Tech Talk for Thursday September 12th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

Index futures moved higher on news that the European Central Bank lowered its Deposit Facility Rate to -0.50%.

Gold jumped $21.30 to $1524.50 following release of the ECB report.

U.S. equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the August Consumer Price Index was an increase of 0.1% versus a gain of 0.3% in July. Actual was an increase of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.3% in July. Actual was an increase of 0.3%. Consensus for Weekly Initial Jobless Claims was unchanged from last week at 215,000. Actual was a drop to 204,000.

Activision gained $1.68 to $56.59 after Nomura upgraded the stock to Buy from Neutral.

AbbVie added $1.24 to $70.73 after UBS upgraded the stock to Buy from Neutral.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/09/11/stock-market-outlook-for-september-12-2019/

Observation

Nice breakout by Japan iShares above $55.72 completing an extensive base building pattern!

StockTwits released yesterday @EquityClock

Hong Kong iShares $EWH moved above $23.95 completing a double bottom pattern.

Mylan Labs $MYL, a NASDAQ 100 stock moved above $21.88 completing a base building pattern.

Cisco Systems $CSCO, a NASDAQ 100 stock moved above $49.33 completing a short term double bottom pattern

Apple $AAPL, a Dow Jones Industrial stock moved above $220.53 extending an intermediate uptrend

Power Corp $POW.CA, a TSX 60 stock moved above intermediate resistance at $28.26

Producer Prices for All Commodities showing the second weakest year-to-date change in the past 15 years, down by 0.8% through the first eight months of the year. $MACRO $STUDY

Wholesale sales up 1.9% (NSA) in July, while inventories up by 0.2% (NSA). The average change for each in the month is -3.2% and +0.7%, respectively. $MACRO $STUDY

Blackberry $BB.CA, a TSX 60 stock moved above $8.75 and $8.78 completing a base building pattern

Boeing $BA, a Dow Jones Industrial stock moved above intermediate resistance at $380.11

Global Agriculture iShares $COW.CA moved above $42.50 Cdn. to an all-time high extending an intermediate uptrend.

The decline in crude oil inventories since the spring peak has been much sharper than average as upbeat demand for product helps to alleviate bloated stockpiles. $USO $CL_F $XLE $XOP

TSX Fianancials iShares $XFN.CA moved above intermediate resistance at $38.49.

Strength in National Bank $NA.CA contributed to strength in $XFN.CA. National Bank moved above $64.41 to an all-time high extending an intermediate uptrend

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 11th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 11th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 11th 2019

Green: Increase from previous day

Red: Decrease from previous day

Hap Sneddon on BNNBloomberg's Market Call

Hap is the guest analyst today at 12:00 Noon.

S&P 500 Momentum Barometer

The Barometer added another 3.20 to 68.20 yesterday. It remains intermediate overbought, but has yet to show signs of rolling over.

TSX Momentum Barometer

The Barometer was unchanged at 58.19 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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