Pre-opening Comments for Friday September 8th
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT
The Canadian Dollar added 0.13 to 73.46 following release of Canada’s August Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 20,000 versus a decline of 6,400 in July. Actual was an increase of 39,900. Consensus was an increase in the Unemployment Rate to 5.6% from 5.5% in July. Actual was unchanged at 5.5%.
DocuSign gained $1.88 to $54.01 after reporting higher than consensus second quarter earnings. The company offered positive guidance and announced a $300 million share buyback program.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0011-2.png "clip_image001[1]")
Smith & Wesson added $0.99 to $11.50 after reporting higher than consensus fiscal first quarter sales.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0021-4.png "clip_image002[1]")
Adobe gained $10.44 to $570.90 after Mizuho upgraded the stock from Neutral to Buy.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0031-3.png "clip_image003[1]")
Zumiez dropped $1.61 to $17.07 after reporting less than consensus second quarter results.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0041-1.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “The change of Continued Claims this year is showing a path that has only ever been seen during recessionary periods over the past five decades”.
https://equityclock.com/2023/09/07/stock-market-outlook-for-september-8-2023/
Technical Notes
Eurozone iShares $EZU moved below $43.59 completing a Head & Shoulders pattern.
Solar ETF $TAN moved below $55.54 extending an intermediate downtrend.
Chile iShares $ECH moved below $27.11 extending an intermediate downtrend. Units responded to lower copper prices.
Water Resources ETF $PHO moved below $55.12 completing a double top pattern.
Trip.com $TCOM a NASDAQ 100 stock moved below $36.82 completing a double top pattern.
Align $ALGN a NASDAQ 100 stock moved below $342.00 setting an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 7th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for September 7th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 7th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Worst Period During The Calendar Year For The S&P 500 | Trading Places (09.07.23)
Worst Period During The Calendar Year For The S&P 500 | Trading Places (09.07.23) – YouTube
How to Identify Great Trade Opportunities Using The MACD Zero Line | Stock Talk (09.07.23)
How to Identify Great Trade Opportunities Using The MACD Zero Line | Stock Talk (09.07.23) – YouTube
Tech is an overvalued trade that needs to correct, says RBC’s Lori Calvasina
Tech is an overvalued trade that needs to correct, says RBC’s Lori Calvasina – YouTube
XOP’s Strength vs. the S&P’s Weakness | GoNoGo Charts (09.07.23)
XOP’s Strength vs. the S&P’s Weakness | GoNoGo Charts (09.07.23) – YouTube
The Final Bar with David Keller, CMT | Guest Willie Delwiche | 4pm ET, 1pm PT | Sept. 7th, 2023
S&P 500 Momentum Barometers
The intermediate term Barometer slipped another 0.40 to 35.00. It remains Oversold.
The long term Barometer dropped 2.00 to 50.60. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.29 to 46.70. It remains Neutral.
The long term Barometer dropped 2.20 to 48.46. It remains Neutral.
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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September 10th, 2023 at 3:17 pm
I have been waiting (patiently?) for CNR.TO to come down to a reasonable level (200ema on weekly ~ 140?) and maybe it is finally going to get there. I wonder what this says about the economy since rails are a major indicator of the state of the Canadian economy (aside from housing). And this contradicts the strength of energy stocks, which are also considered economically very important.
Luckily, the charts tell it all and a person doesn’t have to be an economist or try to make logical sense of what is happening! LOL!
https://schrts.co/ASXMmFHw
September 11th, 2023 at 12:51 am
Paula
Here is a daily chart of CNR.to. Same thing. A Descending triangle which is very bearish. Also the Seasonal trend chart shows Sept as one of the worst months of the year. Both August and September are bearish comparatively.
https://stockcharts.com/h-sc/ui?s=CNR.TO&p=D&yr=4&mn=0&dy=0&id=p24734898649&a=673066505
https://stockcharts.com/freecharts/seasonality.php?symbol=CNR.TO