Tech Talk for Thursday September 17th 2020

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Pre-opening Comments for Thursday September 17th

U.S. equity index futures were lower this morning. S&P 500 futures were down 51 points in pre-opening trade. The S&P 500 Index is slated to open below its 50 day moving average at 3335.87,

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Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for August Housing Starts was a slip to 1.478 million units from 1.496 million units in July. Actual was a drop to 1.416 million units Consensus for September Philly Fed Index was a slip to 15.0 from 17.2 in August. Actual was a slip to 15.0 Consensus for Weekly Jobless Claims was 850,000 versus 893,000 last week. Actual was 860,000

Bank of England held its overnight lending rate to major banks at 0.1%.

Pepsico slipped $0.83 to $134.15 after JP Morgan lowered its target price from $154 to $149.

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Moderna gained $1.14 to $69.98 after the company noted that it should have enough data in November to know whether its COVID vaccine works.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/16/stock-market-outlook-for-september-17-2020/

Note seasonality charts on Crude Oil Days of Supply and U.S. Retail Trade.

Responses to the FOMC News at 2:00 PM EDT Yesterday

The Federal Reserve maintained an “easy money” monetary policy that is expected to continue until the end of 2023.

U.S. equity indices initial moved higher but closed lower.

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Bond prices moved lower, Long term Treasury bond yields moved higher.

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The U.S. Dollar and its related ETN moved higher.

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Gold and most commodity prices were mixed

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Technical Notes for September 16th

First Quantum Minerals (FM), a TSX 60 stock moved above $14.09 and $14.11 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 16th 2020

spx sept 17

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for September 16th 2020

crb sept 17

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 16th 2020

xlk sept 17

Green: Increase from previous day

Red: Decrease from previous day

Market Buzz

Greg Schnell asks, “Can Gold Shine”? Following is the link:

https://www.youtube.com/watch?v=PefL7ZpZEKM&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer added 3.61 to 66.53 yesterday. It remains intermediate overbought.

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TSX Momentum Barometer

The Barometer slipped 1.24 to 60.19 yesterday. It remains intermediate overbought.

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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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6 Responses to “Tech Talk for Thursday September 17th 2020”

  1. Larry/ON Says:

    The market is at a very precarious point this morning on the gap down.

  2. bruce Says:

    the AAII survey shows the bulls up 8.3 to 32% and the bears back down 8.1 to 40.4%….

  3. Ron/BC Says:

    This is an interesting and informative site to browse through.

    https://finviz.com/groups.ashx

  4. bruce Says:

    Ron
    tnx for the finviz site…..amazing how they can compile so much information in an instant….I’m from the generation that thought the Quotron machine was the absolute tops in high tech…..in fact the phrase “high tech” wasn’t even being used then….should be an interesting closing half hour to-night……

  5. Florence Says:

    Thanks Ron/BC for pointing out the groups site in finviz. I check this site every night for the futures but didn’t realize it has all this other information.

  6. Ron/BC Says:

    Bruce

    I’m from the era that thought the calculator was the peak in high tech………….Didn’t need the fingers as much anymore,lol.

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