Tech Talk for Tuesday September 15th 2020

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Morning Technical Notes for Tuesday September 15th

Cognizant (CTSH), a NASDAQ 100 stock moved above $69.26 extending an intermediate uptrend.

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Hong Kong iShares (EWH) moved above $22.94 extending an intermediate uptrend.

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Bank of New York Mellon (BK), an S&P 100 stock moved below $35.21 setting an intermediate downtrend.

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Citigroup (C ), an S&P 100 stock moved below $47.72 setting an intermediate downtrend.

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Pre-opening Comments for Tuesday September 15th

U.S. equity index futures were higher this morning. S&P 500 futures were up 26 points in pre-opening trade.

Index futures were virtually unchanged following release of the September Empire State Manufacturing Survey at 8:30 AM EDT. Consensus was an increase to 6.00 from 3.70 in August. Actual was an increase to 17.00

Apple gained $2.40 to $117.76 in anticipation of launch later today of a variety of new products. The company is expected to launch a new watch and iPad.

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Kraft Heinz added $0.73 to $32.60 after announcing plans to cut costs by $2 billion over the next five years.

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Pepsico added $0.03 to $136.70 after announcing launch of a beverage called Driftwell to aid sleep.

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Netflix (NFLX $476.26) is expected to open higher after KeyBanc Capital initiated coverage with an Overweight rating.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/14/stock-market-outlook-for-september-15-2020/

Technical Notes for Monday September 14th

Canadian Pacific (CP), a TSX 60 stock moved above $398.00 to an all-time high extending an intermediate uptrend.

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Canadian National Railway (CNR), a TSX 60 stock moved above $140.27 to an all-time high extending an intermediate uptrend.

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Agnico Eagle (AEM), a TSX 60 stock moved above US$84.45 and $112.09 Cdn. to an all-time high extending an intermediate uptrend.

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Nutrien (NTR), a TSX 60 stock moved above $52.64 extending an intermediate uptrend.

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Global Metals iShares (PICK) moved above $28.60 extending an intermediate uptrend.

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Cameco and other uranium stock moved higher on news that Russia and the U.S extended an agreement that limits Russian uranium sales into the U.S. until 2040. The agreement sets the stage for higher uranium prices in North America. Former agreement expires at the end of 2020.

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Seasonal influences turn positive for Cameco and uranium stocks at the end of September

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 14th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for September 14th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 14th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly comment. Headline reads,” Reserve currencies, shelf life, money supply, velocity diverges, stock drop, gold hold, cruel low, second wave”. Following is the link:

https://www.enrichedinvesting.com/wp-content/uploads/2020/09/Reserve-currencies-shelf-life-money-supply-velocity-diverges-stock-drop-gold-hold-cruel-low-second-wave.pdf

Editor’s Note: The report includes an excellent history on the evolution of money.

 

S&P 500 Momentum Barometer

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The Barometer gained 8.22 to $62.12 yesterday. It changed from intermediate neutral to intermediate overbought on a move back above 60.00.

 

TSX Momentum Barometer

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The Barometer gained 9.29 to 58.10 yesterday. It remains intermediate neutral.

 

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 Tuesday September 15th 2020”

  1. Ron/BC Says:

    The majority of S&P500 stocks continue to under perform as the equal weight S&P500 ETF:RSP has yet to clear the February highs and consistently shows technical weakness on rallies.

    With the smokey skies on the West Coast most golfers are staying at home hiding under the bed with the dust bunnies along with the virus worriers so it’s great to have the entire golf course to ourselves.

    https://stockcharts.com/h-sc/ui?s=RSP&p=D&yr=2&mn=0&dy=0&id=p02673724083&a=673066190

  2. tony Says:

    Hi everyone,

    With my indicators still negative and price below the 50MA I agree with Ron its not time to buy, If you own any stock then be sure you have tight stops to trigger in case of a downfall of the markets.

  3. dave/ab Says:

    Quote from Timing the market. worth remembering

    “Weakest four week period in the year for most equity market indices around the world is between mid-September and mid-October. (particularly the TSX Composite Index and U.S. equity indices during U.S. Presidential election years). Look for volatile, choppy equity markets between now and at least mid-October.”

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