Pre-opening Comments for Friday September 20th
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:35 AM EDT.
Today is “triple witching day” when volumes on North American exchanges are well above average.
The Canadian Dollar was unchanged at US73.79 cents following release of Canada’s July Retail Sales report at 8:30 AM EDT. Consensus was a 0.6% increase versus a gain of 0.3% in June. Actual was a 0.9% increase.
Nike gained $8.04 to $89.06 after the company announced a new Chief Executive Officer.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0015-5.png "clip_image001[5]")
FedEx dropped $29.02 to $271.40 after reporting less than consensus fiscal first quarter revenues and earnings. The company also lowered guidance for remainder of the year.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0025-5.png "clip_image002[5]")
MillerKnoll dropped $1.48 to $25.99 after reporting less than consensus fiscal first quarter results.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0035-5.png "clip_image003[5]")
EquityClock’s stock market outlook for September 20th
While we are not observing the weakness that is typical for stocks at this time of year, normal mean reversion is certainly taking hold, resulting in near-term reversals of prevailing trends. See:
https://equityclock.com/2024/09/19/stock-market-outlook-for-september-20-2024/
Technical Notes
Eurozone iShares $EZU moved above $51.76 to an all-time high extending an intermediate uptrend.
Dow Jones Transportation Average $TRAN moved above 16,334.96 and its related iShares $IYT moved above $69.00 extending an intermediate uptrend.
U.S. Broker/Dealers iShares $IAI moved above $127.75 to an all-time high extending an intermediate uptrend.
NASDAQ Biotech iShares $IBB moved above $150.17 to a 30 month high extending an intermediate uptrend.
China Large Cap iShares $FXI moved above $26.74 setting an intermediate uptrend.
S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$57.00 to a three year high extending an intermediate uptrend.
S&P 100 and NASDAQ 100 stocks moving above resistance extending intermediate uptrends included Meta Platforms $META on a move above $543.71 to an all-time, Netflix on a move above $711.33, Lulu Lemon on a move above $275.04, QUALCOMM on a move above $175.44 and Capital One Financial on a move above $152.66 and Simon Properties on a move above $167.08
Bank of Montreal $BMO.TO a TSX 60 stock moved above Cdn$120.25 completing a double bottom pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 19th 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 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
This was the best news I’ve heard from the Fed in years, says Wharton’s Jeremy Siegel
This was the best news I’ve heard from the Fed in years, says Wharton’s Jeremy Siegel – YouTube
50 BPS Rate Cut. Good or Bad? | Profit Pilot
50 BPS Rate Cut. Good or Bad? | Profit Pilot – YouTube
Traders React to Fed Rate Cut: Guy Adami, Dan Nathan
Traders React to Fed Rate Cut – YouTube
Should investors adjust their portfolios following the rate cut? Gabriela Santos
Should investors adjust their portfolios following the rate cut? – YouTube
Fed Cuts, Stocks Soar: Guy Adami, Dan Nathan and Carter Worth
Fed Cuts, Stocks Soar – YouTube
"Compelling Stories" To Watch After Fed’s 50BPS Cut: Liz Ann Sonders
"Compelling Stories" To Watch After Fed’s 50BPS Cut – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 8.40 to 83.40. It remains Overbought. Daily trend is up.
The long term Barometer added 3.00 to 79.40. It remains Overbought. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer added 5.31 to 76.11. It remains Overbought. Daily trend is up.
The long term Barometer added 2.65 to 76.11. It remains Overbought. Daily trend is 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 20th, 2024 at 10:17 am
Hi y all,
Read Larry’s comment from wednesday on BCE, and I really don’t like what I see.
If you receive 4B$ shouldn’t the street be cheering for you?
On a day that the market popped so high why were you not in the parade or at least following it.
Nope i don’t buy it.
You buy it for dividend and in 8 years you doubled your money ok I could buy it, but do I want to, still not sure.
The new ceo has been cutting in all its alternative businesses and still it has been spirling down. let the price drop so the dividend yields 12% and I will think of it.
September 20th, 2024 at 5:21 pm
FYI: Sadly, I wish to inform all readers & commenters of this blog that long time major contributor to this blog and genuine good guy RonBC (Ron Hatch) passed away on Aug 18th. His last comment was made on Aug 16th.
https://www.legacy.com/ca/obituaries/timescolonist/name/ronald-hatch-obituary?id=56183717
September 21st, 2024 at 9:25 am
re: #2
That is sad news. Ron/BC was the unofficial mentor of this site. His insights, guidance and humour will be missed. Three cheers for Ron.
September 21st, 2024 at 10:34 am
Agreed. He will be missed. I loved his charts. Very wise and thoughtful man.
September 21st, 2024 at 1:05 pm
Thanks for letting us know Bernie
Ron will definitely be missed.
September 21st, 2024 at 4:40 pm
Very sad news indeed. I will miss Ron’s thoughts, charts and comments. He always has such interesting stories on past investments and strategies.
September 21st, 2024 at 4:43 pm
Thank you Bernie for the notice. Sad news and yet another reminder this isn’t a dress rehearsal. Wishing the best for his family and everyone else here on the site. RIP Ron.
September 21st, 2024 at 6:52 pm
Thank you for the information Bernie,
Sad news indeed. Ron/BC made a generous contribution to this blog with his clear approach to investing and particularly to the technical analysis with numerous charts. I’ll miss him.
September 21st, 2024 at 7:27 pm
I am very sorry to hear that RonBC has passed away. He had a definite knack for drawing charts that clearly illustrated his thoughts. RIP Ron.
September 21st, 2024 at 9:26 pm
I have been a very long-time reader of this blog
I was wondering if Ron was on holiday. He had many good insights and inspired me to invest in the S&P 500 ETF with all his charts on this index. He is irreplaceable here. He will be missed
September 22nd, 2024 at 8:53 am
I’m saddened to hear news about Ron/BC.
My condolences to all on this platform, his family & friends
September 22nd, 2024 at 11:08 am
He was an inspiration to all of us in educating on the different great charts he would post. As well as some insight on everyday life, with a side a humor that brought me joy. He will greatly be missed.
September 22nd, 2024 at 2:19 pm
I only add to the list of condolences…Ron’s charts were “the absolute best”! And he always responded to a question or request. I hope his family knows that there was a “little side family” here, that admired and had respect for his abilities and chart communication. Yes, life is not a dress rehearsal…well said.
September 22nd, 2024 at 4:43 pm
Bernie, thanks for letting us know. It’s good that you knew him well enough to hear this sad news. I have often wondered what would happen to this community if the site went down and there was no way to maintain contact. Or if something happened to someone and there was no way that any of us would know about it. I am so sorry to hear this sad news but it sounds like it was sudden and he did not suffer. That is the best that anyone can hope for when the show is over. Ron was always quick to answer anyone’s questions with thoughtful and wise words as well as clear charts. Ron will be missed.
September 22nd, 2024 at 11:56 pm
I’m shocked and saddened. We had become friends between stock methods and golf techniques. Not sure he can ever be replaced on here. It sure won’t be the same logging in here for a while.
Bernie (Lethbridge)
September 23rd, 2024 at 12:17 am
Thank you, Bernie, for letting us know about Ron. I have been reading this site for several years and will miss his charts. Nice to hear from you Bernie, I hope you post more often.
September 23rd, 2024 at 10:18 am
Thanks Bernie,
Ron is definitely going to be missed.I was amazed at his charting skills and his sage advice over the years.