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]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0011-6.png "clip_image001[1]")
US Steel added $0.32 to $30.85 after offering third quarter guidance above consensus.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0021-9.png "clip_image002[1]")
Royal Caribbean added $1.96 to $97.88 after Truist upgraded the stock from Hold to Buy.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0031-7.png "clip_image003[1]")
Planet Fitness dropped $1.00 to $47.50 after JP Morgan downgraded the stock from Overweight to Neutral.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0041-4.png "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.
Target $TGT an S&P 100 stock moved below $120.75 extending an intermediate downtrend.
Incyte $INCY a NASDAQ 100 stock moved below $60.56 extending an intermediate downtrend.
Advanced Micro Devices $AMD a NASDAQ 100 stock moved below $99.58 extending an intermediate downtrend.
Charter Communications $CHRT an S&P 100 stock moved above $452.25 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 18th 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 18th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 18th 2023
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
The intermediate term Barometer added 0.80 to 35.00. It remains Oversold.
The long term Barometer dropped 1.60 to 52.80. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.88 to 55.75. It remains Neutral.
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
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Equity Clock Publications