Tech Talk for Wednesday August 28th 2019

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Pre-opening Comments for Wednesday August 28th

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.

Autodesk dropped $18.21 to $132.00 after lowering third quarter guidance.

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Hewlett Packard Enterprises added $0.50 to $13.43 after reporting higher than consensus fiscal third quarter earnings.

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Tiffany gained $2.33 to $85.00 after reporting higher than consensus second quarter earnings.

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Brown-Forman plunged $11.99 to $47.00 after reporting lower than consensus fiscal first quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/27/stock-market-outlook-for-august-28-2019/

Note seasonality chart on the VIX Index.

 

Observations

Russell 2000 iShares moved below $144.81 setting an intermediate downtrend.

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S&P Money Center Bank iShares moved below $39.78 completing an intermediate topping pattern. Inverted yield curve in the U.S. is taking its toll.

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StockTwits released yesterday @EquityClock

Home prices in the 20 largest cities in the US up 0.3% (NSA) in June, much weaker than the 1.0% increase that is average for this time of year. $MACRO #Economy #Housing

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Gold Miners ETF $GDX moved above $30.00 extending an intermediate uptrend.

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Tis the season for strength in gold equities/ETFs til late in September! $GDX $GDXJ $XGD.CA

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Another Cdn. gold stock breakout! Kinross Gold $KGC moved above $5.17 U.S. and $6.86 Cdn.extending an intermediate uptrend $K.CA

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Another gold producer stock, Yamana Gold $YRI.CA moved above $4.99 Cdn extending an intermediate uptrend.

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Rogers Communications $RCI.B.CA, a TSX 60 stock moved below $64.94 extending an intermediate downtrend.

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First Trust Biotech ETF $FBT moved below $127.77 setting an intermediate downtrend

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Coca Cola $KO, a Dow Jones Industrial stock moved above $54.82 to an all-time high extending an intermediate uptrend.

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Costco $COST moved above $284.31 to an all-time high following launch of its first store in China

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TSX Materials iShares $XMA.CA moved above $14.80 extending an intermediate uptrend. Units are heavily weighted in gold equities.

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Kirkland Lake Gold $KL.CA moved above$65.45 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 27th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 27th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 27th 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 slipped 1.60 to 33.80 yesterday. It remains intermediate oversold.

 

TSX Momentum Barometer

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The Barometer added 0.43 to 38.89 yesterday. It remains intermediate oversold.

 

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 28th 2019”

  1. sp Says:

    VET.to any thought, I took entry yesterday, it’s moving up. Anyone get any oil/gas report or do you know how to access this information.
    thanks
    enjoying your comments

  2. Larry/ON Says:

    RE 1 – Energy is a hard area to invest in. The US is now the world’s biggest producer of oil and is flooding the market. There are too many moving parts in the equation: excess inventory, Chinese demand, OPEC manipulation, pipeline obstacles to Cdn sales, overall world economic growth and oil demand. Why not look for an easier investment. On VET quite a jump this morning but how long before it turns the other way? I have no idea if that’s bottom.

    CM – I’m thinking the bottom is in on Cdn banks and the dividend yield is fantastic and they raise their dividend regularly. If anyone is keen on Cdn banks please post. With declining interest rates there is demand for dividend payers.

  3. Green/ON Says:

    Larry/ON
    – Any views about MG.TO – it seems to be behaving technically in better shape than CM?
    TIA

  4. Larry/ON Says:

    Hi Green.

    MG – Nice ascending triangle formation. If it clears 66.39 then it will want to gap fill up to 69. MG would be a contrarian play on recession fears. Signing of the USMCA would be quite positive. I would keep an eye on F and GM for direction. MG and all the other quality industrial names will have a lot of upside when there is a US-China agreement. The div yield of plus 3% helps. If you are investing long-term a small amount is good as a buy and hold. Short-term you have a MACD cross-over right now but the Accum/Dist line has been declining since it’s Aug 8 peak. I wouldn’t go all-in. Chances are it pulls back after getting near the top of the Bollinger Band.
    MAGNA – Jim Cramer’s subscription service gives it a weak BUY rating of B.

  5. Green/ON Says:

    Hi Larry/ON
    – much appreciated! MG have their fingers in a lot of different pies and very strong balance sheet.
    GLTA

  6. Larry/ON Says:

    Re 4. MG – Chart – Two ways of looking at it and RON/BC would be the authority here and I think you probably know at least as much as I do. You have the ascending support line from the June 1st low. I draw a horizontal line through the 66.39 high to complete an ascending triangle. You can also look at April high of 74.35 and draw a resistance line through the 66.39 peak. You then have a wedge and we are at that resistance line. You could break it and it could be a false break without some kind of follow through. You need to really break that 66.39 peak and then it is off to the races.

    VRSK – New all-time high close today. How did I come up with this stock? By paying attention to people who post on this site and I think it is Bernie I need to thank who likes Mawer Funds. I looked at the top holding on their equity fund, did my research, confirmation from other sources, and got an easy pick.

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