Tech Talk for Tuesday September 19th 2023

Daily Reports Add comments

Pre-opening Comments for Tuesday September 19th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT.

The Canadian Dollar was unchanged at US 74.64 cents following release of the August Consumer Price Index at 8:30 AM EDT. Consensus was a year-over-year increase of 3.8% versus a gain of 3.3% in July. Actual was an increase of 4.0%. Excluding food and energy, consensus was a gain of 3.7% versus upwardly revised gain of 3.9% in July. Actual was an increase of 4.1%.

Block dropped $1.15 to $50.10 after the company’s CEO departed. Jack Dorsey will resume the role.

clip_image001[1]

US Steel added $0.32 to $30.85 after offering third quarter guidance above consensus.

clip_image002[1]

Royal Caribbean added $1.96 to $97.88 after Truist upgraded the stock from Hold to Buy.

clip_image003[1]

Planet Fitness dropped $1.00 to $47.50 after JP Morgan downgraded the stock from Overweight to Neutral.

clip_image004[1]

 

EquityClock’s Daily Comment

Headline reads “Investors are shying away from risk amidst this period of volatility/weakness for stocks”.

https://equityclock.com/2023/09/18/stock-market-outlook-for-september-19-2023/

 

Technical News

Home Depot $HD a Dow Jones Industrial Average stock moved below $319.96 completing a double top pattern.

clip_image001

Target $TGT an S&P 100 stock moved below $120.75 extending an intermediate downtrend.

clip_image002

Incyte $INCY a NASDAQ 100 stock moved below $60.56 extending an intermediate downtrend.

clip_image003

Advanced Micro Devices $AMD a NASDAQ 100 stock moved below $99.58 extending an intermediate downtrend.

clip_image004

Charter Communications $CHRT an S&P 100 stock moved above $452.25 extending an intermediate uptrend.

clip_image005

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 18th 2023

clip_image007

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 18th 2023

clip_image009

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 18th 2023

clip_image011

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Larry Berman on BNN Bloomberg. Larry sees possibility for the S&P 500 Index to trade at 15 times earnings, implying down risk by the Index to “the low 3,000s”.

https://www.bnnbloomberg.ca/larry-berman-what-to-expect-from-u-s-economic-projections-1.1973003

 

This Sector is Showing Promise | Your Daily Five (09.18.23) Erin Swenlin

Focus is on U.S. Financials

This Sector is Showing Promise | Your Daily Five (09.18.23) – YouTube

 

S&P 500 Momentum Barometers

clip_image012

The intermediate term Barometer added 0.80 to 35.00. It remains Oversold.

clip_image013

The long term Barometer dropped 1.60 to 52.80. It remains Neutral.

 

TSX Momentum Barometers

clip_image014

The intermediate term Barometer slipped 0.88 to 55.75. It remains Neutral.

clip_image015

The long term Barometer slipped 1.33 to 53.98. 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




Comments are closed.

Entries RSS Comments RSS Log in