Tech Talk for Thursday September 16th 2021

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Pre-opening Comments for Thursday September 16th

U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade.

Equity index futures were quiet prior to release of economic news at 8:30 AM EDT. Consensus for August Retail Sales is a drop of 1.0% versus a drop of 1.1% in July. Excluding auto sales, consensus for August Retail Sales is a slip of 0.1% versus a decline of 0.4% in July. Consensus for the September Philly Fed Index is a slip to 19.0 from 19.4 in August.

Electronic Arts added $3.66 to $140.70 after the company announced plans to launch its next video game, Battlefield 2041 on November 19th

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Texas Instruments added $0.20 to $197.70 after the company announced a 13% increase in its dividend.

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Moderna gained $1.84 to $436.30 after the company released more information to the FDA about the importance of a booster COVID 19 vaccine.

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EquityClock’s Daily Comment

Following is the link:

http://www.equityclock.com/2021/09/15/stock-market-outlook-for-september-16-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Bond prices gain following a weaker than expected read of inflation. Find out what seasonal tendencies have to say about when this rising trend in the bond market will come to an end in today’s report. equityclock.com/2021/09/14/… $TLT $IEF $SHY $TBT

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Gasoline ETN $UGA moved above $37.78 extending an intermediate uptrend.

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Hong Kong iShares $EWH moved below $25.26 completing a Head & Shoulders pattern.

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Starbucks $SBUX an S&P 100 stock moved below $113.61 completing a double top pattern.

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Qualcomm $QCOM an S&P 100 stock moved below intermediate support at $138.32 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 15th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 15th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 15th 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

Notes from Mark Bunting and www.uncommonsenseinvestor.com

Eight Extreme Charts to Make You Question Your Assumptions – Uncommon Sense Investor

12 New Quotes From Billionaire Investor Howard Marks – Uncommon Sense Investor

 

Market Buzz

Greg Schnell looks at the Retail sector. This education video is entitled, “Out with the old, in with the new: finding winning stocks”. Following is a link:

Out With The Old, In With The New (Finding Winning Stocks) | Greg Schnell, CMT (09.15.21) – YouTube

 

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences for copper turn positive at the beginning of October.

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On the charts, copper futures recorded an intermediate bottom in the third week in August. Technical action has been encouraging prior to start of its period of seasonal strength: Strength relative to the S&P 500 Index turned positive earlier this week, short term momentum indicators are trending higher and prices moved above their 20 and 50 day moving average yesterday.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 7.82 to 56.71 yesterday. It remains Neutral.

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The long term Barometer gained 1.80 to 75.55 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 1.47 to 62.25 yesterday. It remains Overbought.

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The long term Barometer was unchanged yesterday at 70.59. 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




3 Responses to “Tech Talk for Thursday September 16th 2021”

  1. bruce Says:

    the AAII survey ending sept.15th has the bulls dropping to 22.4% from 38.9% last week…..the bearish sentiment has risen to 39.3% from 27.2%…..assuming the public is usually wrong maybe there are too many of us looking for a market correction……hmmmm…..thoughts Larry Ron ana?…..anyone?…..

  2. Ron/BC Says:

    Hi Bruce

    Here is the Fear and Greed Index comments.

    https://money.cnn.com/data/fear-and-greed/

    With the Canadian Federal Election next Monday I think most are waiting for the results which could have big ramifications overall. My guess is it will be just another minority government again with a few surprises.

  3. Ron/BC Says:

    Here is a 6 month chart of the $SPX. Nice uptrendline but intraday seems to be breaking down. The RSI 21 is still riding along its 50 line. A break below these lines would likely see a more pronounced selloff as I suspect a lot of traders have their finger on the sell button and are just looking to get out at or near a presumed top. Seasonal trends also suggest a selloff in the Sept-Oct time frame. I’d like to see a major selloff to get long at a much lower price level. And meanwhile I never feel I’m missing anything regardless.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p66117045098&a=939923011

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