Tech Talk for Wednesday August 14th 2019

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Pre-opening Comments for Wednesday August 14th

U.S. equity index futures moved lower this morning. S&P 500 futures were down 39 points in pre-opening trade. Index futures responded partially to an inversion in the Treasury yield curve by two year and ten year treasuries and partially to sharp weakness in European equity indices.

Tilray dropped $4.62 to $41.40 after reporting a bigger than expected quarterly loss.

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Canada Goose fell $1.01 to $42.20 after its loss in its fiscal first quarter widened from the same quarter last year.

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CBS slipped $0.75 to $47.95 after Bernstein downgraded the stock to Underperform from Outperform.

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Bristol Myers added $0.04 to $46.53 after Atlantic Equities upgraded the stock to Overweight from Neutral.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/13/stock-market-outlook-for-august-14-2019/

Note seasonality chart on the U.S. Consumer Price Index

 

Observation

Surprisingly little technical action by broadly base equity indices, commodities and sectors yesterday despite general strength.

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 13th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 13th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 13th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Don Vialoux on Michael Campbell’s Money Talks

Recorded last Saturday. Following is a link:

https://mikesmoneytalks.ca/complete-show-aug-10th/?mc_cid=9a2ab31a6c&mc_eid=592546b4b5

 

Momentum Barometers

Percent of S&P 500 and TSX stocks trading above their 50 day moving average has not been available since last Friday. An alternative is the Bullish Percent Index for both markets.

 

Bullish Percent Index for S&P 500 stocks

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The Index added 0.60 to 50.20 yesterday. It remains intermediate neutral.

 

Bullish Percent Index for TSX stocks

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The Index added 0.42 to 61.51 yesterday. It remains intermediate overbought.

 

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 Wednesday August 14th 2019”

  1. Ron/BC Says:

    The $SPX continues to trade below broken support at 2940 and cleared resistance at 2815 both of which the market had a lot of battles with. Price is trapped between both these price points and needs to breakout or breakdown to suggest direction. The RSI 21 remains below the 50 line which is bearish.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p31203755766&a=682178007

  2. Larry/ON Says:

    SP500 will test support at the 200day at 2795 and perhaps the May low down at 2728. Those are both possible entry points for to put some long positions on for short trades. Janet Yellin was out saying that, while she is concerned, this inverted yield curve is likely a false recession signal this time around. Historically going back more than 50 years inverted yield curves precede recessions but often recessions do not necessarily follow inverted curves and the curve needs to remain inverted for an extended period to make a recession likely. When inversion happens it is a rise in the short end rather than a fall in the far end that is likely to precede a recession. A lot of discussion is out there about foreign money flows causing the long end to drop. We need some positive economic data to convince the market to participate in an extended upward run. Too many negatives out there at present but a snap back from major support is a buy signal.

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