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Tech Talk for Thursday August 10th 2017

Pre-opening Comments for Thursday August 10th

U.S. equity index futures were lower this morning. S&P 500 futures dropped 10 points in pre-opening trade. Uncertainties related to North Korea continue to rise. The S&P 500 Index is expected to open below short term support at 2,465 and its 20 day moving average at 2,471.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for weekly jobless claims was 241,000 versus 241,000 last week. Actual was 244,000. Consensus for July Producer Prices was an increase of 0.2% versus a gain of 0.1% in June. Actual was a decline of 0.1%. Excluding food and energy, consensus for July Producer Prices was an increase of 0.2% versus a gain of 0.1% in June. Actual was a decline of 0.1%.

Disney slipped $0.32 to $102.51 after UBS lowered its target price to $126 from $130.

Ralph Lauren (RL $87.05) is expected to open higher after UBS raised its target price to $90 from $73.

Delta Airlines gained $0.18 to $49.85 after Barclays initiated coverage with an Overweight rating.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/08/09/stock-market-outlook-f...

Note seasonality charts on General Dynamics, Lockheed Martin, Northrop Grumman, Crude Oil Days of Supply, Gasoline Days of Supply and Total Vehicle Sales

StockTwits Released Yesterday @EquityClock

Job openings record largest June increase on record while hires struggle. See

http://www.equityclock.com/2017/08/08/stock-market-outlook-for-august-9-2017/

Utilities SPDRs $XLU moved above $54.22 to an all-time high extending an intermediate uptrend.

Finning International $FTT.CA moved above $27.62 to a 3 year high extending an intermediate uptrend.

Martinrea $MRE.CA moved above $10.85 on better than expected eps.

United Technologies $UTX completed a modified Head & Shoulders pattern on a move below $117.85.

Technical action by S&P 500 stocks to 10:00: Bearish. No breakouts. Breakdowns: $DIS $TRIP $MMC $AGN $MAS $UTX

Editor’s Note: After 10:00 AM EDT, breakouts included HD, LLL, IFF and XEC. Breakdowns included ESRX, SCHW and ADS.

Interfor $IFP.CA moved above $20.34 to a 2 year high extending an intermediate uptrend.

Franco-Nevada $FNV, a TSX 60 stock moved above $76.03 extending an intermediate uptrend.

Husky Energy $HSE.CA, a TSX 60 stock moved above $14.84 completing a base building pattern.

Junior gold producer stocks are responding to higher gold prices e.g. $SMF.CA

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for August 9th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for August 9th 2017

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Daily Seasonal/Technical Sector Trends for August 9th 2017

Red: Decrease from previous day

Green: Increase from previous day

S&P 500 Momentum Barometer

The Barometer slipped 0.80 to 57.31 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

The Barometer added 0.42 to 45.61 yesterday. It remains intermediate neutral.

 

Disclaimer: Seasonality and technical ratings offered in this report and 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