Tech Talk for Wednesday September 28th 2022

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Pre-opening Comments for Wednesday September 28th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Apple dropped $5.75 to $146.01 after reducing production plans for its Apple 14 iPhone.

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BlackBerry dropped $0.15 to US$4.94 after reporting lower than consensus fiscal second quarter earnings.

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Progress Software dropped $0.58 to $40.99 after reporting lower than consensus third quarter profits.

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Biogen jumped $88.97 to $286.76 on pending regulatory approval of its Alzheimer drug. Target prices were raised by several Wall Street brokers.

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EquityClock’s Daily Comment

Headline reads “Look to buy stocks and bonds when the yield on the 10-year Treasury note closes in on the Fed’s year-end target for Fed Fund Rate at 4.4%”.

http://www.equityclock.com/2022/09/27/stock-market-outlook-for-september-28-2022/

 

Technical Notes for yesterday

Financial SPDRs $XLF moved below $30.21 extending an intermediate downtrend.

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Medical Devices iShares $IHI moved below $47.13 extending an intermediate downtrend.

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Italy iShares $EWI moved below $21.21 extending an intermediate downtrend.

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Insurance iShares $IAK moved below $78.17 extending an intermediate downtrend.

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JP Morgan $JPM a Dow Jones Industrial Average stock moved below $106.06 extending an intermediate downtrend.

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Phillip Morris International $PM an S&P 100 stock moved below $87.03 extending an intermediate downtrend.

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Exelon $EXC an S&P 100 stock moved below $39.87 extending an intermediate downtrend.

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Fox $FOX an S&P 100 stock moved below $28.73 extending an intermediate downtrend.

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Mondelez $MDLZ a NASDAQ 100 stock moved below $57.49 extending an intermediate downtrend.

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BCE $BCE.TO a TSX 60 stock moved below $60.52 extending an intermediate downtrend.

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Power Corp $POW.TO a TSX 60 stock moved below $32.12 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 27th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 27th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 27th 2021

clip_image017 Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Tom Bowley says “I’m calling this market bottom 2.0”.

I’m Calling This Market Bottom 2.0 | Tom Bowley | Trading Places (09.27.22) – YouTube

 

Greg Taylor says “If the U.S. Dollar breaks down, gold could be the best performing asset

If the U.S. dollar breaks down, gold could be the best-performing asset class: Greg Taylor – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 0.40 to 3.40 yesterday. It remains extremely Oversold, but showing early signs of bottoming. Trend remains down

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The long term Barometer dropped another 1.20 to 11.40 yesterday. It remains Oversold. Trend remains down.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.85 to 8.05 yesterday. It remains extremely Oversold, but showing early signs of bottoming. Trend remains down.

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The long term Barometer added 0.42 to 17.37. It remains Oversold, but showing early signs of bottoming. Trend remains down.

 

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




2 Responses to “Tech Talk for Wednesday September 28th 2022”

  1. Canuck2004 Says:

    These are the Ultra short and Ultra Long TSX charts…. 2X Bear and 2X Bull charts…..kinda sees the TSX on steroids, exaggerated….gives an indication.

    Still early in the day, so could see a reversal before the close, but unlikely…..Bear is topping out….Bull is bottoming…..looks like a trend reversal in the wind…. interesting nevertheless.

    https://stockcharts.com/h-sc/ui?s=HXD.TO&p=D&b=5&g=0&id=p84513696567

    https://stockcharts.com/h-sc/ui?s=HXU.TO&p=D&b=5&g=0&id=p16069409218

  2. Canuck2004 Says:

    Longer term however, on the weekly charts the Bears have it….we are are still marching forward in Bear territory, not over yet by a long shot. If we rally, it’s just another Bear market relief rally.

    https://stockcharts.com/h-sc/ui?s=HXD.TO&p=W&yr=5&mn=0&dy=0&id=p83541238739

    https://stockcharts.com/freecharts/pnf.php?c=HXD.TO,PWAADANRNO%5BPA%5D%5BD%5D%5BF1!3!1.0!!2!20]&dt=202209281105

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