Tech Talk for Thursday September 6th 2018

U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news. Consensus for Weekly Jobless Claims released at 8:30 AM EDT was an increase to 215,000 from 213,000 last week. Actual was 203,000. Consensus for August ADP Private Employment released at 8:15 AM EDT was a dip to 187,000 from 219,000 in July. Actual was163,000.

Navistar gained $1.41 to $42.01 after reporting higher than consensus fiscal third quarter results. The company also raised its guidance.

Franklin Resources (BEN $31.42) is expected to open lower after JP Morgan lowered its rating to Underweight from Neutral.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/05/stock-market-outlook-for-september-6-2018/

Note seasonality charts on the Technology sector, Canadian Merchandise Exports and Canadian Merchandise Imports.

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. Breakouts: $YUM $EQT $AJG $AON Breakdowns: $F $GM $WYND $CL $COG $HAL $SLB $MAC $ZBH $RHI $GOOGL

Editor's Note: After 10:00 AM EDT, breakouts included XYL, CMS and AME. Breakdowns included WU, TROW, MCK, GOOG and SWKS.

Auto stocks $F $GM and the auto ETF $CARZ were notable on the list of breakdowns.

Alphabet $GOOGL, one of the FAANG stocks moved below $1204.00 extending an intermediate downtrend.

TSX Energy iShares $XEG.CA moved below $12.26 completing a Head & Shoulders pattern.

Canadian Tire $CTC.A.CA, a TSX 60 stock moved below $161.40 and $160.60 extending an intermediate downtrend.

Imperial Oil $IMO.CA, a TSX 60 stock moved below $40.05 extending an intermediate downtrend.

Barrick Gold $ABX ABX.CA, a TSX 60 stock moved below $9.69 U.S. and $12.77 Cdn extending an intermediate downtrend.

Coal ETF $KOL moved below $15.11 extending an intermediate downtrend.

Cenovus $CVE.CA $CVE, a TSX 60 stock moved below $11.53 Cdn and $8.77 U.S. extending an intermediate downtrend.

Junior Gold ETF $GDXJ moved below $26.78 extending an intermediate downtrend.

Uranium ETF moved below $12.24 and $12.25 extending an intermediate downtrend

TSX Composite Index $TSX.CA moved below 16,075.34 completing a Head & Shoulders pattern.

S&P/TSX 60 Index $SPTSE.CA moved below $958.41 completing a Head & Shoulders pattern.

Fairfax Financial $FFH.CA moved below $692.10 completing a Head & Shoulders pattern.

Canada Exports down 6.9% (NSA) in July, Imports down 5.9%. Average change for each: -8.2% and -9.2%, respectively. $MACRO #CDNecon #CAD

Trader's Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for September 5th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 5th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 5th 2018

Green: Increase from previous day

Red: Decrease from previous day

Schachter Energy Conference

Josef's first energy conference is scheduled on Saturday September 29th in Calgary. It features 20 companies that will update their prospects. More information on the conference and registration is available through the following links:

Facebook: https://www.facebook.com/patty.schachter/posts/10156150610559702?comment_tracking=%7B%22tn%22%3A%22O%22%7D

LinkedIn: https://www.linkedin.com/feed/update/urn:li:activity:6435937562195423232

Twitter: https://twitter.com/JosefSchachter/status/1032030657818456064

Keith Richards' Blog

Keith Richards says "Why I hate stop loss orders". Following is a link:

https://www.valuetrend.ca/why-i-hate-stop-loss-orders/

S&P 500 Momentum Barometer

The Barometer added 1.80 to 69.80 yesterday. It remains intermediate overbought

TSX Momentum Barometer

The Barometer dropped another 2.45 to 37.55 yesterday. It has dropped to an intermediate oversold level, but continues to trend lower.

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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