Tech Talk for Thursday September 2nd 2021

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Pre-opening Comments for Thursday September 2nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

U.S. equity index futures were quiet prior to release of economic news at 8:30 AM EDT. Consensus for August Non-farm Productivity is an increase of 2.4% versus a gain of 2.3% in July. Consensus for the July U.S. Trade Deficit is $75.10 billion versus $75.70 billion in June.

The Canadian Dollar was virtually unchanged at US 79.33 cents prior to release of Canada’s July Merchandise Trade Balance report at 8:30 AM EDT. Consensus is deficit of $0.68 billion versus a surplus of $3.23 billion in June.

Chewy plunged $8.43 to $79.00 after reporting less than consensus second quarter revenues.

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Okta dropped $8.43 to $251.00 after reporting a larger than expected fiscal first quarter loss.

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Costco advanced $1.27 to $457.79 after reporting a 16.2% increase in August sales.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/09/01/stock-market-outlook-for-september-2-2021/

 

Technical Notes for yesterday at

StockTwits.com@EquityClock

Over the past 20 years, the S&P 500 Index has averaged a loss of 0.8% in September with a large dispersion of results around the mean. equityclock.com/2021/08/31/… $SPX $SPY $ES_F $STUDY

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EAFE iShares $EFA moved above $81.40 to an all-time high extending an intermediate uptrend

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Emerging Markets iShares $EEM moved above intermediate resistance at $52.79.

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Russia ETF $RSX moved above $29.68 to an all-time high extending an intermediate uptrend.

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Canadian REIT iShares $XRE.CA moved above $20.25 to an all-time high extending an intermediate uptrend.

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Canadian National Railway $CNR.CA a TSX 60 stock moved above $148.75 to an all-time high extending an intermediate uptrend.

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JD.com $JD a NASDAQ 100 stock moved above intermediate resistance at $80.27.

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AbbVie $ABBV an S&P 100 stock moved below $112.92 and $109.43 setting an intermediate downtrend.

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Simon Properties $SPG an S&P 100 stock moved above $136.05 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 1st 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 1st 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 1st 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

 

Link to comments from www.uncommonsenseinvestor.com

Thank you to Mark Bunting and Uncommon SENSE Investor for links to the following reports.

 

Top Nine Favourite Stocks of Hedge Funds & Mutual Funds – Uncommon Sense Investor

https://uncommonsenseinvestor.com/this-book-is-somewhat-of-a-bible-to-me/

Why You Should Own Stocks Instead of Playing Musical Chairs – Uncommon Sense Investor

 

Market Buzz

Greg Schnell says “Feel the sizzle of softwear”. Following is a link:

https://www.youtube.com/watch?v=pIe3xlfxGo8

 

Seasonality Chart of the Day from www.equityclock.com

Seasonality of the TSX Composite Index changes from Neutral to Negative on a real and relative basis between now and October 10th

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On the charts, the TSX Index closed at an all-time high yesterday. However, strength relative to other major world indices (notably broadly based European and U.S. indices has been negative since mid-June and its short term momentum indicators (e.g. daily Stochastics, RSI, MACD) are Overbought.

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Observation

Far East equity markets and related ETFs recorded a significant upside momentum event yesterday. Most moved above their 20 and 50 day moving averages.

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S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.40 to 66.73 yesterday. It remains Overbought.

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The long term Barometer eased 1.60 to 80.36 yesterday. It remains Extremely Overbought and showing early signs of extending a downtrend.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.98 to 59.02 yesterday. It remains Neutral.

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The long term Barometer added 0.49 to 73.17 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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