Tech Talk for Tuesday October 2nd 2018

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Pre-opening Comments for Tuesday October 2nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

The Canadian Dollar moved slightly higher after Royal Dutch Shell confirmed its intensions to build an LNG facility costing $40 billion in Kitimat B.C

Pepsico (PEP $110.71) is expected to open higher after reporting higher than consensus third quarter sales and earnings.

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American Express (AXP $107.90) is expected to open higher after JP Morgan raised its target price to $115 from 105.

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Lululemon (LULU $161.64) is expected to open higher after Wedbush raised its target price to $176 from $110.

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Berkshire Class B (BRK.B $216.78) is expected to open higher after JP Morgan raised its target price to $250 from $235.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/10/01/stock-market-outlook-for-october-2-2018/

Note seasonality charts on the Utilities sector, U.S. REIT Index, Industrial sector, Russell 2000, Construction Spending, Dow Jones Transportation Average and Dow Jones Industrial Average.

 

Observations

The new trilateral trade agreement between the U.S., Mexico and Canada is positive for economic growth in all countries. The Canadian Dollar responded accordingly with a move above 77.60 U.S. cents.

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WTI Crude oil prices broke to a 4 year high on a move above $75.27 per barrel. Energy stocks responded accordingly

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Commodity ETN also broke to a 4 year high on a move above $18.31 thanks mainly to higher crude oil, gasoline and natural gas prices

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Technology SPDRs moved above $75.77 to an all-time high extending an intermediate uptrend.

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U.S. Money Center banks and related ETFs remain under technical pressure.

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StockTwits Released Yesterday @EquityClock

Boeing $BA, a Dow Jones Industrial stock moved above $372.64 to an all-time high extending an intermediate uptrend.

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Editor’s Note: Most of the gain in the Dow Jones Industrial stock yesterday came from one stock: Boeing.

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $EL $DVA $BA $NVDA.

Editor’s Note: After 10:00, breakouts included PX and AES. Breakdown: CFG

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Husky Energy $HSE.CA, a TSX 60 stock moved below $21.11 after offering to buy MEG Energy in a deal valued at $6.4 billion.

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Martinrea $MRE.CA moved above $14.73 completing a base building pattern on news of a U.S./Canada trade deal.

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NASDAQ Biotech ETF $IBB moved above $122.50 to a 3 year high extending an intermediate uptrend.

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Gasoline ETN $UGA moved above $36.45 to a 3 year high extending an intermediate uptrend

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Loblaw Companies $L.CA, a TSX 60 stock moved below$65.95 extending an intermediate downtrend.

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Metro $MRU.CA, a TSX 60 stocks moved below $39.97 extending an intermediate downtrend.

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Home Builders SPDRs $XHB moved below $38.38 extending an intermediate downtrend.

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US #Construction Spending up 0.8% (NSA) in August, weaker than 2.5% average gain for the tail end of construction season. $MACRO #Economy

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for October 1st 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 1st 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 1st 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

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Tired of seeing your seasonal fund remain stagnant when seasonally favoured sectors move higher? Consider switching to the Seasonal Advantage Portfolio http://www.equityclock.com/About/Seasonal-Advantage-Portfolio/ … #SeasonalInvestingDoneRight

This Week’s Technical Scoop

Thank you to David Chapman and Margaret Samuel at Enriched Investing for the enclosed report. Headlines read:

Worried Markets climb as Fed and Italy benefit

US Dollar and Iran drives oil prices

Following is a link:

http://www.enrichedinvesting.com/PDF/Worried-Markets-climb-as-Fed-and-Italy-benefit-US-Dollar-and-Iran-drives-oil-prices.pdf

 

S&P 500 Momentum Barometer

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The Barometer gained 0.40 to 58.40 yesterday. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer added 1.43 to 40.76 yesterday. It returned to intermediate neutral from intermediate oversold on a move back above 40.00, but trend remains 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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