Tech Talk for Wednesday August 21st 2019

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Pre-opening Comments for Wednesday August 21st

U.S. equity index futures moved higher this morning. S&P 500 futures advanced 22 points in pre-opening trade.

The Canadian Dollar added 0.14 to U.S. 75.35 cents after Canada’s July Consumer Price Index was released at 8:30 AM EDT. Consensus was an increase of 0.2% versus a drop of 0.2% in June. Actual was an increase of 0.5%. On a year-over-year basis, CPI increased at a 2.0% rate versus consensus of 1.7%.

Royal Bank (RY $99.34) is expected to open mixed after reporting slightly less than consensus quarterly earnings, but also increasing its quarterly dividend by 3% to $1.05 per share.

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Target jumped $13.17 to $98.20 after reporting higher than consensus second quarter sales and earnings. The company also raised guidance.

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Lowe’s Companies jumped $11.78 to $109.65 after reporting higher than consensus second quarter earnings.

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Urban Outfitters added $0.39 to $21.30 after reporting higher than consensus second quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/20/stock-market-outlook-for-august-21-2019/

Note seasonality chart on Manufactured Goods Sales

StockTwits released yesterday @EquityClock

Medtronic $MDT moved above $103.95 to an all-time high extending an intermediate uptrend. The company reported higher than consensus fiscal first quarter sales and earnings

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Grain ETN $JJGTF (one third each in corn, wheat, soybeans) moved below $20.25 setting an intermediate downtrend. Crop conditions in the U.S. continue to improve.

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Canada Manufacturing Sales down 6.4% (NSA) in June, a negative divergence compared to the 0.4% increase that is average for the month. $MACRO #CDNecon #CAD

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P Momentum Barometer

TSX Momentum Barometer

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 Wednesday August 21st 2019”

  1. Larry/ON Says:

    SP500 – up against declining 20day MA. Everyone is focused on the 50 day but look at the 20 day on the chart. I say we break through the 20 and try the 50. RSI is not elevated so there is room to move higher. Surprises continue to be on the upside. There were two retests of the Aug low of 2822 and now we are higher and will keep knocking on the door of the 50day. Maybe some more sideways trading but it all is part of the consolidation process before moving higher. Watch for the MACD crossover on SPX we are now at.
    MSFT – Can’t say enough about this stock. You could have bought at any point and held through everything and still be positive after CAD conversion. There are huge options bets on it reaching 140 by Friday.
    SEMIS – Clearing resistance to highest level since Aug 1st.Chart is very interesting on NVDA. MACD crossover, 50/200day crossover. Resistance up at 178.89 and then huge upside. CSCO I am looking at it gap filling now.

  2. Larry/ON Says:

    $VIX – I’m not an expert but the number that I have heard is that below 16 is a green signal for the equity market and today we have dropped down to 15.74.

  3. Ana Says:

    $SPX Futures

    Still not breaking out of the wedge:

    https://invst.ly/buc8o

  4. Larry/ON Says:

    David Rosenberg’s Perpetual Recession Calls
    2016 Jun 5 – https://www.businessinsider.com/david-rosenberg-warns-of-recession-2016-6
    2017 May 25 – https://www.businessinsider.com/david-rosenberg-yield-curve-us-recession-2017-5
    2018 Jun 21 – https://www.bloomberg.com/news/articles/2018-06-21/rosenberg-sees-u-s-recession-in-12-months-s-p-500-has-peaked
    2019 Aug 9 – https://www.theglobeandmail.com/business/briefing/article-global-recession-now-a-question-of-when-not-if-economist-david/
    He finally got smart and said “It’s a question of when.”

  5. Larry/ON Says:

    Sorry – One more. This is when he started calling for a recession. Almost four years ago.

    Oct 2 2015 – https://business.financialpost.com/investing/investing-pro/david-rosenberg-u-s-recession-the-numbers-say-no-even-if-the-market-says-otherwise

  6. Larry/ON Says:

    Apologies post 5 is incorrect and I would remove it if I could.

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