Tech Talk for Friday September 24th 2021

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Pre-opening Comments for Friday September 24th

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

Investors are expected to listen closely to comments on U.S. monetary policy likely to be released by Federal Reserve chairman Jerome Powell this morning.

Nike slipped $3.33 to $156.25 after reporting lower than consensus quarterly revenues.

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Costco added $3.23 to $456.01 after reporting higher than consensus quarterly earnings. Target price was increase by Raymond James and Deutsche Bank

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Salesforce.com gained $0.79 to $278.65 after Moness, Mizuho and JP Morgan raised their target on the stock.

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Micron slipped $0.54 to $73.50 after JP Morgan and Mizuho lowered their target price on the stock

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/09/23/stock-market-outlook-for-september-24-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

7-10 year Treasury Bond iShares $IEF moved below $116.35 setting an intermediate downtrend.

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U.S. Global Jets ETF $JETS moved above $23.81 completing a double bottom pattern.

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The energy sector is holding firm, despite the recent weakness in the broader market, and there are two industries within the sector that present viable plays in our seasonal strategy. equityclock.com/2021/09/22/… $XLE $VDE $IYE $XOP

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ConocoPhillips $COP an S&P 100 stock moved above $63.09 extending an intermediate uptrend.

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Canadian energy stocks also are responding to higher crude oil prices. ARC Resources $ARX.CA moved above $10.75 extending an intermediate uptrend

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Salesforce $CRM a Dow Jones Industrial Average stock moved above $275.22 extending an intermediate uptrend.

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Analog Devices $ADI a NASDAQ 100 stock moved above $174.51 to an all-time high extending an intermediate uptrend.

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Varisk Analytics $VRSK a NASDAQ 100 stock moved above $209.66 to an all-time high extending an intermediate uptrend.

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Microchip Technologies $MCHP a NASDAQ 100 stock moved above $165.28 to an all-time high extending an intermediate uptrend.

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Darden Restaurants $DRI moved above $153.89 to an all-time high after reporting higher than consensus quarterly results. The company also offered positive guidance.

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Marriot $MAR a NASDAQ 100 stock moved above $149.80 resuming an intermediate uptrend.

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Silver stocks and related ETF $SIL are responding to lower silver prices. Pan American Silver $PAAS moved below $23.72 extend an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 23rd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 23rd 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 23rd 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

7-10 year Treasury Bond iShares have a history of peaking relative to the S&P 500 Index at this time of year.

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S&P 500 Momentum Barometers

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The intermediate term Barometer advanced 13.23 to 50.50 yesterday. It changed back from Oversold to Neutral on a move above 40.00.

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The long term Barometer gained 4.41 to 74.15 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.49 to 49.52 yesterday. It remains Neutral.

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The long term Barometer slipped 0.80 to 66.19 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 Friday September 24th 2021”

  1. Jason Says:

    RE: Ron/BC yesterday. Makes sense to the richest investor ever!

    “My advice to the trustee couldn’t be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund,” he noted in Berkshire Hathaway’s 2013 annual letter to shareholders.

    I fired my broker in 2005 and never looked back. Plus I’m not glued to a screen wondering what goes up/down/nowhere. On that note, I’m off on a 100km bike ride this morning – leaves are just starting to turn just north of T.O. Enjoy!

    https://www.thebalance.com/index-funds-wealthy-investors-reject-4142005

  2. Ron/BC Says:

    Jason
    Yes you can’t argue with the obvious…………. Watch out for those crazy drivers! Many are about as nuts as those vaccine protesters.

  3. Larry/ON Says:

    Recommended Globe Article. Low interest rates and a desire to own the next high growth company is fueling crazy valuations of money losing companies. You have the seeds of the next market calamity
    “We’ve completely normalized this concept of no profit”
    “Many individual companies are deserving of their current high multiples – we absolutely concede that somewhere in the global growth basket sits the next Amazon,” asset management giant GMO wrote in a note to clients this summer. “Unfortunately, they’re also ALL being priced that way, and for us, that is a bridge too far.”
    “Sometimes it takes a few quarters, sometimes a few years – and that can be maddening for those who’ve been mystified by the madness from day one. But at some point, investors grow skeptical. The trouble is, it can be impossible to tell when that will happen – and by then, the early backers have usually vanished, leaving the carcass for the suckers who bought them out.”

    https://www.theglobeandmail.com/business/article-the-death-of-profit-why-investing-feels-broken-and-markets-no-longer/

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