Tech Talk for Friday September 6th 2019

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Pre-opening Comments for Friday September 6th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.

Index futures were virtually unchanged following release of the August Employment report at 8:30 AM EDT. Consensus for August Non-farm Payrolls was a drop to 159,000 from 164,000 in July. Actual was 130,000. Consensus for August Unemployment Rate was unchanged from July at 3.7%. Actual was unchanged at 3.7%. Consensus for August Average Hourly Earnings was an increase of 0.3% versus a gain of 0.3% in July. Actual was an increase of 0.4%.

The Canadian Dollar added 0.25 to U.S.75.87 cents following release of Canada’s August Employment Report. Consensus was an increase of 15,000 versus a decline of 24,200 in July. Actual was a gain of 81,100. Consensus for August Unemployment Rate was unchanged from July at 5.7%. Actual was unchanged at 5.7%.

Lululemon jumped $9.02 to $197.43 after reporting higher than consensus second quarter sales and earnings. The company also raised guidance. JP Morgan and Susquehanna raised their target price on the stock

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Costco added $1.28 to $298.25 after reporting higher than consensus sales in August.

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Kellogg (K $62.84) is expected to open higher after Goldman Sachs upgraded the stock to Buy from Neutral.

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Bank of America slipped $0.06 to $28.06 after Keefe Bruyette downgraded the stock to Market Perform from Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/09/05/stock-market-outlook-for-september-6-2019/

Note seasonality charts on Non-farm Payrolls and Crude Oil Days of Supply

Observations

Broadly based U.S. equity indices as well as the TSX Composite Index moved above their 50 day moving average yesterday, an encouraging technical sign.

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Yesterday was a “risk on” day. Economic sensitive sectors moved higher. Gold, interest sensitive equities and bonds moved lower with many moving below their 20 day moving average.

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StockTwits released yesterday @EquityClock

Travelers $TRV, a Dow Jones Industrial stock moved above $149.64 setting an intermediate uptrend.

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Micron $MU, a NASDAQ 100 stock moved above $48.70 setting an intermediate uptrend.

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Visa $V, a Dow Jones Industrial stock moved above $183.80 to an all-time high extending an intermediate uptrend.

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Water Resources ETF $PHO moved above $36.44 to an all-time high extending an intermediate uptrend

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CCL Industries $CCL.B.CA, a TSX 60 stock moved below $58.17 extending an intermediate downtrend.

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Inter Pipeline $IPL.CA, a TSX 60 stock moved above $24.97 extending an intermediate uptrend

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ADP $ADP, a NASDAQ 100 stock moved above $172.00 to an all-time high extending an intermediate uptrend.

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NVIDIA $NVDA, a NASDAQ 100 stock moved above $178.71 setting an intermediate uptrend.

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Bank of Nova Scotia $BNS.CA, a TSX 60 stock moved above $71.48 setting an intermediate uptrend.

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Sun Life Financial $SLF.CA, a TSX 60 stock moved above $55.40 to an all-time high extending an intermediate uptrend.

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Encana $ECA $ECA.CA, a TSX 60 stock moved above $4.52 U.S. and $5.99 Cdn. completing a base building pattern. Encana is a "Gassy" stock

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Cameco $CCO.CA $CCJ, a TSX 60 stock moved above $12.02 Cdn and $9.05 U.S. completing a base building pattern.

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Base metals ETN $DBB, one third each in copper, zinc and aluminum moved above $14.98 forming a base building pattern

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Constellation Software $CSU.CA, a TSX 60 stock moved above $1320.31 to an all-time high extending an intermediate uptrend

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ManuLife Financial $MFC.CA, a TSX 60 stock moved above $22.61 setting an intermediate uptrend.

CGI Group $GIB.A.CA $GIB, a TSX 60 stock moved above $106.11 Cdn. to an all-time high extending an intermediate uptrend.

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The change in ending stocks of crude oil remains below average into the Labor Day long weekend. Now that the summer is over, inventory injections will soon become the norm. $USO $CL_F $XLE $XOP

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US Factory Orders down 4.8% (NSA) in July, much stronger than the 10.1% decline that is average for the summer month. $MACRO #Economy #Manufacturing

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith asks, “Is this the end of the choppy market”? Following is a link:

https://www.valuetrend.ca/10941-2/

 

S&P 500 Momentum Barometer

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The Barometer jumped 11.80 to 58.00 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

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The Barometer jumped 9.91 to 60.78 yesterday. It changed to intermediate overbought from intermediate neutral on a move back above 60.00.

 

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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One Response to “Tech Talk for Friday September 6th 2019”

  1. Larry/ON Says:

    $VIX – Now dropping below 16. Positive signal for equities.

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