Tech Talk for Wednesday September 9th 2020

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Morning Technical Notes for Wednesday September 9th

Walgreens Boots (WBA), a Dow Jones Industrial stock moved below $35.83 extending an intermediate downtrend.

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Pre-opening Comments for Wednesday September 9th

U.S. equity index futures were higher this morning. S&P 500 futures were up 29 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US75.65 cents prior to the Bank of Canada’s economic update released at 10:00 AM EDT. The Bank’s overnight lending rate for major banks is expected to remain unchanged at 0.25%.

AstraZeneca dropped $2.71 to $52.00 after the company put a hold on its COVID 19 vaccine due to safety concerns.

Lululemon dropped $4.80 to $345.00 despite reporting higher than consensus second quarter revenues and earnings. Deutsche Bank lowered its target price on the stock from $341 to $298.

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Slack plunged $4.72 to $24.60 despite reporting higher than consensus quarterly revenues and earnings. The company withheld guidance due to a volatile environment.

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Tiffany dropped $10.61 to $111.20 after LVMH withdrew its $16.2 billion takeover offer for the company.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/09/08/stock-market-outlook-for-september-9-2020/

Note seasonality charts on NASDAQ 100 ETF and U.S. Vehicle Sales.

Technical Notes for September 8th

TSX Composite Index dropped below its “institutionally sensitive” 50 day moving average.

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NASDAQ Composite Index dropped below its “institutionally sensitive” 50 day moving average.

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WTI Crude Oil moved below $37.08 per barrel and its related ETN (USO) moved below $26.82 extending an intermediate downtrend.

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Gasoline ETN moved below $1.11 completing a double top pattern.

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Energy SPDRs (XLE) moved below $34.24 completing a Head & Shoulders pattern.

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Chevron (CVX), a Dow Jones Industrial stock moved below $80.35 completing a Head & Shoulders pattern.

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S&P Oil and Gas Exploration SPDRs moved below $47.19 completing a Head & Shoulders pattern.

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First Trust Natural Gas ETF (FCG) moved below $6.80 completing a Head & Shoulders pattern.

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TSX Energy Index moved below71.76 completing a Head & Shoulders pattern

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Imperial Oil (IMO), a TSX 60 stock moved below $19.79 completing a Head & Shoulders pattern.

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Cenovus (CVE), a TSX 60 stock moved below $5.64 completing a double top pattern

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Husky Energy (HSE), a TSX 60 stock moved below $3.92 setting an intermediate downtrend.

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KraftHeinz (KHC), an S&P 100 stock moved below $32.98 completing a double top pattern.

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Maxim Integrated (MXIM), a NASDAQ 100 stock moved below $66.14 completing a double top pattern.

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Vertex (VRTX), a NASDAQ 100 stock moved below $261.30 completing a Head & Shoulders pattern.

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AutoDesk (ADSK), a NASDAQ 100 stock moved below $226.55 completing a double top pattern.

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ASML (ASML Holdings), a NASDAQ 100 stock moved below $350.74 completing a double top pattern.

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KLA Tencor (KLAC), a NASDAQ 100 stock moved below $186.34 and 175.82 extending an intermediate downtrend.

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Maxim Integrated Products (MXIM), a NASDAQ 100 stock moved below $66.14 completing a double top pattern.

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VeriSign (VRSN), a NASDAQ 100 stock moved below $196.34 completing a double top pattern.

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Gold ETN (GLD) moved below $179.04 completing a double top pattern.

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Franco-Nevada (FNV), a TSX 60 stock moved below US$141.26 setting an intermediate downtrend

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 8th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for September 8th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 8th 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 plunged 18.04 to 54.31 yesterday. It changed from intermediate overbought to intermediate neutral on a move below 60.00. Intermediate trend is down.

 

TSX Momentum Barometer

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The Barometer dropped 3.83 to 50.24 yesterday. It remains intermediate neutral and trending down.

 

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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