Tech Talk for Thursday August 29th 2019
U.S. equity index futures moved higher this morning. S&P 500 futures were up 29 points in pre-opening trade. Index futures responded to news that China won't immediately respond to recent tariff hikes announced by the U.S.
Equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for second estimate of second quarter real GDP was growth at a 2.0% rate versus 3.1% in the first quarter. Actual was growth at a 2.0%. Consensus for Weekly Initial Jobless Claims was an increase to 215,000 from upwardly revised 211,000 last week. Actual was 215,000.
Best Buy dropped $4.29 to $64.71 after reporting lower than consensus second quarter sales and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/08/clip_image0011-11.png "clip_image001[1]")
Abercrombie & Fitch dropped $1.99 to $15.03 after reporting lower than consensus second quarter sales and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/08/clip_image0021-13.png "clip_image002[1]")
H&R Block (HRB $26.88) is expected to open lower after reporting a larger than consensus fiscal first quarter loss.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/08/clip_image0031-10.png "clip_image003[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/08/28/stock-market-outlook-for-august-29-2019/
Note seasonality chart on Crude Oil Days of Supply.
StockTwits released yesterday @EquityClock
Biogen $BIIB, a NASDAQ 100 stock moved below $219.20 extending an intermediate downtrend.
Platinum ETN $PPLT moved above $83.38 setting an intermediate uptrend.
Verizon $VZ, a Dow Jones Industrial stock moved above $58.05 setting an intermediate uptrend.
Trader's Corner
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 added 2.80 to 36.60 yesterday. It remains intermediate oversold.
TSX Momentum Barometer
The Barometer added 2.56 to 42.31 yesterday. It changed to intermediate neutral from intermediate oversold on a recovery above 40.00.
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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