Tech Talk for Thursday September 12th 2019

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Pre-opening Comments for Thursday September 12th

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

Index futures moved higher on news that the European Central Bank lowered its Deposit Facility Rate to -0.50%.

Gold jumped $21.30 to $1524.50 following release of the ECB report.

U.S. equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the August Consumer Price Index was an increase of 0.1% versus a gain of 0.3% in July. Actual was an increase of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.3% in July. Actual was an increase of 0.3%. Consensus for Weekly Initial Jobless Claims was unchanged from last week at 215,000. Actual was a drop to 204,000.

Activision gained $1.68 to $56.59 after Nomura upgraded the stock to Buy from Neutral.

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AbbVie added $1.24 to $70.73 after UBS upgraded the stock to Buy from Neutral.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/09/11/stock-market-outlook-for-september-12-2019/

 

Observation

Nice breakout by Japan iShares above $55.72 completing an extensive base building pattern!

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StockTwits released yesterday @EquityClock

Hong Kong iShares $EWH moved above $23.95 completing a double bottom pattern.

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Mylan Labs $MYL, a NASDAQ 100 stock moved above $21.88 completing a base building pattern.

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Cisco Systems $CSCO, a NASDAQ 100 stock moved above $49.33 completing a short term double bottom pattern

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Apple $AAPL, a Dow Jones Industrial stock moved above $220.53 extending an intermediate uptrend

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Power Corp $POW.CA, a TSX 60 stock moved above intermediate resistance at $28.26

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Producer Prices for All Commodities showing the second weakest year-to-date change in the past 15 years, down by 0.8% through the first eight months of the year. $MACRO $STUDY

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Wholesale sales up 1.9% (NSA) in July, while inventories up by 0.2% (NSA). The average change for each in the month is -3.2% and +0.7%, respectively. $MACRO $STUDY

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Blackberry $BB.CA, a TSX 60 stock moved above $8.75 and $8.78 completing a base building pattern

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Boeing $BA, a Dow Jones Industrial stock moved above intermediate resistance at $380.11

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Global Agriculture iShares $COW.CA moved above $42.50 Cdn. to an all-time high extending an intermediate uptrend.

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The decline in crude oil inventories since the spring peak has been much sharper than average as upbeat demand for product helps to alleviate bloated stockpiles. $USO $CL_F $XLE $XOP

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TSX Fianancials iShares $XFN.CA moved above intermediate resistance at $38.49.

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Strength in National Bank $NA.CA contributed to strength in $XFN.CA. National Bank moved above $64.41 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 September 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

 

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Final Agenda Now Available

Feast your eyes on the final agenda to this year’s MoneyShow Toronto! Packed with over 75 speakers who will provide you with ideas and specific recommendations that will help you profit—even during volatile markets. With just 9 days to go until The MoneyShow hits Toronto, the countdown is on. Take a look at the agenda now to plan your schedule, and get ready for the show to begin!

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Hap Sneddon on BNNBloomberg’s Market Call

Hap is the guest analyst today at 12:00 Noon.

 

S&P 500 Momentum Barometer

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The Barometer added another 3.20 to 68.20 yesterday. It remains intermediate overbought, but has yet to show signs of rolling over.

 

TSX Momentum Barometer

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The Barometer was unchanged at 58.19 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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5 Responses to “Tech Talk for Thursday September 12th 2019”

  1. Larry/ON Says:

    AAPL – Was buying yesterday. It has quite the massive ascending triangle formation.
    Semis – SOXX looking to clear resistance at 220.82 which is the all-time high from July
    SP500 – We are less than 1% from the all-time high in July at 3027.98.
    There have been token good will trade concessions by Trump and the Chinese which is helping to soothe the market.
    Cdn Banks – great day yesterday with CM the favourite of the big banks but LB was the best percentage gainer. LB is a worst of breed mismanaged bank that pays you a 6% div.

  2. Ana Says:

    $SPX Futures

    Should be coming down, over stretched.

  3. Larry/ON Says:

    SP500 – New all-time high coming within two days IMO. Whenever it gets this close it’s like placing a metal object close to a magnet.

  4. bruce Says:

    oh oh………the AAII figures for the week ending sept.11th show the bulls up 4.5 to 33.1% and the bears dropping 8.3 to 31.3%……..

  5. Tony Says:

    Hi Larry,
    August 28th i mentionnés cwb was a buy ans its Up 10%return since IT was a buy as for cm its Up 5% since the but signal i Nevers buy the bottoms as i learned i am bad buying bottoms

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