Tech Talk for Friday September 7th 2018
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.
U.S. equity indices moved lower following release of the August Employment Report at 8:30 AM EDT. Consensus for August Non-Farm Payrolls was an increase to 187,000 from 157,000 in July. Actual was 201,000. Consensus for August Unemployment Rate was a drop to 3.8% from 3.9% in July. Actual was unchanged at 3.9%. Consensus for August Hourly Earnings was an increase of 0.2% versus a gain of 0.3% in July. Actual was an increase of 0.4%.
The Canadian Dollar dropped 0.34 to U.S. 75.93 cents following release of the August Canadian Employment report. Consensus was an increase in August employment by 5,000 versus a gain of 54,100 in July. Actual was a drop of 51,500. Consensus for the August unemployment rate was an increase to 5.9% from 5.8% in July. Actual was an increase to 6.0%.
Broadcom gained $10.98 to $226.92 after reporting higher than consensus fiscal third quarter results.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0015-1.png "clip_image001[5]")
Apple slipped $0.74 to $222.36 despite Piper Jaffray's target price increase to $250 from $218.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0025-2.png "clip_image002[5]")
Biogen (BIIB $341.34) is expected to open lower following release of results of trials on its Alzeimer's drug.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0035.png "clip_image003[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/09/06/stock-market-outlook-for-september-7-2018/
Note seasonality charts on the U.S. Energy sector, Crude Oil Days of Supply, Gasoline Days of Supply and Manufacturing New Orders.
Observations
European equities and related indices/ ETFs resumed an intermediate downtrend. The Stoxx 600 Index moved below 374.38.
Weakness was led by another drop in the Greece's equity index, down 23.1% from its high in February.
Weakest North American sub-sector yesterday was Oil Services.
The commodity sensitive Australian equity market was notably weaker yesterday, joining the commodity sensitive Canadian equity market.
StockTwits Released Yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Bearish. Intermediate breakout: $AME. Breakdowns: $WYNN $FB $LRCX
Facebook $FB, one of the FAANG stocks moved below $164.56 extending an intermediate downtrend.
Water Resource ETF $PHO moved above $31.94 to an all-time high extending an intermediate uptrend.
Another base metal stock breakdown! BHP Billiton $BHP moved below $46.33 extending an intermediate downtrend.
Editor's Note: Add Southern Copper to the list
Chevron $CVX, a Dow Jones Industrial stock moved below $116.31 extending an intermediate downtrend.
Technical action by S&P 500 stocks between10:00 and Noon: Increasingly bearish Intermediate breakdowns: $NWS $MGM $ETFC $IPGP $CVX $SCHW $KLAC $MU.
Utilities SPDRs $XLU moved above $54.76 extending an intermediate uptrend. Individual utility breakouts: $LNT $NEE $ETF
US Factory Orders down 9.6% (NSA) in July, firmly better than the 10.4% average decline for the month. $MACRO #Economy #Manufacturing
Trader's Corner
Equities and Related ETFs
Daily Seasonal/Technical Equity Trends for September 6th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 6th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 6th 2018
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer dropped 1.40 to 68.40 yesterday. It remains intermediate overbought and continues to show early signs of rolling over.
TSX Momentum Barometer
The Barometer slipped another 1.00 to 36.55 yesterday. It remains intermediate oversold and continues to trend down.
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![clip_image024[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0241.png "clip_image024[1]"){kind=small}
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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