Tech Talk for Friday August 28th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade
U.S. equity indices were virtually unchanged following release of economic news at 8:30 AM. Consensus for July Personal Income was an ease of 0.2% versus a decline of 1.1% in June. Actual was a gain of 0.4% Consensus for July Personal Spending was an increase of 1.5% versus an increase of 5.6% in June. Actual was an increase of 1.9%
Commodity prices moved higher when the U.S. Dollar dropped last night to a 28 month low. Notably stronger was gold, up US$40 per ounce to $1972.60. Gold stocks are expected to open smartly higher.
The Canadian Dollar was virtually unchanged at US 76.59 cents following release of Canada's second quarter GDP report. Consensus was a drop of 39.6%. Actual was a drop of 38.7%.
Workday (WDAY) advanced $25.37 to $242.00 after reporting higher than consensus second quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0011-7.png "clip_image001[1]")
Gap Stores (GPS) gained $1.13 to $18.50 after reporting higher than consensus second quarter revenues and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0021-10.png "clip_image002[1]")
HP Inc (HPQ) advanced $0.50 to $18.20 after reporting higher than consensus second quarter revenues and earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0031-8.png "clip_image003[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/08/27/stock-market-outlook-for-august-28-2020/
Note seasonality charts on Initial Jobless Claims and Continued Claims
Technical Notes for August 27th
The VIX Index moved above 24.93% completing a base building pattern. Ditto for its related ETN: HUN.TO! 'Tis the season for the Index to move higher to mid-October1
Expedia (EXPE), a NASDAQ 100 stock moved above $97.59 extending an intermediate uptrend.
McDonalds (MCD), a Dow Jones Industrial Average stock moved above $215.59 extending an intermediate uptrend.
Oracle (ORCL), an S&P 100 stock moved above $57.84 extending an intermediate uptrend.
Intuitive Surgical (ISRG), a NASDAQ 100 stock moved above $704.00 to an all-time high extending an intermediate uptrend.
Costco (COST), an S&P 100 stock moved above $346.12 to an all-time high extending an intermediate uptrend.
Starbucks (SBUX), an S&P 100 stock moved above $83.17 extending an intermediate uptrend.
Grain prices continue to move higher in anticipation of purchase orders from China. Wheat ETN (WEAT) moved above $5.52 completing a base building pattern.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for August 27th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for August 27th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 27th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 5.21 to 79.16 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer slipped 3.08 to 75.12 yesterday. It remains intermediate overbought.
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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