Sep 13

Tech Talk for Tuesday September 13th 2022

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Pre-opening Comments for Tuesday September 13th

U.S. equity index futures were lower this morning. S&P 500 futures were down 54 points in pre-opening trade.

Index futures moved sharply lower following release of the U.S. August Consumer Price Index at 8:30 AM EDT. Consensus was a slip of 0.1% versus unchanged in July. Actual was an increase of 0.1%. On a year-over-year basis, August CPI was expected to increase 8.1% versus a gain of 8.5% in July. Actual was a gain of 8.3%. Excluding food and energy, consensus is a gain of 0.4% versus an increase of 0.3% in July. Actual was an increase of 0.4%. On a year-over-year basis, core August CPI was expected to increase 6.1% versus a gain of 5.9% in July. Actual was a gain of 6.3%.

Oracle gained $1.07 to $78.15 after reporting higher than consensus fiscal first quarter revenues.

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Peloton dropped $0.15 to $10.90 after the company’s cofounders resigned.

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Eastman Chemical dropped $0.62 to $94.23 after the company lowered third quarter earnings guidance.

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Adobe slipped $1.36 to $395.00 after BMO Capital downgraded the stock from Outperform to Market Perform.

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EquityClock’s Daily Comment

Headline reads “A rare event for the market as the VIX gained over 4% on a day when the S&P 500 Index closed higher by over one percent.  Past occurrences have been seen around significant equity market lows.”

http://www.equityclock.com/2022/09/12/stock-market-outlook-for-september-13-2022/

 

Technical Notes for yesterday

The S&P 500 Index and TSX Composite Index closed above their 20 day moving average.

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India ETF $PIN moved above $25.68 extending an intermediate uptrend.

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Utilities SPDRs $XLU moved above $78.05 to an all-time high extending an intermediate uptrend.

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Xcel Energy $XEL a NASDAQ 100 stock moved above $74.15 to an all-time high extending an intermediate uptrend.

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Ross Stores $ROST a NASDAQ 100 stock moved above $94.11 extending an intermediate uptrend.

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Gilead $GILD a NASDAQ 100 stock moved above $66.89 extending an intermediate uptrend.

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Metlife $MET an S&P 100 stock moved above $68.12 extending an intermediate uptrend.

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Toronto Dominion Bank $TD.TO a TSX 60 stock moved above $88.62 extending an intermediate uptrend.

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Gildan Activewear $GIL.TO a TSX 60 stock moved above $42.76 extending an intermediate uptrend

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Base metal stocks on both sides of the border were leading gainers yesterday. Lundin Mining $LUN.TO moved above $7.43 completing a double bottom pattern.

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First Majestic Silver $FR.TO moved above Cdn$10.98 and US$8.60 completing a reverse Head & Shoulders pattern.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 12th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for September 12th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 12th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Next Canadian Association for Technical Analysis Meeting

Next meeting is offered at 8:00 PM EDT this evening. Speaker is Robert Ramy. Interested in joining? See https://canadianata.ca/

 

Chart of the Day

Technical score for XBM.TO increased from -2 to 2 after units moved above their 20 day moving average and strength relative to the S&P 500 changed from Neutral to Positive.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 6.60 to 72.80 yesterday. It remains Overbought. Trend remains up.

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The long term Barometer added 1.80 to 40.80 yesterday. It changed from Oversold to Neutral on a move above 40.00. Trend remains up.

 

TSX Momentum Barometers

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The intermediate term Barometer advanced 14.35 to 73.00 yesterday. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.

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The long term Barometer added 2.95 to 38.82 yesterday. It remains Oversold. Trend remains up.

 

Disclaimer: Seasonality ratings 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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6 Responses to “Tech Talk for Tuesday September 13th 2022”

  1. Ron/BC Says:
    September 13th, 2022 at 2:12 pm

    The U.S.$ Index Fund continues to rally to new highs. Very nice looking chart! To bad they all don’t look like this……………………

    https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=10&mn=0&dy=0&id=p69907564395&a=673066373

  2. Paula Says:
    September 13th, 2022 at 3:27 pm

    Ron/BC,
    Thanks for the USD chart!

    Here is an interesting article by Jack Chan on the subject of gold stocks. These might be worth a look when the USD reverses and comes back to Earth.LOL!

    http://www.321gold.com/editorials/chan/chan091322.html

  3. Ron/bc Says:
    September 13th, 2022 at 5:25 pm

    Paula
    I used to email Jack decades ago about charts. He always kept things very basic but was always a good read.

  4. Ron/bc Says:
    September 13th, 2022 at 5:29 pm

    I think everyone was caught off guard with today’s market change as everything was just starting to break out again. I am surprised as I expected a nice bounce back again but brief.

  5. Paula Says:
    September 13th, 2022 at 8:15 pm

    Ron/BC,

    I remember talking about Jack Chan years ago. I like his simple charts and still follow him on his public list on stockcharts.

    https://stockcharts.com/public/1094070/tenpp/1

    I’m not saying I knew it was going to be such a sell off today but I did sell some things yesterday, just in case. I fully expected to regret selling but as it turns out, it was a good thing. It could just as easily have gone the other way. That is what hedging is all about. We seem to have had that nice, very strong, bounce off ~ 3900 just to fool everyone. The next couple of weeks are traditionally very weak but no one really knows what will happen.

  6. Ron/BC Says:
    September 14th, 2022 at 1:58 am

    Paula

    Well when the market sells off like this and they search for the “reason” for it you’ll often have to question the so called reason. The reason seems to be the CPI that wasn’t favourable. That is a load of crap and the only real reason for the sell off was “more sellers than buyers”.

    We all know what September & October historically bring and that is there tends to be a major selloff and very jagged markets both down and up. So now a lot of charts with yesterday’s bounce back and today’s selloff there will be Inverse Head and Shoulder patterns which are very bearish. Perhaps now is the time for Option Strangles. I don’t trade Options anymore as I had my ass kicked badly long,long ago and never forgave myself. I’m not big on forgiveness.

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