Tech Talk for Wednesday September 30th 2020

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Pre-opening Comments for Wednesday September 30th

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news. Consensus for the September ADP Employment Report released at 8:15 AM EDT was an increase to 650,000 from an upwardly revised 481,000 in August. Actual was 749,000. Consensus for final estimate of second quarter annualized real GDP released at 8:30 AM EDT was unchanged at a drop of 31.7%. Actual was a drop of 31.4%.

The Canadian Dollar was virtually unchanged at US74.72 following release of Canada’s July GDP report at 8:30 AM EDT. Consensus was an increase of 3.0% versus a gain of 6.5% in June. Actual was an increase of 3.0%

Walt Disney dropped $2.29 to $123.11 after the company laid off 28,000 employees at its theme parks.

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Micron dropped $1.91 to $48.80 despite reporting higher than consensus fiscal fourth quarter revenues and earnings. First quarter guidance was less than consensus.

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Regeneron advanced $10.39 to $584.00 following confirmation that its COVID 19 tests to reduce viral levels recorded encouraging results.

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Canada Goose added $0.79 to $30.47 after Cowen upgraded the stock from market perform to outperform. Target was raised from $23 to $36.

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EquityClock’s Daily Comment

http://www.equityclock.com/2020/09/29/stock-market-outlook-for-september-30-2020/

Note seasonality chart on Respiratory Illness in the U.S.

 

Technical Notes for September 29th

NetEase (NTES), a NASDAQ 100 stock moved below $451.62 and $450.38 completing a short term Head & Shoulders pattern.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for September 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for September 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 29th 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 dropped 5.41 to 41.88 yesterday. It remained intermediate neutral.

 

TSX Momentum Barometer

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The Barometer slipped 3.52 to 42.52 yesterday. It remained 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

MoneyShowNovember62020




7 Responses to “Tech Talk for Wednesday September 30th 2020”

  1. dave/ab Says:

    Never seen such a unprofessional display as last evening. IS the markets excepting the outcome already or still uncertain.

  2. tony Says:

    Hi Dave,

    I agree with you, the bits and pieces I saw,

    Joe he remained calm but he seemed to have difficulty speaking his mind clearly.

    Trump tried to show off is skills as a speaker by letting is voice being heard and bullying through when it was Joes turn to speak,

    I think the producers should have controlled Trumps mic so that Joe could be heard clearly.

  3. bruce Says:

    I think the undecided voters will just stay home and not vote for either after last night’s ugly debate…….

  4. Bman/Van Says:

    The real question to ask is how much sugar high the market my get and for how long on a stimulus measure. It’s probably not much more than a lifesaver candy, small, short lasting and has a gap in the middle. Going to be hard for the markets to find a solid footing with the US election unknown timeline to get all the votes counted and certified. Also, given the main problem “COVID” is still here we may move sideways to down for the next couple months before hitting a low and forming a bottom for year end rally. A rally that then could extend well into 2021.

  5. Ron/BC Says:

    #2
    Tony

    I think Joe has trained to “listen” to people so does so regardless. No point in listening to Trump though. And I agree with the cutting off one person’s mic so the other has his opportunity to comment. But the media loves the hype and chaos unfortunately. They always allow both speakers to speak and comment at once when it would be simple to just have one mic working for whoever has been given the chance to comment. I couldn’t stand to listen to that s.o.b. and finally convinced my partner to shut it off. No point in listening to that b.s. I don’t know why someone doesn’t …………………..

  6. bruce morris Says:

    ron
    I’m also surprised that someone hasn’t already…….Bman..it used to be that too much money chasing too few goods resulted in inflation……that isn’t the case this time……..

  7. tony Says:

    Markets are off to the races my indicators are bullish in a bullish environement as of this morning.

    So bought some nasdaq this afternoon.

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