Tech Talk for Wednesday September 12th 2018

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Pre-opening Comments for Wednesday September 12th

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

Index futures were virtually unchanged following release of August Producer Prices. Consensus was a gain of 0.2% versus no change in July. Actual was down 0.1%. Excluding food and energy, consensus was a gain of 0.2% versus an increase of 0.2% in July. Actual was a decline of 0.1%.

Apple added $0.75 to $224.60 prior to launch of new products later today.

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Snap dropped $0.46 to $9.43 after Jefferies and BTIG downgraded the stock an lowered their target price.

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Bausch Health (formerly Valeant Pharma) gained $1.69 to $22.36 on news of a patent settlement.

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FedEx (FDX $249.36) is expected to open higher after the company announced plans to expand its ground operations to six days a week to accommodate its growing e-commerce business.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/11/stock-market-outlook-for-september-12-2018/

Note seasonality charts on 30 Year Treasury Bond Futures, Job Openings, Wholesale Sales and Wholesale Inventories.

 

Observations

Today is Apple’s annual new product launch day. Look for lots of exciting new products and services. The stock has moved smartly higher in anticipation of the event and closed just below its all-time high yesterday. A word of caution! The stock has a history of moving higher prior to this event followed by a sell-off during the next three weeks.

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Here comes Hurricane Florence!

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StockTwits Released Yesterday @EquityClock

Chinese ETFs and funds trading in U.S. Dollars break to new lows extending an intermediate downtrend.

Editor’s Note: They followed the Shanghai Composite Index to a new low

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Steel ETF $SLX moved below $42.37 extending an intermediate downtrend.

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Badger Daylighting $BAD.CA moved below $27.57 completing a double top pattern.

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Technical action by S&P 500 stocks to 10:00. Bearish. Intermediate breakout: $RHI. Breakdowns: $GPS $TRV $XRAY $INTC $TXN $EMN $LYB

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Intel $INTC, a Dow Jones Industrial stock moved below $46.19 and $46.15 extending an intermediate downtrend.

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CAE Inc. $CAE.CA moved above $26.91 resuming an intermediate uptrend.

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Job Openings rebound to highs of year, powered by gains in manufacturing, transportation, and business services. $MACRO #JOLTS #Employment

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for September 11th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 11th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 11th 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 66.60 yesterday. It remains intermediate overbought and rolling over.

 

TSX Momentum Barometer

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The Barometer gained 2.94 to 40.75 yesterday. It changed to intermediate neutral from intermediate oversold, but continues to trend down .

 

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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3 Responses to “Tech Talk for Wednesday September 12th 2018”

  1. bruce Says:

    Sherri
    Did you happen to get Armstrong’s private blog update on gold and silver and if so would you share it with us?……tnx…..

  2. Paula Says:

    Ron B/C
    Your observations on September 10 re ABX proved to be quite timely today! Maybe good for a short term trade.

  3. Ron/BC Says:

    Paula
    Well price was testing support and very oversold with positive divergence on the oscillators, but other support levels have failed in this downtrend. Nice forming “W” pattern now that needs to see $10.77 cleared to suggest a run to $11.50 or even the $12.50 downtrendline. Actually the downtrendline it’s touching now at just over $10 needs to be cleared 1st. And those round numbers often stop price in its tracks. But with the extreme lack of interest in precious metals and cocky short sellers filling their pockets a sharp rally would be typical.

    https://stockcharts.com/h-sc/ui?s=ABX&p=D&yr=2&mn=0&dy=0&id=p28601785827&a=612981342

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