Tech Talk for Thursday August 8th 2019

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Pre-opening Comments for Thursday August 8th

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.

Index futures were virtually unchanged following release of the Weekly Initial Jobless Claim report at 8:30 AM EDT. Consensus was an increase to 217,000 from 215,000 last week. Actual was 209,000.

Walt Disney added $1.42 to $136.28 after Credit Suisse upgraded the stock to Buy and raised its target price from $130 to $150.

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Caterpillar dropped $1.65 to $119.13 after Goldman Sachs downgraded the stock to Neutral from Buy and lowered its target price from $156 to $130.

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Viacom (VIAB $29.67) is expected to open higher after reporting higher than consensus fiscal third quarter revenues and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/07/stock-market-outlook-for-august-8-2019/

Note seasonality charts on 30 Year Treasury Bond Futures and Crude Oil Days of Supply.

 

StockTwits released yesterday @EquityClock

S&P/TSX 60 Index $TSX.CA below $956.20 completing a double top pattern.

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Berkshire Hathaway $BRK.B, a Dow Jones Industrial stock moved below $196.89 setting an intermediate downtrend.

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MMM $MMM, a Dow Jones Industrial stock moved below $159.32 extending an intermediate downtrend.

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Global Timber & Forest iShares $WOOD moved below $55.30 extending an intermediate downtrend

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U.S. Money Center Bank iShares $KBE moved below $40.48 setting an intermediate downtrend.

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U.S. Regional Bank iShares $KRE moved below $48.63 setting an intermediate downtrend

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U.S. crude oil ETN $USO moved below $10.53 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 7th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 7th 2019

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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 2.60 to 36.60 yesterday. It remains intermediate oversold and trending down.

 

TSX Momentum Barometer

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The Barometer gained 4.09 to 50.21 yesterday. It remains intermediate neutral.

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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6 Responses to “Tech Talk for Thursday August 8th 2019”

  1. Larry/ON Says:

    Bounce – Sid Mohktari who is one of the best technicians around was on BNN 4:10pm yesterday. I recommend everyone to watch the video. I apologize for not attaching the link. We are close to what the area that usually is a bottom on the ARMS advance/decline index. Looking at the market this morning it looks like that was it for now for the downturn. Mohktari pegs the downside at 2700-2720 but says it will pause at the 200day. He describes the market now as at “equilibrium” and does not advocate for getting overly bullish. He is constructive on GOLD but indicates a pull-back coming when we hit the 61% retracement from the decline to the 2015 low that will provide a buying opportunity. CAD has been in an upward counter-trend within a longer term bear market. He is looking for eventually 0.70 with best temporary upside at 0.78. For sure seasonality is against the market now and we have the Sept 1st tariff cliff that we are barrelling towards. I am planning to sell into strength a little going forward. We could soon find resistance at the 50day MA on the SP500 which is less than 2% away. The caveat to everything is some positive news on US-China trade. It’s completely unpredictable.

  2. Larry/ON Says:

    GLD – Shooting star doji yesterday and TLT turning lower today. All the “protection” assets are reversing.

  3. bruce Says:

    Yow…..the AAII sentiment survey for the week ending aug. 7th shows the bulls dropping 16.8% points to 21.7%….historical average is 38.5%……the bears jumped 24.1% to 48.2%……average is 30.5%……these are huge moves in the public sentiment…..cant hurt…..

  4. Larry/ON Says:

    Raging Bull – It would be great to see others post too. High close coming. It’s sideline money coming in and confounding the skeptics. I’m going with the momentum here.

  5. Paula Says:

    Larry/On,
    Thanks for summarizing Sid Mohktari’s interview. I still have it saved on my PVR and was thinking to take a few notes but I think you have done the job for me. LOL

    A few other good technical analysts (that I did not mention the other day) are Bill Strazzullo, who gave some levels, including 2800 on the S&P – strong support for now; Craig Johnson and Ari Wald. I really sit up and listen when Louise Yamada is on but that is not very often.

    Bruce, those are big moves in sentiment. So many indicators to consider…

  6. Ron/BC Says:

    The $SPX sold off and tested the important price support level of 2815 area which was also the 200ema ‘area’ as well and bounced. Price has bounced back to the 2940 breakdown level. Don’t be surprised to see price start another leg down again and break below the last low that was support at the 2815 area. That would be typical selloff mode price action and continue for some time with lower highs and lower lows.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p30240245806&a=673066103

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