Tech Talk for Thursday September 13th 2018
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 210,000 from 205,000 last week. Actual was a slip to 204,000 .Consensus for August Consumer Prices was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.2%. Excluding food and energy, consensus for August Consumer Prices was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.1%.
The Bank of England and the European Central Bank maintained their overnight lending rate to major banks.
Kroger (KR $31.73) is expected to open lower after reporting lower than consensus second quarter sales.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0011.png "clip_image001[1]")
Micron (MU $41.74) is expected to open lower after MKM Partners lowered its target price to $63 from $77.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0021-1.png "clip_image002[1]")
Methanex (MX $) is expected to open higher after Raymond James upgraded the stock to Outperform from Perform. Target was raised to $90 from $72.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0031-1.png "clip_image003[1]")
Apple (AAPL $) is expected to open lower after Goldman Sachs reduced its fiscal 2019 earnings estimate.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/09/clip_image0041-1.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/09/12/stock-market-outlook-for-september-13-2018/
Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and the Producer Price Index.
Observation
Weakness in the U.S. Dollar Index and its related ETN had a significant positive impact on commodities (other than grains) and commodity stocks/ETFs.
StockTwits Released Yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $DISCK $DISCA $NI $VZ $T $NLSN $FDX $PFE.
Editor's Note: After 10:00 AM EDT, breakouts included CL, XOM, WU and HSIC. Breakdowns: APC, JPM, OXY.
Pfizer $PFE, a Dow Jones Industrial stock moved above $42.77 to an all-time high extending an intermediate uptrend.
Exxon Mobil $XOM, a Dow Jones Industrial stock moved $83.54 extending an intermediate uptrend.
Open Text $OTEX $OTEX.CA, a TSX 60 stock moved below $38.09 U.S. and $49.70 Cdn. completing a double top pattern.
JP Morgan $JPM, a Dow Jones Industrial stock moved below $112.97 setting an intermediate downtrend.
Trader's Corner
Equities and Related ETFs
Daily Seasonal/Technical Equity Trends for September 12th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 12th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 12th 2018
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The barometer added 0.20 to 66.80 yesterday. It remains intermediate overbought and rolling over.
TSX Momentum Barometer
The barometer added 1.68 to 42.44 yesterday. It remains intermediate neutral and trending down.
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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