Tech Talk for Thursday September 10th 2020
McDonalds (MCD), a Dow Jones Industrial Average stock moved above $216.43 to an all-time high extending an intermediate uptrend.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0013-1.png "clip_image001[3]")
Pre-opening Comments for Thursday September 10th
Equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.
The ECB announced that its overnight lending rates to European banks remained unchanged.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 846,000 versus 881,000 last week. Actual was 884,000. Consensus for the August U.S. Producer Price Index was an increase of 0.2% versus a gain of 0.6% in July. Actual was an increase of 0.3%. Excluding food and energy, consensus for the August U.S. Producer Price Index was an increase of 0.2% versus a gain of 0.6% in July. Actual was an increase of 0.4%.
Chipotle gained $1.95 to $1,322.98 after Truist raised its target price from $1,358 to $1,580.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0011-4.png "clip_image001[1]")
Nike (NKE $114.80) is expected to open higher after Wedbush raised its target price from $107 to $127.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0021-5.png "clip_image002[1]")
Bed Bath & Beyond added $0.73 to $12.15 after Wedbush selected the stock for its "Best Ideas" list.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/09/clip_image0031-5.png "clip_image003[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/09/09/stock-market-outlook-for-september-10-2020/
Note seasonality chart on U.S. Job Openings
Technical Notes for Wednesday September 9th
Walgreens Boots (WBA), a Dow Jones Industrial stock moved below $35.83 extending an intermediate downtrend.
Mylan (MYL), a NASDAQ 100 stock moved below $15.29 setting an intermediate downtrend.
Align Technology (ALGN), a NASDAQ 100 stock moved above $326.36 extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for September 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for September 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Market Buzz
Greg Schnell asks, "Will other sectors break"? Following is a link:
https://www.youtube.com/watch?v=7yRFvbgiWL0&feature=youtu.be
S&P 500 Momentum Barometer
The Barometer gained 8.02 to 62.32 yesterday. It changed back from intermediate neutral to intermediate overbought on a recovery above 60.00.
TSX Momentum Barometer
The Barometer gained 7.66 to 57.89 yesterday. It remains intermediate neutral.
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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