Tech Talk for Tuesday September 10th 2019

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Pre-opening Comments for Tuesday September 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

The Canadian Dollar moved slightly higher at U.S. 75.95 cents following release of August Canadian Housing Starts at 8:15 AM EDT. Consensus was a drop to 212,500 from 222,000 in July. Actual was 226,600.

Wendy’s dropped $1.43 to $20.52 after reducing its 2019 guidance.

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Ford dropped $$0.28 to $9.25 after Moody’s downgraded its debt to junk status.

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Mosaic (MOS $20.18) is expected to open higher after the company announced a $250 million share buyback program

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Fortis (FTS $42.08) is expected to open higher after announcing a 6% increase in dividend.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/09/09/stock-market-outlook-for-september-10-2019/

Note seasonality chart on U.S. Vehicle Sales

Observations

Price of long term U.S. Treasury bond ETF (TLT) completed short term double top pattern on a move below 143.18

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Ditto for medium term U.S. Treasury bond ETF (IEF) on a move below 112.81!

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StockTwits released yesterday @EquityClock

Canadian "gassy" stocks are responding to higher natural gas prices. For example, $PONY.CA completing a double bottom pattern.

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Editor’s Note: “Gassy” ETFs on both sides of the border as well as related oil service stocks/ETFs recorded similar technical patterns and exceptional gains.

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Gold equity ETFs are under technical pressure on both sides of the border. U.S. Junior Gold Equity ETF $GDXJ moved below $38.10 completing a double top pattern. TSX Gold Equity ETF $XGX.CA moved below intermediate support at $14.99

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First Majestic Silver $FR.CA $AG moved below intermediate support at $12.56 Cdn and $9.83 U.S.

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Adobe $ADBE, a NASDAQ 100 stock moved below $276.78 setting an intermediate downtrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

Thanks to David Chapman and www.EnrichedInvesting.com for a link to the following weekly report. Headline reads,” Highs threat, gold tank, trade nice, economy slide, Canada works, cut expectation, support zone”. Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2019/09/Highs-threat-gold-tank-trade-nice-economy-slide-Canada-works-cut-expectation-support-zone.pdf

 

S&P 500 Momentum Barometer

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The Barometer added 3.20 to 63.00 yesterday. It changed to intermediate overbought from intermediate neutral on a move above 60.00.

 

TSX Momentum Barometer

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The Barometer dropped 4.74 to 56.03 yesterday. It changed to intermediate neutral from intermediate overbought on a move below 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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4 Responses to “Tech Talk for Tuesday September 10th 2019”

  1. Larry/ON Says:

    Cdn Banks – Mea Culpa – I put them down due to the interest rate environment. There was a massive rotation yesterday out of tech and into financials and energy which represents value now in the market.
    CM – has broken resistance at the July high on both the cdn and US charts.

  2. Bernie Says:

    Food for thought for those technically inclined. I’m not one of them, just being the messenger here. ACO.X & TRP have excellent long term dividend growth track records.

    https://www.5iresearch.ca/blog/three-so-called-boring-stocks-poised-to-maintain-momentum

  3. Larry/ON Says:

    SP500 – Rally seems intact despite the massive sector rotation. There was no acceleration in the early sell-off and instead a gradual buy the dip ending in a positive close. When you have economically sensitive financials and industrials rallying that a sign of underlying market strength and no fear of the recession bogeyman.

  4. dave/ab Says:

    Hi Bernie

    Interesting article. thx for sharing.

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