Tech Talk for Thursday August 9th 2018

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

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for weekly Jobless Claims was 220,000 versus a revised 219,000 last week. Actual was 213,000. Consensus for July Producer Prices was an increase of 0.2% versus a gain of 0.1% in June. Actual was unchanged. Excluding food and energy, consensus for July Producer Prices was an increase of 0.3% versus a gain of 0.2% in June. Actual was an increase of 0.1%

Viacom (VIAB $28.62) is expected to open higher after reporting higher than consensus quarterly earnings.

Canada Goose (GOOS $55.91) is expected to open higher after reporting higher than consensus quarterly results. .

Canadian Tire (CTC.A $182.40) is expected to open lower after reporting lower than consensus second quarter sales and earnings.

Wendy's added $0.25 to 17.26 after JP Morgan raised its target price to $19.50 from $18.00.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/08/08/stock-market-outlook-for-august-9-2018/

Note seasonality charts on the VIX Index, Dow Jones Industrial Average during mid-term election years, Crude Oil days of Supply, Gasoline Days of Supply and Crude Oil.

Observations

"Oily" stocks were notably weaker on both sides of the border following a 3.22% drop in the price of crude oil.

Natural gas and "Gassy" stocks moved in the opposite direction. Hotter than average weather, lower than average inventories and approaching hurricane season are having an impact.

StockTwits Released Yesterday @EquityClock

Russian ETF $RSX moved below $20.87 setting an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $AET $UNH $ALB. No breakdowns.

Editor's Note: Breakouts after 10:00 AM EDT included NTAP, CNC, CFG and KORS. Breakdowns: OXY, HLT.

Saputo $SAP.CA, a TSX 60 stock moved below $41.07 setting an intermediate downtrend.

Oil & Gas Exploration SPDRs $XOP moved below $41.38 setting an intermediate downtrend. Responding to lower oil prices.

Canadian auto part stocks under pressure prior to tariff negotiations $MRE.CA $LNR.CA $MG.CA

Domestic production of Crude #Oil continues to roll over as inventories develop a short-term range. $CL_F $USO $XLE $XOP

Trader's Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for August 8th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 8th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 8th 2018

Green: Increase from previous day

Red: Decrease from previous day

Jeff Parent from CastleMoore on

        BNNBloomberg's Market Call

Following are links to yesterday's show:

Top Picks

https://www.bnnbloomberg.ca/video/jeff-parent-s-top-picks~1456938

Past Picks

https://www.bnnbloomberg.ca/video/jeff-parent-s-past-picks~1456908

Market Outlook

https://www.bnnbloomberg.ca/video/jeff-parent-s-market-outlook~1456905

S&P 500 Momentum Barometer

The Barometer slipped 2.20 to 69.60 yesterday. It remains intermediate overbought

TSX Momentum Barometer

The Barometer added 2.08 to 48.75 yesterday. It remains intermediate neutral and continues to trend 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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