Tech Talk for Wednesday August 12th

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Morning Technical Notes for August 12th

Italy iShares (EWI) moved above $26.32 extending an intermediate uptrend.

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Morgan Stanley (MS), an S&P 100 stock moved above $53.14 extending an intermediate uptrend.

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Royal Bank (RY), a TSX 60 stock moved above $98.27 extending an intermediate uptrend.

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Nutrien (NTR), a TSX 60 stock moved above $51.76 extending an intermediate uptrend.

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Inter Pipeline (IPL), a TSX 60 stock moved above $14.58 extending an intermediate uptrend.

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Pre-opening Comments for Wednesday August 12th

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.

Index futures eased slightly following release of the July Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.6% in June. Actual was a gain of 0.6%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in June. Actual was an increase 0.6%

Tesla jumped $92.72 to $1467.11 after announcing a five for one stock split.

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Lululemon gained $1.14 to$336.51 after JP Morgan raised its target price from $334 to $380.

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Home Depot added $3.08 to $278.00 after JP Morgan raised its target price from $242 to $297.

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Target advanced $1.58 to $133.30 after JP Morgan added the stock to its “analyst focus list”. Target on the stock also was raised from $135 to $154.

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Moderna gained $7.48 to $76.45 after winning a $1.5 billion contract to provide a COVID vaccine.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/08/11/stock-market-outlook-for-august-12-2020/

 

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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Bank of Montreal (BMO), a TSX 60 stock moved above $77.28 extending an intermediate uptrend.

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National Bank (NA), a TSX 60 stock moved above $66.03 extending an intermediate uptrend.

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Visa (V), a Dow Jones Industrial Average stock moved above $202.18 extending an intermediate uptrend.

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Soybean ETN (SOYB) moved below $13.91 setting an intermediate downtrend.

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Netflix (NFLX), a NASDAQ 100 stock moved below $467.54 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 11th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for August 11th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 11th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

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 Wednesday August 12th”

  1. Larry/ON Says:

    Banks – Rare divergence today between US (down) and Cdn (up). ZEB.to is poised just below major resistance at 25.73 which would be quite bullish if it gets through but not when US banks are reversing (see zub.to). Tech meanwhile had buyers stepping into QQQ at the 20day MA and we have really rebounded back up now.
    10pts away from the all-time high on SPX!

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