Tech Talk for Wednesday September 5th 2018

Technical action near the close:

Mexico iShares moved below $48.92. NAFTA negotiations requiring Congressional approval with both Canada and Mexico have yet to be completed.

Brazil iShares showing volatility prior to the election on October 7th

Canadian "oily" stocks remain under pressure despite higher crude U.S. crude oil prices. More fallout from delay of the TransMountain Pipeline expansion!

Greek ETF dropped to a 16 month low. Not a good sign for hopes for political and economic stability/growth in Europe!

The Canadian Dollar responded to Trump's "tweets" on Friday and over the weekend suggesting that U.S. NAFTA negotiators are 'playing hard ball". Negotiations resume today.

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:15:Bearish. No intermediate breakouts. Breakdowns: $NWSA 4BEN $LH $STX $WDC.

Editor's Note: After 10:15 AM EDT, breakouts included HD and ICE. Breakdowns included MAS and PXD.

Base Metal stocks under pressure. Breakdowns by $RIO $FM.CA $LUN.CA. Related ETFs $ZMT.CA $PICK.

Editor's Note: Add Hudbay Minerals to the list.

Base metal equity prices are responding to sharp drops in copper, nickel and zinc prices:

Power Corp $POW.CA, a TSX 60 stocks moved below $28.88 reflecting the breakdown by Power Financial below $30.70. $PWF.CA

TSX Gold iShares $XGD.CA extended an intermediate downtrend triggered by a breakdown by Goldcorp $GG $G.CA.

Editor's Note: U.S. listed Gold/Silver stocks and their related ETFs also moved below intermediate support.

BCE $BCE.CA $BCE, a TSX 60 stock moved below $53.00 Cdn ($40.19 US) completing a short term topping pattern.

Shaw Coumunictions $SJR $SJR.B.CA , a TSX 60 stock moved below $19.76 U.S. and $26.11 Cdn completing a double top pattern.

South Africa iShares $EZA moved below $51.45 extending an intermediate downtrend.

Laurentian Bank $LB.CA moved below short term support levels following release of fiscal Q3 earnings report.

Cogeco Cable $CCA.CA moved below $63.17 extending an intermediate downtrend.

Saputo $SAP.CA, a TSX 60 stock moved below $38.78 extending an intermediate downtrend. NAFTA/Supply Management concerns?

Loblaw Companies $L.CA, a TSX 60 stock moved below $66.70 setting an intermediate downtrend.

US Total #Construction Spending up 2.3% (NSA) in July, better than the 1.5% increase that is average for the month. $MACRO #Economy

Home Depot $HD, a Dow Jones Industrial stock moved above $203.21 and $204.23 to an all-time high extending an intermediate uptrend.

Trader's Corner

Short term momentum indicators (particularly on commodities) turned down for a wide variety of markets and related ETFs

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for September 4th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 4th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 4th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped 2.40 to 68.00 yesterday. It remains intermediate overbought and showing signs of rolling over.

TSX Momentum Barometer

The Barometer plunged 7.70 to 40.00 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

Sponsored By...