Tech Talk for Thursday September 5th 2019

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Pre-opening Comments for Thursday September 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade. Index futures responded to news that trade negotiations between China and the U.S. will resume early in October.

The S&P 500 Index is scheduled to open above short term resistance at 2643.31.

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Index futures moved slightly higer following release of economic news at 8:15 and 8:30 AM EDT. Consensus for August Private Employment was 148,000 versus 156,000 in July. Actual was195,000. Consensus for Weekly Initial Jobless Claims was unchanged from last week at revised 216,000. Actual was 217,000.

Ciena (CIEN $41.20) is expected to open higher after reporting higher than consensus fiscal third quarter revenues and earnings.

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Martin Marietta (MWM $260.70) is expected to open higher after JP Morgan raised its target price to $285 from $265.

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Comcast (CMCSA $46.52) is expected to open higher after Oppenheimer upgraded the stock to Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/09/04/stock-market-outlook-for-september-5-2019/

Note seasonality charts on Emerging Markets and EAFE Index.

 

StockTwits released yesterday @EquityClock

Lam Research $LRCX, a NASDAQ 100 stock moved above $218.49 extending an intermediate uptrend.

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Consumer Staples SPDRs $XLP moved above $61.02 to an all-time high extending an intermediate uptrend.

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Electronic Arts $EA, a NASDAQ 100 stock moved above $97.07 setting an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 4th 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 5.20 to 46.20 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

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The Barometer added 3.88 to 50.86 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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12 Responses to “Tech Talk for Thursday September 5th 2019”

  1. Paul Says:

    Thank you Ron and Bernie for the comments yesterday re: Cdn Banks.

  2. Larry/ON Says:

    SP500 – Looks like we are pushing through the 50day MA today. There has been so much fear out there for months I think too many investors can’t believe that the market can actually rally up. The VIX index is at 16.63 with 16 considered to be a green signal for markets.

    Paul – Cdn banks and BCE were my bread and butter for a number of years. That was practically all I owned. I got out of Cdn banks in late 2017 and have since been a tech investor. CM was my favourite for the dividend. I recently looked at CM again and held it for a couple of days got out with a decent profit. Banks get their NIM squeezed when the yield curve flattens or inverts so that is going against them right now. The BOC held steady yesterday which caused a reversal in $CAD. I’m wondering if some global money will come to Canada for yield with the idea that $CAD will stay strong. I can’t understand the rise in CWB. Take a look at EQB. The fundamentals of that bank are fantastic and it has run up. They are stealing market share from the big banks.

  3. KC Says:

    Good Morning Ron/BC,

    Would love to hear an updated TA from you about vet.to please. Hope you are enjoying the last bit of summer we have left.

    Also – forgot to say thank you for your take on bce.to last weekend.

    Cheers
    KC

  4. Paul Says:

    Thank you Larry for your comments today re: the Cdn banks. Wow, you are certainly right about EQB; a very impressive run.

    Re: NFI; I bought last month and it has been doing better. Looking at Ron’s chart from last month it currently has $31 overhead. If it gets through $31 what is the thought on the gap between $33 – $35. One always hears that over time gaps tend to get closed.

  5. Ron/BC Says:

    Nice clean breakout of the $SPX above 2940. Keep in mind before you throw a party that this is the level the $SPX was at in September 2018. The RSI 21 is once again above the zero line for an RSI 21 buy signal. Price does need to hold above 2940 of course regardless. Next resistance is the July high of 3025.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p54802617479&a=682178007

  6. Larry/ON Says:

    TNT/UN.TO – Solid REIT yield stock. They have been growing their business for years. Every year they issue new units to raise cash to do purchases and the stock drops. It just happened yesterday. New units were issued at 6.60. You can still pick it up at 6.61 today. 9% yield paid monthly.

  7. Ron/BC Says:

    KC
    VET.to is consolidating and showing a positive divergence on the RSI 8. The pattern overall of course is still bearish but trying to stabilize here. Price double bottomed at 18 and is in a very tight range between 18 and 19.50. As long as it doesn’t break below 18 it’s not such a bad buy technically. I shouldn’t really say that as the price action has been terrible. Buttttttttttttt it looks like it is overdone on the downside to me fwiw…

    https://stockcharts.com/h-sc/ui?s=VET.TO&p=D&yr=1&mn=6&dy=0&id=p36081743293&a=673066281

  8. Ron/BC Says:

    KC
    Here is the seasonality for VET.to. September looks very good seasonally.

    https://stockcharts.com/freecharts/seasonality.php?symbol=vet.TO&compare=

  9. Larry/ON Says:

    Paul – NFI – You now have a bullish cup and handle formation. Note that on a lot of charts the Bollinger Band has started an upwards curve. Stocks don’t like to go above the top of the band and now they can move higher as the top of the band goes higher. As long as the overall market stays positive you have a winner here that should gap fill to $35. It may stall at the 200day MA which is a point that you could take some profits at which will probably end up being around $32. You also have be conscious of when the RSI gets overbought.

  10. Ron/BC Says:

    The Technology ETF:XLK outperforms the $SPX in uptrends and underperforms the $SPX in downtrends as it has a higher beta. Overall it tracks the $SPX price pattern. Price has cleared its resistance at $80 much like the $SPX cleared 2940. “IF” one thinks this breakout will continue to rally the XLK is where to be moreso than the $SPX group.

    https://stockcharts.com/h-sc/ui?s=XLK&p=D&yr=1&mn=3&dy=0&id=p91828176121&a=679688710

  11. Larry/ON Says:

    NVDA – technical neckline breakout. Has been developing steam all day. Immediate upside to 193 and much higher if it clears that.

  12. Paula Says:

    Ron/BC
    RE XLK: I have been in and out of this a few times over the summer. Recently got back in on the 60 min chart when the +DI (green) crossed over the –DI (red). Thanks for your updated daily chart where I see that there is not yet a positive cross on either MACD.

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