Tech Talk for Tuesday August 11th 2020

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Morning Technical Notes for August 11th

U.S. Telecom iShares (IYZ) moved above $29.58 extending an intermediate uptrend.

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Auto ETF (CARZ) moved above $36.03 extending an intermediate uptrend.

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Emerson (EMR) an S&P 100 stock moved above $69.40 extending an intermediate uptrend.

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Union Pacific (UNP), an S&P 100 stock moved above $187.83 to an all-time high extending an intermediate uptrend.

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Manulife Financial (MFC), a TSX 60 stock moved above $20.14 extending an intermediate uptrend.

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Power Corp (POW), a TSX 60 stock moved above $25.98 extending an intermediate uptrend.

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Pre-opening Comments for Tuesday August 11th

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade on news that Russia has approved a vaccine on COVID 19. The S&P 500 Index is expected to test at the open its all-time inter-day high at 3,393.52

Index futures were virtually unchanged following release of the July Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a decline of 0.2% in June. Actual was an increase of 0.6%. Excluding food and energy, consensus for the July Producer Price Index was an increase of 0.1% versus a decline of 0.3% in June. Actual was an increase of 0.5%

Canada Goose dropped $0.69 to $24.12 after reporting a wider than consensus fiscal first quarter earnings.

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United Parcels gained $0.85 to $160.44 after JP Morgan raised its target price from $132 to $155.

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FedEx added $1.97 to $201.95 after JP Morgan raised its target price from $188 to $201.95.

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Pan American Silver dropped $2.02 to $34.23 after Deutsche Bank downgraded the stock from Buy to Hold.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/08/10/stock-market-outlook-for-august-11-2020/

Technical Notes for August 10th

Dow Jones Industrial Average (DJIA) moved above 27,580.21 extending an intermediate uptrend.

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Dow Jones Industrial Average ETF (DIA) moved above $275.37 extending an intermediate uptrend.

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S&P 500 SPDRs (SPY) moved above $335.62 to an all-time high extending an intermediate uptrend.

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Midcap 400 SPDRs (MDY) moved above $354.01 extending an intermediate uptrend.

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Nike (NKE), a Dow Jones Industrial Average stock moved above $104.69 and 105.07 to an all-time high extending an intermediate uptrend.

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Steel ETF (SLX) moved above $38.89 extending an intermediate uptrend.

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Australia iShares (EWA) moved above $20.60 extending an intermediate uptrend.

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Gildan Activewear (GIL), a TSX 60 stock moved above $24.58 extending an intermediate uptrend.

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Restaurant Brands International (QSR), a TSX 60 stock moved below $73.35 completing a double top pattern.

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Trader interest in Canadian “gassy” stock has returned following news that Canadian Natural Resources has offered to purchase Painted Pony. Advantage Oil & Gas moved above $1.84 setting an intermediate uptrend and Freehold Royalties moved above $4.39.

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Industrial Sector SPDRs (XLI) moved above $76.19 extending an intermediate uptrend.

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Technical Scoop

Latest weekly report by David Chapman and www.EnrichedInvesting.com. Following is a link:

http://enrichedinvesting.com/wp-content/uploads/2020/08/Gold-high-silver-outperform-Friday-reversal-stocks-rise-rates-low-financial-stimulus-economic-plague.pdf

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for August 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for August 10th 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 5.81 to 80.16 yesterday. It changed from intermediate overbought to extremely intermediate overbought on a move above 80.00.

 

TSX Momentum Barometer

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The Barometer gained 2.86 to 81.90 yesterday. It changed from intermediate overbought to extremely intermediate overbought on a move above 80.00.

 

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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One Response to “Tech Talk for Tuesday August 11th 2020”

  1. Larry/ON Says:

    GLD and Gold Miners – The herd really stampeded today for the exit. The volume and the gap down were huge. IMO this won’t stop until you get to the 50dayMA on GLD.
    Tech stocks also slumped. Talk continues about sector rotation into “economic revival” stocks. Banks have done well the last three days and many are now up against resistance at the 200day MA. In two more months the second wave of Covid-19 will hit and the second wave is usually worse than the first. The forecasts were long ago predicting a low in cases by August. People are too sanguine about the situation and what is coming.

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