Pre-opening Comments for Wednesday September 18th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:35 AM EDT.
S&P 500 futures added 2 points following release of the August Housing Starts report at 8:30 AM EDT. Consensus was an increase to 1.250 million units from 1.238 million units in July. Actual was 1.356 million units.
Microsoft added $2.08 to $437.23 and Blackrock advanced $0.61 to $905.13 after announcing a joint plan for a $30 billion Artificial Intelligence infrastructure fund.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0015-4.png "clip_image001[5]")
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0025-4.png "clip_image002[5]")
Intuitive Machines added $2.90 to $8.30 after announcing another contract with NASA
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0035-4.png "clip_image003[5]")
General Mills dropped $0.98 to $73.52 after announcing a 14% drop in first quarter earnings.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0045-1.png "clip_image004[5]")
EquityClock’s Stock Market Outlook for September 18th
The more discerning consumer mentality has been observed injecting product into inventories in one of the most significant ways on record. See:
https://equityclock.com/2024/09/17/stock-market-outlook-for-september-18-2024/
Technical Notes
S&P 500 Index moved above 5,669.67 to an all-time high and S&P 500 SPDRs $SPY moved above $565.16 to an all-time high extending an intermediate uptrend.
Home Builders SPDRs $XHB moved above $121.22 to an all-time high extending an intermediate uptrend.
Global Lumber and Forest Product iShares $WOOD moved above $83.71 and $83.97 extending an intermediate uptrend.
Selected Canadian forest product stocks that broke resistance setting intermediate uptrends included Canfor, Interfor and West Fraser Timber.
S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$56.46 extending an intermediate uptrend.
Hong Kong iShares $EWH moved above $16.23 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 17th 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 17th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 17th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
FOMC and VIX Expiry | Profit Pilot
FOMC and VIX Expiry | Profit Pilot – YouTube
Times Have Changed In Markets…
Times Have Changed In Markets… – YouTube
The odds of a hard landing are low: Bank of America Economist
The odds of a hard landing are low: Economist – YouTube
CHART THIS with David Keller, CMT Tuesday 9/17/24
https://www.youtube.com/watch?v=7SifcFlL5eE
Chart of the Day: China Large Cap ETF (FXI)
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.40 to 76.80. It remains Overbought. Daily trend is up.
The long term Barometer added 2.00 to 76.60. It remains Overbought. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer added 0.88 to 71.24. It remains Overbought. Daily trend remains up.
The long term Barometer added 2.21 to 74.78. It remains Overbought. Daily trend remains up.
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
|
|
September 19th, 2024 at 9:16 am
BCE – I was quite negative on it months ago and I have done a 180 now. The sale of their MLSE stake helps to take their debt down by around 11% as it will apply 4.1 bilion of proceeds to debt reduction. All high debt companies are benefiting from interest rate cuts. All high dividend companies benefit from interest rate cuts as their dividend becomes more attractive on a relative basis. BCE already spent a lot on infrastructure upgrades which should pay off over time. Finally, BCE appears to have broken through a downtrend line since it’s April 2023 peak. BMO’s analysis yesterday gives it a market perform rating with a target of $51. Including dividend not a bad return.