Tech Talk for Thursday August 29th 2019

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Pre-opening Comments for Thursday August 29th

U.S. equity index futures moved higher this morning. S&P 500 futures were up 29 points in pre-opening trade. Index futures responded to news that China won’t immediately respond to recent tariff hikes announced by the U.S.

Equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for second estimate of second quarter real GDP was growth at a 2.0% rate versus 3.1% in the first quarter. Actual was growth at a 2.0%. Consensus for Weekly Initial Jobless Claims was an increase to 215,000 from upwardly revised 211,000 last week. Actual was 215,000.

Best Buy dropped $4.29 to $64.71 after reporting lower than consensus second quarter sales and earnings.

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Abercrombie & Fitch dropped $1.99 to $15.03 after reporting lower than consensus second quarter sales and earnings.

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H&R Block (HRB $26.88) is expected to open lower after reporting a larger than consensus fiscal first quarter loss.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/28/stock-market-outlook-for-august-29-2019/

Note seasonality chart on Crude Oil Days of Supply.

StockTwits released yesterday @EquityClock

Biogen $BIIB, a NASDAQ 100 stock moved below $219.20 extending an intermediate downtrend.

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Platinum ETN $PPLT moved above $83.38 setting an intermediate uptrend.

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Verizon $VZ, a Dow Jones Industrial stock moved above $58.05 setting an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 28th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 28th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 28th 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 2.80 to 36.60 yesterday. It remains intermediate oversold.

 

TSX Momentum Barometer

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The Barometer added 2.56 to 42.31 yesterday. It changed to intermediate neutral from intermediate oversold on a recovery above 40.00.

 

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 Thursday August 29th 2019”

  1. Larry/ON Says:

    SP500 – Difficult to get past this morning’s high. It’s looking to shape up as a lower high than the previous rallies this month. At the same time we have had higher lows. This is a great place to take profits while keeping one foot in the market.

    MG – Broke through 66.39. Let’s see if it keeps momentum. Really interesting trade.

  2. tony Says:

    Hi guys,

    Its been a while since I posted comments on the site.

    read comments from yesterday, from the banks perspective the big six are still bearish, you can buy some but not a full position there might still be sone downside to come until october.
    cwb.to on the bank side has been positive for the last few weeks.,
    for the insurance side i’ld go with ifc.to and iag.to

    As for MG yes it has an ascending triangle, altough indicators are still not fully positive so by october you could still buy at 64-65 $ range unless indicators really take off.

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