Tech Talk for Tuesday August 4th 2020

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Morning Technical Notes

Corn ETN (CORN) moved below $11.61 setting an intermediate downtrend.

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Pre-opening Comments for Tuesday August 4th

U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade.

Mosaic advanced $1.32 to $15.00 after reporting higher than consensus second quarter sales and earnings.

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Take Two Interactive advanced $8.32 to $176.00 after reporting higher than consensus quarterly revenues. Wedbush raised its target price from $170 to $210.

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KLA Tencor dropped $4.65 to $203.000 despite reporting higher than consensus second quarter earnings and despite raising its dividend. In addition, Stifel Nicolaus and KeyBanc Capital raised their target price on the stock.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/08/04/stock-market-outlook-for-august-4-2020/

Cautious seasonality comments on U.S. equity markets for August by Sam Stovall

Following is a link:

https://www.cnbc.com/2020/08/03/tn-sam-stovall-on-august-kick-off-landsman-200803-ec.html

Technical Notes for August 3rd

Target (TGT), an S&P 100 stock moved above $125.97 extending an intermediate uptrend.

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NVIDIA (NVDA), a NASDAQ 100 stock moved above $431.69 to an all-time high extending an intermediate uptrend.

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Natural Gas ETN (UNG) moved above $11.27 completing a double bottom pattern.

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Splunk (SPLK), a NASDAQ 100 stock moved above $213.26 to an all-time high extending an intermediate uptrend.

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Microsoft (MSFT), a Dow Jones Industrial stock moved above $216.38 to an all-time high extending an intermediate uptrend. The company is negotiating a potential purchase of TicTok.

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Much of the gain by U.S. equity indices yesterday was recorded by two index heavy weight stocks: Microsoft and Apple.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 3rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for August 3rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 3rd 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 added 0.60 to 66.13 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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3 Responses to “Tech Talk for Tuesday August 4th 2020”

  1. Larry/ON Says:

    TTWO – Note above by Techtalk. Trades at 49x TTM earnings but only 31x forward and in this pandemic situation forward earnings may be a conservative estimate. Should continue to do well but will need to consolidate a little after this pop on earnings and is a little technically overbought. It’s a good hold.

  2. Vivek Says:

    This market is clearly for people who cannot do math. Gold all time highs, bonds yields all time lows, gun sales up…. https://stockcharts.com/h-sc/ui?s=SWBI
    Suspect there will be tears by American Thanksgiving

  3. Larry/ON Says:

    GLD – Hat’s off to those who have been in this trade. I have stayed out.

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