Tech Talk for Wednesday September 1st 2021

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Pre-opening Comments for Wednesday September 1st

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade.

Index futures were virtually unchanged following release of the August ADP Non-farm Employment report at 8:15 AM EDT. Consensus was an increase to 500,000 from 330,000 in July. Actual was an increase of 374,000.

WTI crude oil added $0.16 to $68.66 per barrel after OPEC increased its forecast for crude oil demand in 2022.

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Campbell Soup added $0.32 to $42.04 after the company reported higher than consensus fiscal fourth quarter earnings. The company also announced a share buyback program.

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Brown-Forman added $0.41 to $70.63 after the company reported higher than consensus fiscal first quarter revenues.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/08/31/stock-market-outlook-for-september-1-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

The Dark Index just fell to the lowest level since February 23rd as institutional investors show a lack of excitement towards the market at these heights. equityclock.com/2021/08/30/… $STUDY $SPX $SPY #DIX

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Cameco $CCO.CA a TSX 60 stock moved above intermediate resistance at Cdn$22.89 and US$21.95.

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Uranium Equity ETF $URA with a heavy weight in $CCO.CA moved above intermediate resistance at $20.61

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Canadian Pacific $CP.CA a TSX 60 stock moved below $89.16, $88.52 and $87.58 completing a Head & Shoulders pattern.

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DexCom $DXCM a NASDAQ 100 stock moved above $527.10 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 August 31st 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 31st 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 31st 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

All seasonality ratings are based on performance relative to the S&P 500 Index

 

The Canadian Technician

Greg Schnell asks, “Is lumber out of its slumber”? Following is the link:

Is Lumber Out Of It’s Slumber? | The Canadian Technician | StockCharts.com

 

Seasonaliity Chart of the Day from www.EquityClock.com

Seasonal influences on a real and relative basis for the forest product sector are favourable between now and the end of January.

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On the charts, Canadian and U.S. forest product stocks are recording bottoming patterns. Timber iShares recently moved above their 20 and 50 day moving average, broke above a 3 month trading range and recorded positive short term momentum indicators (RSI, Stochastics, MACD).

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S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.00 to 68.14 yesterday. It remains Overbought.

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The long term Barometer added 0.80 to 81.95 yesterday. It remains Extremely Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 1.74 to 58.05 yesterday. It remains Neutral.

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The long term Barometer added 0.35 to 72.68 yesterday. It remains 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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