Tech Talk for Friday September 4th 2020
U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade.
Index futures recovered slightly following release of the U.S. August Employment Report at 8:30 AM EDT. Consensus for August Non-farm Payrolls was 1.400 million versus revised 1.743 million in July. Actual was 1.371 million. Consensus for August Unemployment Rate was 9.8% versus 10.2% in July. Actual was 8.4%
The Canadian Dollar was slipped 0.10 to U.S. 76.27 cents following release of Canada's August Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 300,000 versus 418,500 in July. Actual was 245,800. Consensus for the August Unemployment Rate was a drop to 10.1% from 10.9% in July. Actual was 10.2%
Broadcom advanced $3.91 to $356.00 after reporting higher than consensus quarterly revenues and earnings. Mizuho raised its target on the stock from $350 to $390.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0011-2.png "clip_image001[1]")
DocuSign dropped $17.00 to $225.01 after Wedbush dropped its target price from $270 to $240
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0021-2.png "clip_image002[1]")
Lululemon slipped $6.87 to $372.00 after Citigroup raised its target price on the stock from $340 to $400, but lowered its rating from Buy to Neutral.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0031-2.png "clip_image003[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/09/03/stock-market-outlook-for-september-4-2020/
Note seasonality chart on Non-farm Payrolls
Next Tech Talk Report
Next report is released on Tuesday September 8th. Monday is a holiday
Technical Notes for Thursday
The VIX Index vaulted 7.03% to 33.60%. 'Tis the season for volatility by U.S. equity indices to move higher to mid-October!
S&P Energy Index moved below 259.46 and 260.78 completing a Head & Shoulders pattern
Palladium ETN (PALL) moved above $220.00 extending an intermediate uptrend.
Electronic Arts (EA), a NASDAQ 100 stock moved below $135.56 completing a Head & Shoulders pattern.
MercadoLibre (MELI), a NASDAQ 100 stock moved below $1,090.00 completing a double top pattern.
Kinder Morgan (KMI), an S&P 100 stock moved below $13.60 setting an intermediate downtrend.
ConocoPhillps (COP), an S&P 100 stock moved below $35.90 extending an intermediate downtrend.
Take Two Interactive (TTWO), a NASDAQ 100 stock moved below $165.34 completing a double top pattern.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for September 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for September 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer dropped 9.62 to 73.75 yesterday. It changed from extremely intermediate overbought to intermediate overbought on a drop below 80.00
TSX Momentum Barometer
The Barometer dropped 7.96 to 63.94 yesterday. It remains intermediate overbought and trending 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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