Tech Talk for Wednesday August 29th 2018
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.
Index futures were virtually unchanged following release of the second estimate of U.S. real GDP. Consensus was a slip in growth to an annual rate of 4.0% versus the first estimate of 4.1%. Actual was growth at a 4.2% rate.
Hewlett Packard Enterprises (HPE $16.74) is expected to open higher after fiscal third quarter sales and earnings beat consensus estimates.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0011-15.png "clip_image001[1]")
National Bank (NA $65.19 Cdn.) is expected to open higher after reporting higher than consensus fiscal third quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0021-16.png "clip_image002[1]")
Advanced Micro Devices slipped $0.21 to $24.73 despite MKM Partners raising its fair value per share to $20 from $13.50.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0031-16.png "clip_image003[1]")
Dick's Sporting Goods dropped $2.84 to $33.55 after the company lowered its third quarter guidance.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/08/28/stock-market-outlook-for-august-29-2018/
Note seasonality charts on U.S. International Imports, U.S. International Exports, U.S. Dollar Index and Case-Shiller 20 City Home Price Index.
StockTwits Released Yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $YUM $ALGN $BAX $XLNX $DE. Breakdowns: $CPB $CNP.
Editor's Note: After 10:00 AM EDT, breakouts included PH, MSCI and VRSN. No breakdowns
George Weston $WN.CA, a TSX 60 stock moved below $101.51 extending an intermediate downtrend.
More evidence of a bottom in Chinese funds/ETFs! Morgan Stanley A shares Fund $CAF moved above $21.80 completing a double bottom pattern.
June Home prices up 0.5% (NSA) in America’s 20 largest cities, below the average increase of 1.1% for the month. $MACRO #Housing
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0011-14.png "clip_image001[1]")
US Exports down 8.1% (NSA) in July, while Imports up by 1.9%. Average change for each: -7.1% and +0.3%, respectively. $MACRO #Economy #Trade
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0031-15.png "clip_image003[1]")
![clip_image005[1]](http://charts.equityclock.com/seasonal_charts/economic_data/US_IMPORTS_seasonal_chart.PNG "clip_image005[1]")
Trader's Corner
Equities and Related ETFs
Daily Seasonal/Technical Equity Trends for August 28th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 28th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 28th 2018
Green: Increase from previous day
Red: Decrease from previous day
Upcoming BNN Appearance:
Jon Vialoux will be on BNN's Market Call Tonight at 6:00pm ET this Friday, August 31st taking your calls on Technical Analysis and Seasonal Investing. CALL TOLL-FREE 1-855-326-6266, EMAIL marketcall@bnnbloomberg.ca, or TWEET @MarketCall.
S&P 500 Momentum Barometer
The Barometer slipped 0.80 to 73.60 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer dropped 3.51 to 51.04 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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