Tech Talk for Thursday September 6th 2018

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Pre-opening Comments for Thursday September 6th

U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news. Consensus for Weekly Jobless Claims released at 8:30 AM EDT was an increase to 215,000 from 213,000 last week. Actual was 203,000. Consensus for August ADP Private Employment released at 8:15 AM EDT was a dip to 187,000 from 219,000 in July. Actual was163,000.

Navistar gained $1.41 to $42.01 after reporting higher than consensus fiscal third quarter results. The company also raised its guidance.

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Franklin Resources (BEN $31.42) is expected to open lower after JP Morgan lowered its rating to Underweight from Neutral.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/05/stock-market-outlook-for-september-6-2018/

Note seasonality charts on the Technology sector, Canadian Merchandise Exports and Canadian Merchandise Imports.

 

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. Breakouts: $YUM $EQT $AJG $AON Breakdowns: $F $GM $WYND $CL $COG $HAL $SLB $MAC $ZBH $RHI $GOOGL

Editor’s Note: After 10:00 AM EDT, breakouts included XYL, CMS and AME. Breakdowns included WU, TROW, MCK, GOOG and SWKS.

Auto stocks $F $GM and the auto ETF $CARZ were notable on the list of breakdowns.

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Alphabet $GOOGL, one of the FAANG stocks moved below $1204.00 extending an intermediate downtrend.

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TSX Energy iShares $XEG.CA moved below $12.26 completing a Head & Shoulders pattern.

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Canadian Tire $CTC.A.CA, a TSX 60 stock moved below $161.40 and $160.60 extending an intermediate downtrend.

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Imperial Oil $IMO.CA, a TSX 60 stock moved below $40.05 extending an intermediate downtrend.

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Barrick Gold $ABX ABX.CA, a TSX 60 stock moved below $9.69 U.S. and $12.77 Cdn extending an intermediate downtrend.

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Coal ETF $KOL moved below $15.11 extending an intermediate downtrend.

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Cenovus $CVE.CA $CVE, a TSX 60 stock moved below $11.53 Cdn and $8.77 U.S. extending an intermediate downtrend.

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Junior Gold ETF $GDXJ moved below $26.78 extending an intermediate downtrend.

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Uranium ETF moved below $12.24 and $12.25 extending an intermediate downtrend

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TSX Composite Index $TSX.CA moved below 16,075.34 completing a Head & Shoulders pattern.

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S&P/TSX 60 Index $SPTSE.CA moved below $958.41 completing a Head & Shoulders pattern.

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Fairfax Financial $FFH.CA moved below $692.10 completing a Head & Shoulders pattern.

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Canada Exports down 6.9% (NSA) in July, Imports down 5.9%. Average change for each: -8.2% and -9.2%, respectively. $MACRO #CDNecon #CAD

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for September 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Schachter Energy Conference

Josef’s first energy conference is scheduled on Saturday September 29th in Calgary. It features 20 companies that will update their prospects. More information on the conference and registration is available through the following links:

Facebook: https://www.facebook.com/patty.schachter/posts/10156150610559702?comment_tracking=%7B%22tn%22%3A%22O%22%7D

LinkedIn: https://www.linkedin.com/feed/update/urn:li:activity:6435937562195423232

Twitter: https://twitter.com/JosefSchachter/status/1032030657818456064

 

Keith Richards’ Blog

Keith Richards says “Why I hate stop loss orders”. Following is a link:

https://www.valuetrend.ca/why-i-hate-stop-loss-orders/

 

S&P 500 Momentum Barometer

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The Barometer added 1.80 to 69.80 yesterday. It remains intermediate overbought

 

TSX Momentum Barometer

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The Barometer dropped another 2.45 to 37.55 yesterday. It has dropped to an intermediate oversold level, but continues to trend lower.

 

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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4 Responses to “Tech Talk for Thursday September 6th 2018”

  1. Ron/BC Says:

    The $SPX is testing the January high breakout point of 2872 on this pullback. Important test that needs to hold. If broken the next support is the March high of 2800 that was successfully tested in July and August which is also its 5 month uptrendline.
    The $TSX remains on a sell signal from early August with the Long Modified MACD 50,200,20 Histogram. Price support is 15900.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=8&dy=0&id=p07400148118&a=582707024

    https://stockcharts.com/h-sc/ui?s=%24TSX&p=D&yr=2&mn=0&dy=0&id=p73948031891&a=579867649

  2. Ron/BC Says:

    The Canadian dollar $CDW broke below its short rising channel with a gap down that seems to be holding. Overall pattern continues to show lower highs and lower lows. Since spring price has seen the 20ema below the 50ema and the 50ema below the 200ema. It is still a sick puppy. With NAFTA talk bullish then bearish expect a lot of whiplash price action.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=6&dy=0&id=p21003891430&a=579408456

  3. FishFat Says:

    Ron/BC, re: $TNX
    You mentioned 10-yr Treasury Yield Index a couple of weeks ago. I checked on it today and noticed that a nice little Symmetrical Chart pattern has formed and the Bollinger Bandwidth continues to tighten. It should be interesting to see how this situation resolves itself.

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

  4. Ron/BC Says:

    FishFat
    Yes price has been spinning its wheels for some time up at this 30 level. And that is also the long term downtrendline as well. Something big is about to occur for sure as a sharp move either way will have consequences. But look at the 2nd chart which is a Monthly chart and note each time the RSI 8 topped out over 70 and crossed back down again. Very consistently the 10 year rate fell for a year or two!!!!! To me this chart is suggesting a much weaker economy ahead with “lower” rates not higher. This is not an especially timely chart like a daily or even weekly chart may be as it is monthly but the pattern is very clear on this monthly chart each time this situation occurs.

    https://stockcharts.com/h-sc/ui?s=%24TNX&p=W&yr=20&mn=0&dy=0&id=p85920462968&a=579408637

    https://stockcharts.com/h-sc/ui?s=%24TNX&p=M&st=1986-10-01&id=p11016243069&a=579408636

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