Tech Talk for Friday August 23rd 2019

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Pre-opening Comments for Friday August 23rd

U.S. equity index futures moved higher this morning. S&P 500 futures were down 17 points in pre-opening trade. Index futures moved lower following news that China plans to impose new tariffs on September 1st on an additional goods valued at $75 billion.

U.S. Investors are waiting for comments on monetary policy to be released at the Jackson Hole symposium this morning at 10:00 AM EDT.

The Canadian Dollar was virtually unchanged at U.S.75.00 cents following release of June Canadian Retail Sales. Consensus was a drop of 0.2% versus a slip of 0.3% in May. Actual was unchanged.

Salesforce.com jumped $9.37 to $157.61 after reporting higher than consensus second quarter revenues and earnings. The company also raised guidance.

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Gap stores slipped $0.28 to $17.47 after reporting less than consensus second quarter sales.

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Intuit jumped $15.04 to $290.75 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

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Hasbro dropped $4.55 to $109.80 following news of a cash deal to purchase Entertainment One for $4 billion.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/22/stock-market-outlook-for-august-23-2019/

Note seasonality chart on Margin Debt.

 

StockTwits released yesterday @EquityClock

Synopsys $SNPS, a NASDAQ 100 stock moved above $138.72 to an all-time high extending an intermediate uptrend.

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Aerospace & Defense ETF $PPA moved above $67.20 to an all-time high extending an intermediate uptrend.

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India ETF $PIN moved below $22.61 extending an intermediate downtrend

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KLA Tencor $KLAC, a NASDAQ 100 stock moved above $143.15 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 22nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 22nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 22nd 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 0.40 to 45.00 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

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The Barometer dropped 4.07 to 43.78 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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15 Responses to “Tech Talk for Friday August 23rd 2019”

  1. Paul Says:

    Ron, Bruce, Larry, and Bernie,
    Thanks to each of you for the info yesterday re: TFSA.
    Lots to consider and I’ll park in PSA (~2.3%) short term and see what Sep/Oct brings.
    All the best Ron with your condo swap. It makes sense that the lower rates are supportive there.
    Paul

  2. Paul Says:

    On a further look the 2.3% headline is overstating PSA slightly but still in my plan short term. An alternative is CSAV. Any other similar (or better) ideas ?

  3. Larry/ON Says:

    Another retest and successful hold of the Tuesday low on SPX. The support line at 2900 is the point of the bottom of the gap down on Aug 5th.
    Paul – NFI is not my cup of tea. In an economic rebound it should be very successful but now is not a good time. I would recommend CM for the yield, V and MSFT for growth without going too far in risk. Ignore the the short sellers like Eisman when it comes to Cdn bank stocks.

  4. Larry/ON Says:

    Trump spooked the market and we broke short-term support. Someone needs to shut down his Twitter account. He is becoming more and more unhinged and reckless.

  5. Larry/ON Says:

    RE. NFI – The rule is that when a stock outperforms when the entire market is getting trashed it has a lot going for it. The way NFI is performing today is classic. I am not comfortable with the industry and haven’t done a lot of research on this company but I have to acknowledge that this stock is doing things that as a trader it tells you you should be buying.

  6. Ana Says:

    $SPX Futures

    https://invst.ly/bvhz2

  7. Ana Says:

    $SPX Futures
    Longer view

    Daily
    https://invst.ly/bvhz-

    Weekly
    https://invst.ly/bvi0j

  8. Ron/BC Says:

    The $SPX continues to trade all month in this channel between 2940 resistance and 2815 support. The low 2800’s is also the 200ema. Price needs to breakout or breakdown from these levels to suggest direction. A breakout would suggest a rally to a double top and a breakdown would suggest a test of 2725 support and then the Fib 61.8% retracement level at 2600. The RSI 21 remains on a sell signal since the beginning of August. It seems to know what to do without a long story…………..

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p18110861861&a=682178007

  9. Bernie Says:

    Paul,

    Re: #1
    Definitely lots to consider especially if you aren’t a knowledgeable and nimble trader. I know little about you so it would be inappropriate for me to give you specific suggestions. If you intend to be a long time equity holder, like a DGI, and are concerned about entry levels you could either wait for a dip and recovery to buy or you could simply dollar cost average in slowly with small purchases. The latter takes the guesswork out of the equation.

    Ron/BC,
    Its good to go with your strengths. I wish you the best in your condo trades! I’m not that handy and know little about real estate outside of REITs so I couldn’t do what you’re doing!

  10. Ron/BC Says:

    Bernie
    You don’t have to be that handy. In fact the sharpest people I’ve known don’t actually “Do’ much of anything other than make money. You can always hire someone to do whatever you wish. I hire most of my trades for major changes. And watching the MLS listings and driving by them and even going to open houses will tell you a lot about value. And find a realtor that is helpful as well. But like I said, unlike you that understands and is plugged into DGi stocks, dividends and REITs,etc, I’m just not that clued into the pros and cons of them and question the risk. I really hate surprises and the market tends to pull the rug out from under stocks often so getting a good return on investment must be nice but I just haven’t experienced that. I long for a system that will produce a good return without the concern of overall value. So I’ll just do what I have to do when rates are this low and there really is little gained with cash. And living alone I can come and go and buy and sell without having to please anyone. The payoff can be exceptional but it can also bite you in the ass if things change quickly.

  11. Bernie Says:

    Thanks Ron. I understand what you’re saying. At my age I’m just not into trading, whether it be securities or properties. These days I’m ok with sitting still and spending my income. I don’t like surprises either but I should be more than ok with another bear market. A nice surprise would be a change in government this fall so get to actually “keep” more of my distributions.

  12. Ron/BC Says:

    Bernie

    I agree a change in government this fall would make a world of difference in many ways. Not a subject I should get started on,lol…………………

  13. Ana Says:

    Bernie,

    Move back to Alberta, where we still do not have a PST!

  14. bruce Says:

    sssh Ana….not so loud….

  15. Ana Says:

    # bruce,

    Ha! We do not look so good with the latest change in leadership in Alberta.

    Spent some time at the lakes around Banff this summer though and it is a beautiful province!

    A little $SPX Future action!

    https://invst.ly/bwfy8

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