Tech Talk for Wednesday September 2nd 2020

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Morning Technical Notes for September 2nd

Comcast (CMCSA), an S&P 100 stock moved above $45.20 extending an intermediate uptrend.

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Caterpillar (CAT), a Dow Jones Industrial Average stock moved above $146.20 extending an intermediate uptrend.

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Microchip Technologies (MCHP), a NASDAQ 100 stock moved above $112.89 to an all-time high extending an intermediate uptrend.

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Skyworks Solutions (SWKS), a NASDAQ 100 stock moved above $149.32 to an all-time high extending an intermediate uptrend.

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Cogeco (CGO.TO) moved above $90.80 extending an intermediate uptrend after Rogers Communications made an offer valued at $103 billion to acquire the company’s Canadian assets.

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Steel ETF (SLX) moved above $31.59 extending an intermediate uptrend.

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CGI Group (GIB), a TSX 60 stock moved above US$71.91 extending an intermediate uptrend.

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T-Mobile (TMUS), a NASDAQ 100 stock moved above $118.00 to an all-time high extending an intermediate uptrend.

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Pre-opening Comments for Wednesday September 2nd

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

Index futures were virtually unchanged following release of the August ADP Employment Report at 8:15 AM EDT. Consensus was an increase of 950,000 versus an upwardly revised gain of 212,000 in July. Actual was 428,000

Dollarama (DOL $42.71) is expected to open higher after reporting higher than consensus second quarter sales and earnings.

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Macy’s gained $0.28 to $7.29 after reporting better than consensus second quarter earnings.

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NVDIA (NVDA $552.84) is expected to open higher after announcing the launch of next generation gaming chips.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/01/stock-market-outlook-for-september-2-2020/

Note seasonality charts on MSCI World ex U.S. Index and Construction Spending.

 

Technical Notes for Tuesday

Shopify (SHOP), a TSX 60 stock moved above $1,472.98 to an all-time high extending an intermediate uptrend.

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AbbVie (ABBV), an S&P 100 stock moved below $91.78 completing a Head & Shoulders pattern.

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CVS Health (CVS), an S&P 100 stock moved below $60.08 setting an intermediate downtrend.

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AmerisourceBergen (ABC), an S&P 100 stock moved below $94.37 setting an intermediate downtrend.

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Incyte (INCY), a NASDAQ 100 stock moved below $92.84 extending an intermediate downtrend.

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eBay (EBAY), a NASDAQ 100 stock moved below $53.54 completing a double top pattern.

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Regeneron (REGN), a NASDAQ 100 stock moved below $592.45 setting an intermediate downtrend.

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BMO Equal Weight Global Metals ETF (ZMT) moved above $39.59 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 1st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for September 1st 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 1st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

Despite strong gains today by the S&P 500 Index thanks to FAANG stocks + Microsoft, the barometer slipped 0.80 to 75.55. It remains intermediate overbought.

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TSX Momentum Barometer

The Barometer added 0.48 to 66.99 yesterday. It remains intermediate overbought.

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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 Wednesday September 2nd 2020”

  1. Larry/ON Says:

    High flying growth stocks dropping this morning. SHOP breakout being retested. AAPL down. TSLA down etc. Meanwhile MSFT getting some buying interest at its’ all-time high. Banks doing well. There is some asset reallocation going on. Semis doing very well.

  2. Larry/ON Says:

    MSFT has been lagging the tech sector recently but looks ready to move to test monthly R1 point at 236.90.

  3. wsto Says:

    I notice that the VIX and SPY have both been going up in the past few days when they are traditionally inversely correlated. Given Sept is seasonally one of the weakest months, and with the uncertainty of the US election (polls indicating no clear leader), could there be a sell off coming soon and if so how deep will it be?

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