Tech Talk for Tuesday September 24th 2019

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Pre-opening Comments for Tuesday September 24th

U.S. equity indices moved higher this morning. S&P 500 futures were up 9 points in pre-opening trade. Index futures responded to news that U.S./China trade negotiations will resume on October 7th

Blackberry dropped $0.81 to $6.70 U.S. after reporting lower than consensus fiscal second quarter revenues.

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Autozone added $0.30 to $1,147.56 after reporting higher than consensus fiscal fourth quarter revenues.

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Walt Disney gained $1.34 to$133.80 after Wells Fargo initiated coverage on the stock with an Outperform rating.

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Apple added $2.09 to $220.81 after Jefferies upgraded the stock to Buy from Hold.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/09/23/stock-market-outlook-for-september-24-2019/

Note seasonality chart on 30 Year Treasury Bond Futures and a link to EquityClock’s presentation at the Toronto Money Show.

 

Observation

Technical parameters for precious metal prices and related equities showed improvement yesterday. Seasonal influences are positive to early October.

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Palladium ETN moved above$152.97 to an all-time high extending an intermediate uptrend.

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StockTwits released yesterday @EquityClock

Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved below $118.21 Cdn and $89.15 U.S. setting an intermediate downtrend.

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Dow Jones Utilities Average $UTIL moved above 863.78 to an all-time high extending an intermediate uptrend.

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Canadian Pacific $CP.CA, a TSX 60 stock moved below $300.40 completing a double top pattern.

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Kinross Gold $KGC, a TSX 60 stock moved above $5.30 U.S. to a three year high extending an intermediate uptrend. Another Canadian gold stock responding to higher gold prices!

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 23rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 23th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 23th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

David Chapman’s weekly comment compliments of www.enrichedinvesting.com

Headline reads:

Expected cut, repo intervention, stocks decline, rosy gold, drone jump, slowing economy, maybe top

Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2019/09/Expected-cut-repo-intervention-stocks-decline-rosy-gold-drone-jump-slowing-economy-maybe-top.pdf

 

S&P 500 Momentum Barometer

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The Barometer added 0.20 to 72.20 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 1.42 to 71.00 yesterday. It remains intermediate overbought.

 

 

 

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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9 Responses to “Tech Talk for Tuesday September 24th 2019”

  1. Wayne Says:

    Ron/Bc
    Ron,
    Just noticed your post re: SPX yesterday (#4).
    I sold an iron condor yesterday to try to capture this range.
    I bot a 3050 call and sold a 3040 call. Sold 2945 put, bot a 2935 put. I netted a credit of 2.40 on the position. It expires Oct 4.
    Earnings begin the second week of October – and I will exit before jobs report on the 4th.
    This trade was recommended by a poster on my options page. POP is 78%.

  2. Bernie Says:

    “The Cost of Waiting – Why It’s Better to Invest Conservatively Now Than to Average-In”

    Interesting research for those too timid to invest in the stock market right away and sitting in cash on the sideline. The data sure surprised me!

    https://ofdollarsanddata.com/the-cost-of-waiting/

  3. Larry/ON Says:

    The market looks like it is rolling over.

  4. Ron/BC Says:

    Wayne

    Nice trade. Too complicated for me but right up your alley. You still have lots of time too. Good luck with it……………

  5. Wayne Smith Says:

    Ron/BC,
    Thanks Ron. The position expires on the 18th. I am getting out on the 4th
    Jobs report spikes the index – so I’ll be out before the report.

    And, I am heading to Mexico (Oaxaca) on the 5th. My partner, the screenwriter, is a semi-finalist in the Film Festival competition held there.

  6. Wayne Says:

    Closed short put.
    As one of our posters stated:”Your technical analysis is no match against my tweets”. We know who he’s referring to!

  7. Ron/BC Says:

    $GOLD has reached major price resistance of $1560 being the 2012 low support that broke down in 2013. Price must clear & hold above this resistance to expect further gains. Will not be an easy task.

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=20&mn=0&dy=0&id=p13208023309&a=673066105

  8. dave/ab Says:

    Bernie
    #2

    thanks for sharing the article. I do believe there is some truth to the research. But if you are technically sound reading charts you are better off averaging in depending on time frame. if you look at the spy between 2000 – 2013 you would have had no capital if you didn’t average in once a year versus lump sum in 2000. the trump bump from november 2016 to present you would not have done as well averaging in. Food for thought

  9. Bernie Says:

    dave/ab,

    The article was written more for the 99.5% of investors who don’t have a clue about TA. Perhaps this wasn’t the forum to share this one. Nevertheless the research was quite surprising to me.

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