Tech Talk for Wednesday September 15th 2021

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Pre-opening Comments for Wednesday September 15th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Index futures were virtually unchanged following released of economic news at 8:30 AM EDT. Consensus for the September Empire State Manufacturing Survey was a slip to 17.2 from 18.30 in August. Actual was an increase to 34.3

The Canadian Dollar added 0.10 to US78.88 cents following release of Canada’s August Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.6% in July. Actual was an increase of 0.2%

Microsoft gained $2.80 to $302.59 after the company announced an 11% increase in its quarterly dividend. The company also announced a $60 billion share buyback program.

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US Steel added $0.33 to 24.78 after Deutsche Bank raised its target price on the stock from $38 to $50.00.

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Crocks gained $1.07 to $150.45 after Stifel Nicolaus raised its target price from $126 to $151.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/09/14/stock-market-outlook-for-september-15-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Intermediate trend of the S&P 500 Index stays alive with the positive test of rising trend line support. equityclock.com/2021/09/13/… $SPX $SPY $ES_F

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Base metal stocks are responding to higher base metal prices. Teck Resources $TCK.B.CA a TSX 60 stock moved above Cdn$42.62 to a three year high extending an intermediate uptrend.

Editor’s Note: Teck announced possible sale or spin off its coal business valued at $8 billion.

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Dow Jones Transportation Average iShares $IYT moved below $245.48 extending an intermediate downtrend.

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KLA Tencor $KLAC a NASDAQ 100 stock moved above $357.45 to an all-time high extending an intermediate uptrend.

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Oracle $ORCL an S&P 100 stock completed a double top pattern on a move below $86.67 after reporting lower than consensus fiscal first quarter revenues.

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Comcast $CMCSA an S&P 100 stock moved below intermediate support at $57.24.

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Sirius XM Radio $SIRI a NASDAQ 100 stock moved below $6.00 extending an intermediate downtrend.

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CSX $CSX a NASDAQ 100 stock moved below $30.55 completing a double top pattern.

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Other interesting charts

The CRB Index moved above 221.25 to a six year high extending an intermediate uptrend.

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The Nikkei Average moved above 30,560.49 to at least a 20 year high extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 14th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 14th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 14th 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

 

Investor’s Digest

Tech Talk was interviewed yesterday by Investor’s Digest on the outlook for base metals prices, base metals equities and base metals ETFs. Release of the article to Investor’s Digest subscribers is scheduled on Friday.

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 8.82 to 47.90 yesterday. It extended a downtrend.

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The long term barometer slipped 2.81 to 73.75 yesterday. It continues to trend down.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 0.49 to 60.78 yesterday. It remains Overbought.

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The long term Barometer slipped 1.47 to 70.59 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




2 Responses to “Tech Talk for Wednesday September 15th 2021”

  1. Larry/ON Says:

    SPX – Third day now testing support at the 50day MA. It’s not over yet.
    AAPL – Considering its’ size the continuing weakness affects the overall market.
    MSFT – Considering its’ size today’s strength on the dividend and buy back announcement is fortunately offsetting AAPL’s weakness.
    FAANG – Weak. Profits are being taken. Traders are preparing and waiting for the seasonal correction IMO.

  2. Larry/ON Says:

    MSFT – Considering the positive news that came out if it later breaks down that would be a bad signal for the whole market. Still, any overall market correction should not be overly dramatic.

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