Tech Talk for Wednesday August 5th 2020

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Morning Technical Notes for August 5th

Copper Miners ETF (COPX) moved above $20.71 extending an intermediate uptrend.

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Dow Jones Transportation Average iShares (IYT) moved above $179.39 extending an intermediate uptrend.

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Barrick Gold (ABX), a TSX 60 stock moved above Cdn$40.04 to an all-time high extending an intermediate uptrend.

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Disney (DIS), a Dow Jones Industrial stock moved above $127.82 following release of fiscal third quarter results extending an intermediate uptrend.

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Pre-opening Comments for Wednesday August 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade. Index futures partially responded to overnight weakness in the U.S. Dollar Index. Gold jumped $34.10 to $2,055.10. WTI Crude Oil added $1.52 to $43.22 per barrel. The Canadian Dollar advanced 0.50 to a four month high of US75.47.

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Index futures moved lower following release of the July ADP Employment report at 8:15 AM EDT. Consensus was a gain of 1.000 million versus a revised gain of 4.314 million in June. Actual was 167,000.

The Canadian Dollar was virtually unchanged at US75.47 cents following release of Canada’s June Trade Balance report at 8:30 AM EDT. Consensus was a $3.0 billion deficit versus a revised $1.338 billion deficit in May. Actual was a deficit of $3.19 billion.

Disney gained $3.29 to $120.58 despite reporting a higher than consensus fiscal third quarter loss. The company also announced that it currently is streaming to 100 million subscribers.

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Square gained $15.02 to an all-time high at $151.85 after announcing higher than consensus second quarter revenues.

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CVS Health added $1.64 to $66.82 after reporting higher than consensus second quarter earnings. The company also raised guidance.

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Apple dipped $1.59 to $436.90 after Bank of America/Merrill downgraded the stock from Buy to Neutral.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/08/04/stock-market-outlook-for-august-5-2020/

Note seasonality chart on Vehicle Sales.

Technical Notes for August 4th

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

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Metals & Miners SPDRs (XME) moved above $23.76 extending an intermediate uptrend. The ETF holds precious metals, base metals, coal and steel stocks.

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Canadian “gassy” stocks came alive with higher natural gas prices.

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Dow Jones Transportation Average moved briefly above 10,096.18 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for August 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 4th 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 was unchanged at 66.13 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 5.95 to 73.91 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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2 Responses to “Tech Talk for Wednesday August 5th 2020”

  1. Larry/ON Says:

    $CAD – Broke through resistance at 1.33 on an ascending triangle formation and on its’ way to challenge the Feb high of 1.32 (around 75.70) with major resistance just above 0.77. As long as equity markets continue higher as well as commodities the direction for CAD is up. Breakdown of equity markets which usually happens in Aug-Oct would send CAD lower.

  2. Ron/BC Says:

    The U.S.$ has pulled back to its 9 year uptrendline. Still ok technically with 88.50 significant price support. Most commodities trade inverse to the U.S.$ which is something to pay attention to.

    https://stockcharts.com/h-sc/ui?s=%24USD&p=D&st=1980-07-21&id=p30223061072&a=673066374

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