Tech Talk for Thursday August 8th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.

Index futures were virtually unchanged following release of the Weekly Initial Jobless Claim report at 8:30 AM EDT. Consensus was an increase to 217,000 from 215,000 last week. Actual was 209,000.

Walt Disney added $1.42 to $136.28 after Credit Suisse upgraded the stock to Buy and raised its target price from $130 to $150.

Caterpillar dropped $1.65 to $119.13 after Goldman Sachs downgraded the stock to Neutral from Buy and lowered its target price from $156 to $130.

Viacom (VIAB $29.67) is expected to open higher after reporting higher than consensus fiscal third quarter revenues and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/07/stock-market-outlook-for-august-8-2019/

Note seasonality charts on 30 Year Treasury Bond Futures and Crude Oil Days of Supply.

StockTwits released yesterday @EquityClock

S&P/TSX 60 Index $TSX.CA below $956.20 completing a double top pattern.

Berkshire Hathaway $BRK.B, a Dow Jones Industrial stock moved below $196.89 setting an intermediate downtrend.

MMM $MMM, a Dow Jones Industrial stock moved below $159.32 extending an intermediate downtrend.

Global Timber & Forest iShares $WOOD moved below $55.30 extending an intermediate downtrend

U.S. Money Center Bank iShares $KBE moved below $40.48 setting an intermediate downtrend.

U.S. Regional Bank iShares $KRE moved below $48.63 setting an intermediate downtrend

U.S. crude oil ETN $USO moved below $10.53 extending an intermediate downtrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 7th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 7th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 7th 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 2.60 to 36.60 yesterday. It remains intermediate oversold and trending down.

TSX Momentum Barometer

The Barometer gained 4.09 to 50.21 yesterday. It remains intermediate neutral.

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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