Tech Talk for Thursday August 13th 2020

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Morning Technical Notes for August 13th

Cisco (CSCO), a Dow Jones Industrial Average stock moved below $43.30 completing a double top pattern. The company lowered fiscal first quarter guidance.

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Micron (MU), a NASDAQ 100 stock moved below $47.10 setting an intermediate downtrend.

The stock was downgraded by Deutsche Bank from Buy to Hold. Target price was reduced from $48 to $40.

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Pre-opening Comments for Thursday August 13th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Index futures moved slightly higher following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 1.120 million versus 1.186 million last week. Actual was 963,000.

Cisco dropped $3.10 to $45.00 after lowering its first quarter guidance.

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Tapestry added $0.73 to $16.33 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

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NVIDIA advanced $0.60 to $458.21 after Deutsche Bank raised its target price from $315 to $405.

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Micron slipped $0.88 after Deutsche Bank downgraded the stock from Buy to Hold. Target price was dropped to $48 from $60.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/08/12/stock-market-outlook-for-august-13-2020/

Note seasonality chart on Crude Oil Days of Supply.

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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TSX Financials iShares (XFN.TO) moved above $34.92 extending an intermediate uptrend.

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Base metals stocks continue to move higher. Hudbay Minerals moved above $4.97 extending an intermediate uptrend.

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Lithium ETN (LIT) moved above $38.71 extending an intermediate uptrend.

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Splunk (SPLK), a NASDAQ 100 stock moved below 190.48 completing a double top pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 12th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for August 12th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 12th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Greg Schnell’s “Market Buzz”

Greg says, “Roll, baby, roll”. A focus on the transportation sector1 Following is a link:

https://www.youtube.com/watch?v=kj6ahK5r0KY&feature=youtu.be

 

S&P 500 Momentum Barometer

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The Barometer added 3.21 to 82.16 yesterday. It changed back from intermediate overbought to extremely intermediate overbought on a return above 80.00.

 

TSX Momentum Barometer

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The Barometer slipped 0.96 to 77.51 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 Thursday August 13th 2020”

  1. bruce Says:

    the AAII sentiment survey for week ending aug. 12th. shows their members becoming slightly more positive……the bulls were up 6.7% to 30% and the bears dropped 5.5% to 42.1%…..

  2. Larry/ON Says:

    CNN Market Sentiment Indicator at 74 Greed. A little frothy but IMO you stick with this market at the moment. It wants to set an new all-time high on SPX. The broadening of market gainers is a good sign. Financials and transports traditionally have been leading indicators but I think transports to some extent have given way to semis as a leading indicator as tech as become so dominant in the economy. Financials are at an inflection point with Techtalk illustrating XFN.TO. US financials are lagging however (XLF). XFN doing well is attracting funds due to strong $CAD. If XFN and US banks break major resistance it would be a great signal for the overall market. Keep in mind that there is a lot of liquidity out there so that likely keeps the trend in place. We likely get the pros taking profits at some point causing a modest correction. The shorts have been squeezed out lately with the put/call ratio quite low. I would probably lighten up going into strength after we set the new high on SPX.
    https://ycharts.com/indicators/cboe_equity_put_call_ratio

  3. Bman/Vancouer Says:

    Agree Larry, trend is likely a push upwards till the big guns look to take profits or the economic numbers begin to stall. My guess is the easy comps on economic numbers run out in September, print being Oct or Nov, plus US election and COVID19 will provide opportunities in both directions. Looking for a retest of the recent CAD banks near the recent low.

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