Tech Talk for Friday September 10th 2021

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Pre-opening Comments for Friday September 10th

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.

Equity index futures were virtually unchanged following release of the U.S. August Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 1.0% in July. Actual was an increase of 0.7% Excluding food and energy, consensus was an increase of 0.5% versus a gain of 1.0% in July. Actual was an increase of 0.6%.

The Canadian Dollar moved slightly higher to US79.41 cents following release of Canada’s August Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 60,000. Actual was an increase of 90,000. Consensus for the August Unemployment Rate was a slip to 7.4% from 7.5% in July. Actual was a drop to 7.1%.

Affirm jumped $20.43 to $112.49 after reporting higher than consensus fourth quarter revenues. The company also issued positive guidance.

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Danaher added $0.23 to $328.61 after JP Morgan raised its target price from $310 to $350.

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Bausch Health was unchanged at Cdn$36.17 after announcing that it will pay $300 million to settle an antitrust lawsuit.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/09/09/stock-market-outlook-for-september-10-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Gold/Copper ratio continues to hold around significant long-term support, the reaction to which could have implications for the long-term trend of stocks. equityclock.com/2021/09/08/… $GC_F $HG_F $GLD $CPER $STUDY

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German DAX Index $DAX moved below $15,621.98 completing a double top pattern.

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Palladium ETN $PALL moved below $204.14 extending an intermediate downtrend.

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Consumer Discretionary SPDRs $XLY moved above $184.69 to an all-time high extending an intermediate uptrend.

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VALE SA $VALE one of the world’s largest base metals producers moved below $17.89 extending an intermediate downtrend.

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Lululemon $LULU a NASDAQ 100 stock moved above $417.85 to an all-time high extending an intermediate uptrend.

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Biogen $BIIB an S&P 100 stock moved below $317.26 extending an intermediate downtrend.

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Amgen $AMGN an S&P 100 stock moved below $217.04 extending an intermediate downtrend.

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Activision Blizzard $ATVI a NASDAQ 100 stock moved below $77.81 extending an intermediate downtrend.

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Union Pacific $UNP an S&P 100 stock moved below $211.91 completing a double top pattern.

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Rogers Communications $RCI.A.CA a TSX 60 stock moved below $62.16 completing a double top pattern.

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Canadian junior "oily" producers are under technical pressure with a drop in crude oil prices. PrairieSky Royalties $PSK.CA moved below Cdn$12.97 completing a Head & Shoulders pattern

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 9th 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

Seasonal influences on the DAX Index are negative on a real and relative basis (relative to the S&P 500 Index) between now and the first week in October when they reach an important seasonal low. Thereafter, seasonal influences turn strongly positive.

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What’s the story with Bitcoin? Let’s take a look!

Greg Schnell comments (including how to access information on www.stockcharts.com) Following is the link:

https://www.youtube.com/watch?v=I0bZlL_SNsM

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.89 to 57.83 yesterday. It remains Neutral and trending down.

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The long term Barometer dropped another 1.25 to 75.70 yesterday. It remains Overbought and extending a downtrend.

 

TSX Momentum Barometers

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The intermediate Barometer dropped another 1.49 to 55.94 yesterday. It remains Neutral and trending down.

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The long term Barometer eased another 1.49 to 70.30 yesterday. It remains 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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