Tech Talk for Friday May 29th 2020

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Pre-opening Comments for Friday May 29th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Investors are waiting for a comment by President Trump on his policy on China.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for April Personal Income was a drop of 5.6% versus a decline of 2.0% in March. Actual was an increase of 10.5%. Consensus for April Personal Spending was a drop of 7.5% versus a decline of 7.5% in March. Actual was a drop of 13.6%

The Canadian Dollar was virtually unchanged at US 72.81 cents following release Canada’s March GDP report at 8:30 AM EDT. Consensus was a month-over month decrease of 9.0% versus a gain of 0.1% in February. Actual was a decrease of 7.2%

Laurentian Bank is expected to open lower after reducing its quarterly dividend by 40%.

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Costco dropped $6.67 to $302.89 after announcing higher than consensus third quarter costs related to the coronavirus.

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Salesforce.com dropped $5.95 to $175.15 after lowering second quarter guidance below consensus.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/28/stock-market-outlook-for-may-29-2020/

Note seasonality chart on U.S. Durable Goods Orders.

 

Technical Notes

Alexion Pharma (ALXN), a NASDAQ 100 stock moved above $111.99 setting an intermediate uptrend.

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UnitedHealth Group (UNH), a Dow Jones Industrial stock moved above $304.00 to an all-time high extending an intermediate uptrend.

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U.K iShares (EWU) moved above $26.11 setting an intermediate uptrend.

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Canadian National Railway (CNR), a TSX 60 stock moved above $118.98 extending an intermediate uptrend.

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Lockheed Martin (LMT), an S&P 100 stock moved above $402.45 setting an intermediate uptrend.

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FedEx (FDX), an S&P 100 stock moved above $131.80 extending an intermediate uptrend.

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NextEra Energy (NEE), an S&P 100 stock moved above $250.87 setting an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 28th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for May 28th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 28th 2020

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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 advanced 1.80 to an all-time high at 95.99 yesterday. It remains extremely intermediate overbought, but has yet to show signs of peaking.

 

TSX Momentum Barometer

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The Barometer added 0.89 to 90.62 yesterday. It remains extremely intermediate overbought, but has yet to show signs of peaking.

 

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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7 Responses to “Tech Talk for Friday May 29th 2020”

  1. Larry/ON Says:

    LB – TechTalk mentions it’s 40% div cut. This bank has been “restructuring” for at least three years. It is the only unionized bank in Canada and consistently the worst performing. It would make sense for National Bank to buy them out but no one will buy a bank that is unionized. NA is the flip side of LB. NA which is also Que based is the best performing big six bank in Canada and the only one to have a positive 12 month return.

  2. Ron/BC Says:

    Bernie and Tony mentioned 4 hours charts yesterday. Here is a one year $SPX 4 hr chart with price bumping up against major resistance being the breakdown point in late February at 3025. Odds of clearing that any time soon is slim from what I see. Price has had quite a run from the March lows and this late spring to fall time frame is typically a poor one. Chances are unless you are a Stockcharts subscriber you wont be able to see the 4 hour chart so I’ll put a one year chart of the same below the first.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=240&yr=1&mn=0&dy=0&id=p41636805414&a=761869723

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p41416221358&a=725299577

  3. Ana Says:

    Money injection into the market at precise times today.

    Another gap up for this Monday?

    Patterns that are made by injections into the market.

  4. bruce Says:

    ana
    could you elaborate on your message above?…….did I miss something?…

  5. Bernie Says:

    Ron & tony,

    I didn’t mention it before but I purchased a premium low cost NASDAQ Index mutual fund (CIB595) in March after selling SPLV first. It behaves very much the same as HXQ which is the only other non-hedged NASDAQ index I’m aware of in Canada. When I used your settings for HXQ I see it broke out over the Feb high on May 11th. I’ve done quite well so far while I ride the influence of the tech stocks. I thought they would outperform the low vol indexes until the fall so I thought I’d gamble on this one. I have to hold a mutual fund for at least 3 months or have to pay a commission. Anyway, thats my story. I’ve been in AB since Thurs and away from my desktop so my time on-line has been limited. Enjoy your golftime Ron and hope you didn’t get that terrible storm thats passing through Nelson.B

  6. Bernie Says:

    Re: #5
    Thats Ron/BC

  7. Ron/BC Says:

    Bernie

    Couldn’t find a descent chart of CIB595 so here is HXQ.to you mentioned that’s close. Price did breakout over $72 and is holding but the technicals look tired and are rolling over. Might just be stalling out for awhile too. As long as $72 holds as support all is well. So did you buy Alberta when you were there? Things must be very tough there now especially. But hey, just ask Justin for a cheque and everything will be ok.

    We did have a rain storm and a lot of wind but not as bad as some. We have had much worse in the past with trees knocked down in places and some basements flooded of those that have basements.

    https://stockcharts.com/h-sc/ui?s=HXQ.TO&p=D&yr=2&mn=0&dy=0&id=p50161901691&a=762714644

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