Pre-opening Comments for Thursday September 14th
Index futures were higher this morning. S&P 500 futures were up 15 points at 8:35 AM EDT.
Index futures dropped five points following release of economic news at 8:30 AM EDT:
August Producer Price Index was expected to increase 0.4% versus a gain of 0.3% in July. Actual was an increase of 0.7%. On a year-over-year basis, August PPI was expected to increase 1.2% versus a gain of 0.8% in July. Actual was an increase of 1.6% Excluding food and energy, August PPI was expected to increase 0.2% versus a gain of 0.3% in July. Actual was an increase of 0.2%.
August U.S. Retail Sales were expected to increase 0.2% versus a gain of 0.7% in July. Actual was an increase of 0.6%. Excluding auto sales, August U.S. retail sales were expected to increase 0.4% versus a gain of 1.0% in July. Actual was an increase of 0.6%.
Starbucks slipped $0.39 to $96.54 after Howard Schultz resigned from the Board of Directors.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0011-5.png "clip_image001[1]")
Ibex dropped $1.71 to $16.44 after reporting less than consensus fiscal fourth quarter revenues and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0021-8.png "clip_image002[1]")
HP Inc dropped $0.68 to $27.65 after Berkshire Hathaway reduced its holding by 5.5 million shares.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0031-6.png "clip_image003[1]")
EquityClock’s Daily Comment
Headline reads “The ramp in respiratory illness season is just one of the many risks for the market and economy through the end of the year”.
https://equityclock.com/2023/09/13/stock-market-outlook-for-september-14-2023/
Technical Notes
Early technical signs of slowing consumer spending in the U.S.! Retail SPDRs moved below $61.38 extending a short term downtrend.
Is this the “Canary in the coal mine” for U.S. equity prices? U.S. infrastructure ETF $PAVE moved below $30.93 completing a double top pattern.
OOOPs!!! U.S. airlines plunged on higher fuel costs and lower passenger traffic.
Amazon $AMZN an S&P 100 stock moved above $143.63 extending an intermediate uptrend. Strength in this stock was the main reason why the S&P 500 and NASDAQ Composite recorded small gains at the close yesterday.
JD.Com $JD a NASDAQ 100 stock moved below $31.57 extending an intermediate downtrend.
Biogen $BIIB a NASDAQ 100 stock moved below $256.13 extending an intermediate downtrend.
Renewed pressure on regional bank stocks! US Bancorp $USB an S&P 100 stock moved below $35.21 extending an intermediate downtrend.
Dollarama $DOL.TO a TSX 60 stock moved above Cdn$89.99 to an all-time high extending an intermediate uptrend. Second quarter results exceeded consensus.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 13th 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 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
The Bull Case For Commodities | The Final Bar with David Keller, CMT (09.12.23)
Editor’s Note: Includes comments by David Cox, a Canadian contributor.
The Bull Case For Commodities | The Final Bar with David Keller, CMT (09.12.23) – YouTube
Is the Dollar Index Signaling the Fed’s Next Move
Is the Dollar Index Signaling the Fed’s Next Move? – YouTube
LIVE Q&A with David Keller, CMT | (Original Broadcast September 13th 2023
LIVE Q&A with David Keller, CMT | (Original Broadcast September 13th 2023 10amPT/1pmET) – YouTube
Where Are The Major Indexes Headed? | Your Daily Five (09.13.23)
Where Are The Major Indexes Headed? | Your Daily Five (09.13.23) – YouTube
The Final Bar with David Keller, CMT | Guest Julius de Kempenaer | 4pm ET, 1pm PT | Sept. 13, 2023
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.20 to 33.60. It remains Oversold.
The long term Barometer slipped 0.40 to 51.40. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.40 to 51.40. It remains Neutral.
The intermediate term Barometer added 0.88 to 44.25. It remains Neutral.
The long term Barometer slipped 1.33 to 48.23. 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 14th, 2023 at 12:48 pm
Not a bad September. From Aug 31st SPX is flat now. XLE making new highs, MEG has broken out from a long consolidation period. ARX and WCP are getting close to their 2022 highs. Financials are moving sharply higher.TD is up on the month as is JPM. Base metals are surging. Teck just completed a head and shoulders bottom. Here we are heading into the worst two weeks of the season calendar.