Tech Talk for Tuesday September 28th 2020

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Pre-opening Comments for Tuesday September 29th

U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade.

McCormick slipped $4.18 to $191.00 despiter reporting higher than consensus fiscal third quarter revenues and earnings. The company also announced a 2 for 1 stock split.

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Walmart added $0.28 to $137.53 after announcing plans to invest up to $25 billion in the India based Tata Group.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/28/stock-market-outlook-for-september-29-2020/

Technical Notes for Monday September 28th

Solar ETF (TAN) moved above $57.95 to an all-time high extending an intermediate uptrend.

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TCOM (TCOM), a NASDAQ 100 stock moved above $31.01 extending an intermediate uptrend.

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Seattle Genetics (SGEN), a NASDAQ 100 stock moved above $187.99 to an all-time high extending an intermediate uptrend.

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Base metal stocks are under technical pressure. Lundin Mining (LUN) moved below Cdn$7.40 completing a double top pattern triggered by an operational disruption at its Chapada mine.

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Target Corp (TGT), an S&P 100 stock moved above $156.10 to an all-time high extending an intermediate uptrend.

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Power Corp (POW), a TSX 60 stock moved above $27.50 extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for September 28th 2020 clip_image008

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for September 28th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 28th 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, “Countertrend bounce, COVID spark, Dollar up, yields fall, gold lower, banks launder, green rise, election hint”. Following is the link:

https://www.enrichedinvesting.com/wp-content/uploads/2020/09/Countertrend-bounce-COVID-spark-Dollar-up-yields-fall-gold-lower-banks-launder-green-rise-election-hint.pdf

 

S&P 500 Momentum Barometer

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The Barometer advanced 13.03 to 47.29 yesterday. It changed from intermediate oversold to intermediate neutral on a recovery above 40.00.

 

TSX Momentum Barometer

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The Barometer advanced 9.30 to 46.05 yesterday. It changed from intermediate oversold to intermediate neutral on a recovery above 40.00.

 

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

MoneyShowNovember62020




2 Responses to “Tech Talk for Tuesday September 28th 2020”

  1. Bman/Van Says:

    Window dressing completed for quarter end. Suspect with this behind us, we are looking at hitting the 200MA in the next 3 weeks. Ron, is your thoughts still 3,125?

  2. Ron/BC Says:

    Bman/Van

    I find it hard to believe the $SPX will continue to hold up during this fall period. Especially with the pandemic affecting everything negatively.

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