Tech Talk for Thursday September 13th 2018

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Pre-opening Comments for Thursday September 13th

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 210,000 from 205,000 last week. Actual was a slip to 204,000 .Consensus for August Consumer Prices was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.2%. Excluding food and energy, consensus for August Consumer Prices was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.1%.

The Bank of England and the European Central Bank maintained their overnight lending rate to major banks.

Kroger (KR $31.73) is expected to open lower after reporting lower than consensus second quarter sales.

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Micron (MU $41.74) is expected to open lower after MKM Partners lowered its target price to $63 from $77.

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Methanex (MX $) is expected to open higher after Raymond James upgraded the stock to Outperform from Perform. Target was raised to $90 from $72.

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Apple (AAPL $) is expected to open lower after Goldman Sachs reduced its fiscal 2019 earnings estimate.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/12/stock-market-outlook-for-september-13-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and the Producer Price Index.

 

Observation

Weakness in the U.S. Dollar Index and its related ETN had a significant positive impact on commodities (other than grains) and commodity stocks/ETFs.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $DISCK $DISCA $NI $VZ $T $NLSN $FDX $PFE.

Editor’s Note: After 10:00 AM EDT, breakouts included CL, XOM, WU and HSIC. Breakdowns: APC, JPM, OXY.

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Pfizer $PFE, a Dow Jones Industrial stock moved above $42.77 to an all-time high extending an intermediate uptrend.

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Exxon Mobil $XOM, a Dow Jones Industrial stock moved $83.54 extending an intermediate uptrend.

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Open Text $OTEX $OTEX.CA, a TSX 60 stock moved below $38.09 U.S. and $49.70 Cdn. completing a double top pattern.

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JP Morgan $JPM, a Dow Jones Industrial stock moved below $112.97 setting an intermediate downtrend.

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for September 12th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 12th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 12th 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 added 0.20 to 66.80 yesterday. It remains intermediate overbought and rolling over.

 

TSX Momentum Barometer

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The barometer added 1.68 to 42.44 yesterday. It remains intermediate neutral and trending 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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One Response to “Tech Talk for Thursday September 13th 2018”

  1. Larry/ON Says:

    Bull Market Continues – Here we are mid-Sept. Don’t see any dreaded seasonal market downturn. Only the occasional market dip for a few days after which the buyers step in. Watch for DIA to break the Jan high perhaps today. The Dow transports are currently making new all-time highs. SP500 broke the Jan high in late August. We saw a successful re-test of the breakout resistance line which is now support and the market is now gathering momentum to break the August high.

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