Tech Talk for Friday August 30th 2019

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 economic news at 8:30 AM EDT. Consensus for July Personal Income was an increase of 0.3% versus a gain of 0.4% in June. Actual was an increase of 0.1%. Consensus for July Personal Spending was an increase of 0.5% versus a gain of 0.3% in June. Actual was an increase of .6%.

The Canadian Dollar moved slightly higher to 75.44 cents U.S. following release of June Canadian GDP at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.2% in May. Actual was an increase of 0.2%.

Campbell Soup gained $1.88 to $45.19 after raising earnings guidance.

Dell jumped $4.36 to $51.13 after reporting higher than consensus quarterly sales and earnings.

Big Lots advanced $2.00 to $24.01 after reporting higher than consensus quarterly earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/29/stock-market-outlook-for-august-30-2019/

Note seasonality charts on U.S. import and export trade.

Observations

Consumer Staples SPDRs XLP moved above $61.02 to an all-time high.

Natural gas moved above $2.27 per MBtu completing a short term base building pattern. Responding to anticipation of a temporary shutdown by oil and gas production in the Gulf of Mexico due to the arrival of Hurricane Dorian.

StockTwits released yesterday @EquityClock

Suncor $SU.CA, a TSX 60 stock moved above $38.44 completing a short term double bottom pattern.

Canadian crude oil price index $CCX moved above $10.93 extending an intermediate uptrend. Canadian "oily" stocks are responding. $XEG.CA $SU.CA

TC Energy $TRP.CA, a TSX 60 stock moved above $67.15 to an all-time high extending an intermediate uptrend.

Restaurants International $QSR.CA, a TSX 60 stock moved above $104.07 to an all-time high extending an intermediate uptrend.

Canadian Western Bank $CWB.CA moved above $31.12 extending an intermediate uptrend. The Bank reported higher than consensus fiscal third quarter earnings and raised its dividend.

BCE $BCE.CA, a TSX 60 stock moved above $62.75 to an all-time high extending an intermediate uptrend.

Magna International $MG.CA, a TSX 60 stock moved above $66.39 extending an intermediate uptrend.

Trader's Corner

Editor's Note: Moves above 20 day moving average by a wide variety of indices and sectors triggered a strong upside technical move yesterday.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 28th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 28th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 28th 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer advanced 7.20 to 43.80 yesterday. It changed to intermediate neutral from intermediate oversold on a move above 40.00.

TSX Momentum Barometer

The Barometer advanced 7.05 to 49.36 yesterday. It remains intermediate neutral.

Next report

As Monday is a statutory and public holiday in North America, the next report will be released on Tuesday, September 3rd.

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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