Tech Talk for Thursday September 23rd 2021

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Pre-opening Comments for Thursday September 23rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 23 points in pre-opening trade.

The Canadian Dollar was quiet at US78.93 cents prior to release of the July Canadian Retail Sales Report at 8:30 AM EDT. Consensus is an increase of 4.4% versus a gain of 4.2% in June.

BlackBerry added $0.89 to US$10.45 after reporting higher than consensus second quarter revenues.

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KB Homes slipped $0.17 to $40.74 after reporting lower than consensus fiscal third quarter earnings.

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Facebook slipped $0.41 to $342.80 on news that the company’s chief technical officer has stepped down.

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EquityClock’s Daily Comment

Following is a link:
http://www.equityclock.com/2021/09/22/stock-market-outlook-for-september-23-2021/

 

Responses to the Federal Reserve’s News at 2:00 PM EDT

The Federal Reserve maintained the Fed Fund Rate at 0.00%-0.25%. The Federal Reserve continues to purchase assets valued at $120 billion per month without tapering. Timing for start of tapering depends upon data showing additional recovery in the U.S. economy and could be announced as early as the next FOMC meeting on November 2-3rd. Responses to news after 2:00 PM EDT were as follows:

Yield on 10 year Treasury yields moved higher while yield on 2 year Treasuries were virtually unchanged. Interest rate spread on Treasuries rose sharply.

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U.S. Dollar Index ETN strengthened with higher long term Treasury yields.

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S&P 500 Index was virtually unchanged.

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Financial Services SPDRs initially moved higher, but closed virtually unchanged.

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Gold ETN initially moved higher, but closed lower.

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Technical Notes released yesterday at

StockTwits.com@EquityClock

High yield spreads have stopped going down. equityclock.com/2021/09/21/… $STUDY $MACRO $JNK $HYG $LQD

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Facebook $FB an S&P 100 stock moved below intermediate support at $347.70

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Peloton $PTON a NASDAQ 100 stock moved below $96.06 extending an intermediate downtrend.

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Incyte $INCY a NASDAQ 100 stock moved below $70.97 extending an intermediate downtrend.

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O’Reilly Automotive $ORLY a NASDAQ 100 stock moved above $621.73 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 22nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 22nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 22nd 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

 

Links from valued providers

Education: How to Draw and Use Trend Lines | Greg Schnell,

https://www.youtube.com/watch?v=Vs0KdcCIkmI

 

Thank you to Mark Bunting and www.uncommonsenseinvestor.com for the following links:

How to High Grade Your Portfolio For 2022 – Uncommon Sense Investor

Four Reasons the Evergrande Debacle Will Not Sink Stocks – Uncommon Sense Investor

 

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences on a real and relative basis for Financial SPDRs (XLF) normally bottom near the third week in September for a seasonal trade lasting until January 3rd

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XLF is expected to benefit from increasing interest rate spreads. Intermediate trend is up. A move by units above their 20 day moving average at $37.73 and 50 day moving average at $37.31 will attract technical buyers. Short term momentum indicators turned higher yesterday. A move above $38.87 to an all-time high will attract additional technical buying.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 7.01 to 37.27 yesterday. It remains Oversold.

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The long term Barometer gained 4.21 to 69.74 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 3.66 to 49.03 yesterday. It remains Neutral.

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The long term Barometer added 2.60 to 66.99 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




3 Responses to “Tech Talk for Thursday September 23rd 2021”

  1. Larry/ON Says:

    Where is the market collapse? The 200 day MA is in the other direction. Why don’t they put Rosenberg on CNBC now instead of trotting him out on Monday when everyone was afraid of the Bogeyman?
    Semis as a sector are near their all-time high.
    Energy has really broken higher.
    US Financials on fire.

  2. still_learning Says:

    The Fed doesn’t allow any publicity to a Perma Bear on, or right after, Fed Day. It’s so hard not to be cynical.

  3. Ron/BC Says:

    I can’t help but always noticing that the S&P 500 tends to outperform most everything or at least holds up well relative to everything else comparatively regardless of what’s happening. Gotta wonder why bother with anything else as the risk with anything else seems greater. The S&P 500 covers just about everything and is also weighted for the big moves up as well. I’ve been thinking that if you can’t beat it then join it. Lots of ETFs that mirror the S&P500 in a variety of ways too. Price still has some technical work to do at this price point to be out of the woods but the bounce has been impressive so far. Would not want to see price roll over from here though.

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

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