Tech Talk for Friday September 14th 2018

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Pre-opening Comments for Friday September 14th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Index futures were virtually unchanged following release of August Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.5% versus an upwardly revised gain of 0.8% in July. Actual was an increase of 0.1%. Excluding auto sales, consensus was an increase of 0.5% versus a gain of 0.6% in July. Actual was an increase of 0.3%.

Adobe (ADBE $268.52) is expected to open higher after reporting higher than consensus fiscal third quarter earnings.

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Hasbro (HAS $103.34) is expected to open higher after Jefferies selected the stock as its “Franchise Pick”.

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Coca Cola (KO $45.83) is expected to open higher after Guggenheim initiated coverage with a Buy rating.

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Costco (COST $241.27) is expected to open lower after Wells Fargo downgraded the stock to Market Perform from Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/13/stock-market-outlook-for-september-14-2018/

Note seasonality charts on U.S. Consumer Price Index and U.S. Dollar Index

 

Jon and Don Vialoux presenting at the MoneyShow

Join us for the presentation at 9:15 AM EDT on Saturday

 

Observations

Early technical signs of a bottoming in selected international equity markets have surfaced.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $NKE $DHR $BAX $BSX $ROK $GLW $IFF. Breakdown: $STI

Editor’s Note: After 10:00 AM EDT, breakouts included ADS, ZBH, FIS and IBM. Breakdown: BMY.

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Nike $NKE, a Dow Jones Industrial stock moved above $83.47 to an all-time high extending an intermediate uptrend.

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Platinum ETN $PPLT moved above $76.53 completing a double bottom pattern.

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Methanex $MX.CA $MEOH moved above $77.10 U.S. and $99.65 Cdn. extending an intermediate uptrend.

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Dollarama $DOLCA, a TSX 60 stock moved below $45.23 extending an intermediate downtrend.

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Clearwater Seafoods $CLR.CA moved above $5.94 extending an intermediate uptrend.

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Canadian auto parts stocks move higher in anticipation of a NAFTA agreement: $LNR.CA $MRE.CA $MG.CA

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Grain prices remain under pressure with $JJGTF (1/3 each in corn, wheat, soybeans ETF) and $CORN moving to all-time lows.

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US Consumer Price Index up 0.1% (NSA) in August, marginally below average for this summer month. $MACRO #Economy #CPI #Inflation

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for September 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 13th 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 2.40 to 69.20 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 2.10 to 40.34 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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2 Responses to “Tech Talk for Friday September 14th 2018”

  1. Ron/BC Says:

    The XIU.to ($TSX 60) remains on a sell signal using the Long Modified MACD indicator. Price also broke below the January high breakout point of 23991 which has failed to hold as support. As usual the $TSX is a sick puppy and last I read was one of the very worst performing stock markets in the world despite record high Oil prices. Makes one wonder what it would take. I stay in U.S.$ and prefer to deal with U.S. markets that have high volume and a wide selection of each Sector to deal with,and not just questionable ETFs with a small handful of stocks in them and no volume that are seen on the $TSX.

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=2&mn=0&dy=0&id=p69865607874&a=579408564

  2. FishFat Says:

    Ron/BC
    With the close this week below support at $23.99 and the MACD making a bearish cross of the signal line, I agree XIU is a sell. And if I owed it (which I don’t) I would be out – NO if, ands, or buts……….But, XIU would also be on my watch list to buyback. The ETF has been trading in a rising price channel for two years and the RSI(21) on the weekly chart is still bullish. Attached is a weekly chart.
    Sure the $TSX has performed poorly for the past ten years. So to paraphrase from (I think) was one of your posts – never invest in stocks. Instead, trading stocks and working hard to pick entry and exit points and most importantly preserving gains and minimizing losses may be the best strategy.
    Chart courtesy of StockCharts.com
    http://schrts.co/3cHrJH

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