Tech Talk for Thursday September 3rd 2020

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Pre-opening Comments for Thursday September 3rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM. Consensus for second estimate of second quarter Non-farm Productivity was an increase to 7.5% from 7.3%. Actual was an increase to 10..1%. Consensus for the July U.S. Trade Deficit was $58.0 billion versus $50.70 billion in June. Actual was $63.6 billion. Consensus for Weekly Jobless Claims was 950,000 versus 1,000,000 last week. Actual was 881,000

The Canadian Dollar was virtually unchanged at US76.27 cents following release of Canada’s July Trade Deficit at 8:30 AM EDT. Consensus was $2.5 billion versus $3.19 billion in June. Actual was $2.45 billion

Costco (COST $358.86) is expected to open higher after reporting higher than consensus sales in August.

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Kansas City Southern added $1.22 to $195.00 on news that Blackstone is leading a group to take over the company.

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JP Morgan gained $2.04 to $103.72 after Deutsche Bank upgraded the stock from Hold to Buy.

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Eli Lilly (LLY $149.55) is expected to open higher after Morgan Stanley raised its rating on the stock from Equal Weight to Overweight.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/09/02/stock-market-outlook-for-september-3-2020/

Note seasonality chart on Crude Oil Days of Supply.

 

Technical Notes for September 2nd

Dow Jones Industrial Average SPDRs (DIA) moved above $291.73 to an all-time high extending an intermediate uptrend.

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S&P 500 Equal Weight ETF (RSP) moved above $112.70 extending an intermediate uptrend.

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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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Cerner (CERN), a NASDAQ 100 stock moved above $74.70 extending an intermediate uptrend.

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Check Point Software Technologies (CHKP), a NASDAQ 100 stock moved above $130.65 to an all-time high

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Cogeco (CGO.TO) moved above $90.80 extending an intermediate uptrend after Rogers Communications made an offer net valued at $4.9 billion to acquire the company’s Canadian assets.

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Rogers Communications (RCI.B), a TSX 60 stock moved above $57.34 setting an intermediate uptrend.

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Brookfield Infrastructure Partners (BIP/UN), a TSX 60 stock moved above $59.98 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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Steel ETF (SLX) moved above $31.59 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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Verizon (VZ), a Dow Jones Industrial Average stock moved above $60.25 to an all-time high extending an intermediate uptrend.

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Willis Towers Watson (WLTW), a NASDAQ 100 stock moved above $213.57 extending an intermediate uptrend.

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NextEra Energy (NEE), an S&P 100 stock moved above $287.96 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 2nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Editor’s Note: Commodity prices and their technical ratings drop significantly yesterday with strength in the U.S. Dollar Index and its related ETN:UUP.

Seasonal/Technical Commodities Trends for September 2nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 2nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell’s “Market Buzz”

Headline reads, “NASDAQ Momentum: Effortless”? Following is a link:

https://www.youtube.com/watch?v=n01HDk45GD8&feature=youtu.be

 

S&P 500 Momentum Barometer

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The Barometer added 7.82 to 83.37 yesterday. It returned from intermediate overbought to extremely intermediate overbought on a move above 80.00.

 

TSX Momentum Barometer

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The Barometer added 4.92 to 71.90 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 Thursday September 3rd 2020”

  1. bruce Says:

    the AAII members survey for the week ended sept. 2nd. show the bulls still hesitant at 30.8% down 1.3…. historical average is 38.0% but the bears have picked up a little to 41.8 plus 2.1
    that historically is 30.5$

  2. tony Says:

    August 31st at 1h30 the vix officialy turned up
    the NSDQ DOw and SNP have been hit hard

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