same grip for close to 55 years. I have a tough enough time remembering to “think pink not purple” when I grip down and to slow down my swing lol. When I get lazy, tired or just forget I tend to hit low draws/hooks probably, ie; too much right hand action when over swinging. Like Ron/BC I also have difficulties with hybrids. I only own one which I added to my set about 8 years ago. I practice it on the range but rarely use it on the course because of my inconsistency with getting it airborne. I’m wondering if I shouldn’t ask the pro if I can try a different one or change up my entire set. I may be getting too old for my 20 year old stiff shafted clubs.

  7. FishFat Says:

    Ron/BC re: #3, & #5 $CDW
    Nice timely observations on the Euro breaking support and the USD moving above resistance.

    The conventional MACD of the Cdn Dollar ($CDW) also made a bearish cross of the signal line today. For the past two months, the price appears to be trading in a small rising channel. But, with the decisive moves today in the Euro and the USD, I am not sticking around to see if the bottom of that minor channel will hold.

    Chart courtesy of StockCharts.com
    http://schrts.co/Tv1CEH

  8. Ron/BC Says:

    FishFat
    Also note with $CDW the lower lows and lower highs for the last 11 months. Plus note both long term Modified MACDs both below their zero lines. And the RSI 21 is back under the 50 line. Not very pretty………..But that will keep our exports competitive and might keep some money at home. Will really be interesting to watch what the Euro does now that it broke major support. Whatever is cooking with the Euro should make headlines and cause a lot of feather ruffling. Would be nice to see everything crash and burn for awhile. That would shake some apples from the tree for everyone with cash.

  9. FishFat Says:

    Ron/BC
    Not very pretty, indeed!
    The EquityClock Cdn dollar chart shows a period of seasonal strength starting the end of August (for a few weeks). That is not much to hang your hat on, but good to be aware of.
    http://charts.equityclock.com/seasonal_charts/futures/FUTURE_CD1.PNG

  10. Ron/BC Says:

    The breakout of the U.S.$ over 95 is a large Inverse Head & Shoulder pattern and projects a rally to 102. That doesn’t mean a straight up move as there is the Fib 61.8% retracment point at about 98 as well as price resistance just above that level at 99. But the pattern is very bullish with the 102 ultimate projected price target. And of course this breakout over 95 does need to hold to suggest such a scenario.

    https://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=2&mn=0&dy=0&id=p24023895887&listNum=1&a=590222022

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