Pre-opening Comments for Tuesday September 17th
U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points at 8:35 AM EDT.
S&P 500 futures slipped 2 points following release of U.S. August Retail Sales at 8:30 AM EDT. Consensus was a 0.2% increase versus a 1.0% gain in July. Actual was a 0.1% increase. Excluding auto sales, consensus was a 0.3% increase versus a 0.4% gain in July. Actual was a 0.1% gain.
The Canadian Dollar slipped 0.10 to US73.46 following release of Canada’s August Consumer Price Index at 8:30 AM EDT. Consensus was a 0.1% versus a 0.4% gain in July. Actual was a 0.2% drop.
Yesterday, the U.S. Dollar briefly touched 100.25, a 14 month low. Investors nervously are waiting for the FOMC to announce a reduction in the Fed Fund Rate by at least 0.25% when announcing its decision on interest rates tomorrow at 2:00 PM EDT.
U.S. Base Metal iShares $PICK and Lumber and Forest Product iShares $WOOD have been notably stronger during the past four trading days in anticipation of U.S. Dollar weakness following the FOMC announcement.
Intel advanced $1.67 to $22.58 after announcing an expansion of its partnership with Amazon to design and produce custom chips. The stock completed a double bottom pattern in overnight trade on a move above $21.86.
Microsoft added $3.06 to $434.40 after announcing an 11% increase on its quarterly dividend. The company also announced start of a new stock buyback program valued at $60 billion.
EquityClock’s stock market outlook for September 17th
Last week’s rebound in the Technology sector wasn’t enough to mitigate the threat that the topping pattern on the chart of Semiconductors continues to portray. See:
https://equityclock.com/2024/09/16/stock-market-outlook-for-september-17-2024/
Technical Notes
U.S. Home Construction iShares $ITB moved above $124.50 to an all-time high extending an intermediate uptrend.
S&P 100 and NASDAQ 100 stocks breaking to all-time highs included McDonalds, Visa, AT&T, T Mobile and American Electric Power
Salesforce.com $CMG a Dow Jones Industrial Average stock moved above $56.98 extending an intermediate uptrend.
Walt Disney $DIS a Dow Jones Industrial Average stock moved above $91.80 completing a double bottom pattern.
Cisco $CSCO a Dow Jones Industrial Average stock moved above $51.01 extending an intermediate uptrend.
Canadian Pacific $CP.TO a TSX 60 stock moved above Cdn$118.49 and US$85.88 extending an intermediate uptrend.
Brookfield $BN.TO a TSX 60 stock moved above Cdn$68.12 to an all-time high extending an intermediate uptrend.
Base Metals prices and related equities have been moving higher on U.S. Dollar weakness. Alcoa completed a double bottom pattern on a move above $35.17.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 16th 2024
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 16th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 16th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Ottawa to allow 30-year mortgage loans for all first-time and new-build homebuyers
Ottawa to allow 30-year mortgage loans for all first-time and new-build homebuyers – YouTube
It’s too early to bet on an earnings-related acceleration, says Trivariate’s Adam Parker
It’s too early to bet on an earnings-related acceleration, says Trivariate’s Adam Parker – YouTube
The volatility in this season will continue into October, says Lido Advisors’ Ken Stern
The volatility in this season will continue into October, says Lido Advisors’ Ken Stern – YouTube
Chart of the Day
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.60 to 75.40. It remains Overbought. Daily trend has turned up.
The long term Barometer added 0.40 to 74.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.42 to 70.25. It remains Overbought. Daily trend has turned up.
The long term Barometer was unchanged at 72.57. It remains Overbought.
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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Equity Clock Publications