Tech Talk for Friday September 3rd 2021
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.
Equity index futures moved lower following release of the August employment report at 8:30 AM EDT. Consensus for August Non-farm Payrolls was 725,000 versus 943,000 in July. Actual was 235,000. Consensus for the August Unemployment Rate was 5.2% versus 5.4% in August. Actual was 5.2%. Consensus for August Hourly Earnings was an increase of 0.4% versus a gain of 0.4% in July. Actual was an increase of 0.6%.
Broadcom added $2.29 to $494.19 after the company reported higher than consensus fiscal third quarter earnings. Mizuho and Deutsche Bank raised their target price on the stock.
Docusign slipped $1.04 to $293.53 despite a target increase by JP Morgan from $255 to $300.
General Motors slipped $0.16 to $48.95 after the company announced a shutdown of production plants due to a shortage of semiconductor chips
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/09/02/stock-market-outlook-for-september-3-2021/
StockTwits released yesterday at
Economic data continues to miss expectations, resulting in the ongoing plunge in the Economic Surprise Index. equityclock.com/2021/09/01/… $SPX $STUDY $MACRO
Europe iShares $IEV moved above $55.62 to an all-time high extending an intermediate uptrend.
Mid-cap SPDRs $MDY moved above $506.29 to an all-time high extending an intermediate uptrend.
Oil and Gas Exploration SPDRs $XOP moved above intermediate resistance at $85.76.
First Trust Natural Gas ETF $FCG moved above intermediate resistance at $14.64.
Netflix $NFLX a NASDAQ 100 stock moved above $593.29 to an all-time high extending an intermediate uptrend.
NextEra Energy $NEE an S&P 100 stock moved above $86.38 to an all-time high extending an intermediate uptrend.
Paccar $PCAR an S&P 100 stock moved above $82.85 completing a double bottom pattern.
O’Reilly $ORLY a NASDAQ 100 stock moved below $579.00 completing a double top pattern.
BHP $BHP moved below $62.54 extending an intermediate downtrend.
Teck Resources $TECK.B.CA a TSX 60 stock moved above $29.47 and $29.54 as well as US$23.57 and US$23.70 resetting an intermediate uptrend.
CGI Group $GIB a TSX 60 stock moved above US$92.59 to an all-time high extending an intermediate uptrend
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 2nd 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 2nd 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 2nd 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index
On the charts, the stock attracted exceptional buying interest during the past week and is now testing its 10 year high at Cdn$26.52. Shares are responding to higher spot uranium prices.
Another way to play is through the ETF: URA that is heavily weighted in Cameco.
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.01 to 69.74 yesterday. It remains Overbought.
The long term Barometer added 1.80 to 82.15 yesterday. It remains Extremely Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.06 to 61.08 yesterday. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 1.71 to 74.88 yesterday.it remains 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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