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Tech Talk for Wednesday August 24th 2016

 

Observations

U.S. highlights yesterday included the Biotech, Home Builder and the “gassy” sectors. Home Builders were helped by higher than expected July New Home Sales. “Gassy” stocks and related ETFs were helped by an improving technical profile for natural gas. Hurricane season is approaching.

 

StockTwits Released Yesterday

New concerns emerge in the seasonal gold trade as miners start to underperform the commodity.

Editor’s note: Several gold equities broke short term support including Goldcorp and Eldorado.

Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $BWA, $CCL, $WAT, $LRCX, $WU, $URI.

Editor’s Note: After 10:00 AM EDT, the following S&P 500 stocks broke resistance: MCO, CFG, V, DHI and TMK. Breakdowns included NOC and PGR.

Nice breakout by $ZEB.CA above $23.67 to an all-time high following $BMO.CA report!

Cdn. banks moving to new highs include $BNS.CA, $NA.CA, $BMO, $RY.CA

Nice breakout by $BBH above resistance at $118.52 extending intermediate uptrend!

‘Tis the season for strength in the Biotech sector to mid-September! $BBH, $IBB, $FBT

Nice breakout by $GIB above $49.50 reaching all-time high extending intermediate uptrend.

Breakout by S&P Materials Index above 308.20 reaching 1 year high extending intermediate uptrend! Also, $XLB

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for August 23rd 2016

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for August 23rd 2016

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for August 23rd 2016

Green: Increase from previous day

Red: Decrease from previous day

 

Special Free Services available through www.equityclock.com

Equityclock.com is offering free access to a data base showing seasonal studies on individual stocks and sectors. The data base holds seasonality studies on over 1000 big and moderate cap securities and indices. To login, simply go to http://www.equityclock.com/charts/ Following is an example:

 

S&P 500 Momentum Barometer

The Barometer added 1.60 to 70.20 yesterday. It remains intermediate overbought and trending down.

 

TSX Composite Momentum Barometer

The Barometer slipped 0.43 to 70.64 yesterday. It remains intermediate overbought and rolling over.

 

Disclaimer: Seasonality and technical ratings offered in this report by www.timingthemarket.ca 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