Tech Talk for Thursday September 9th 2021

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Pre-opening Comments for Thursday September 9th

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.

The European Central Bank released its interest rate decision and monetary policy statement at 7:45 AM EDT. Consensus was that its overnight lending rate to major banks would remain unchanged.

Lululemon jumped $42.65 to an all-time high at $423.50 after reporting higher than consensus second quarter revenues and adjusted earnings. The company also raised guidance.

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Shares of Tencent and Netease dropped 3.81% and 6.91% respectively, after Chinese state media reported that the two were among video game firms summoned to a meeting with regulators.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/09/08/stock-market-outlook-for-september-9-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Dow Jones Industrial Average $DJIA moved below its 20 day moving average at 35,310 yesterday and briefly below its 50 day moving average at 35,023 today. It completes a double to pattern on a move below 34,690.

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American Express $AXP a Dow Jones Industrial Average stock moved below $157.33 extending an intermediate downtrend.

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While stocks slipped on Tuesday, it was the defensive segments of the market that realized the bulk of the selling pressures. equityclock.com/2021/09/07/… $XLP $XLU $XLRE $IEF $TLT $GLD

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Docusign $DOCU a NASDAQ 100 stock moved below $281.28 completing a double top pattern.

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T-Mobile $TMUS a NASDAQ 100 stock moved below another intermediate support level at $132.49 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 8th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 8th 2021

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for September 8th 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

 

Seasonality Chart of the Day from www.EquityClock.com

The Dow Jones Industrial Average has a history of moving lower between now and the second week in October followed by resumption of an intermediate uptrend.

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S&P 500 Momentum Barometers

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The intermediate term Barometer was unchanged at 59.72 yesterday. It remains Neutral.

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The long term Barometer dropped another 1.80 to 76.95 yesterday. It remains Overbought and trending down.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 4.46 to 57.43 yesterday. It changed from Overbought to Neutral on a drop below 60.00.

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The long term Barometer dropped 2.48 to 71.78 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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