Pre-opening Comments for Friday September 29^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points at 8:35 AM EDT.

Index futures were unchanged following release of U.S. economic news at 8:30 AM EDT. Consensus for the August PCE Price Index was an increase of 0.5% versus a gain of 0.2% in July. Actual was an increase of 0.4%. On a year-over-year basis, consensus was an increase of 3.5% versus a gain of 3.3% in July. Actual was an increase of 3.5%. Consensus for August core PCE Price Index was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.1%. On a year-over-year basis, consensus was an increase of 3.9% versus a gain of 4.2% in July. Actual was an increase of 3.9$. Consensus for August Personal Income was an increase of 0.4% versus a gain of 0.2% in July. Actual was an increase of 0.3%. Consensus for August Personal Spending was an increase of 0.5% versus a gain of 0.8% in July. Actual was an increase of 0.4%

The Canadian Dollar was unchanged at US74.51 cents following release of the July monthly GDP report at 8:30 AM EDT. Consensus was unchanged versus a decline of 0.2% in June. Actual was unchanged

Nike gained $1.66 to $91.37 after fiscal first quarter earnings beat consensus estimates.

Vail Resorts dropped $1.25 to $241.00 after reporting a wider than expected fiscal fourth quarter loss.

Brinker International added $0.95 to $32.00 after Stifel Nicolaus upgraded the stock from hold to buy.

 

EquityClock’s Daily Comment

Headline reads “The equity market has reached the end of the weakest period of the year”.

https://equityclock.com/2023/09/28/stock-market-outlook-for-september-29-2023/

 

Technical Notes

Costco $COST an S&P 100 stock moved above $569.05 extending an intermediate uptrend.

Workday $WDAY a NASDAQ 100 stock move below $218.44 setting an intermediate downtrend.

Salesforce.com $CRM a Dow Jones Industrial Average stock moved below $200.20 completing a Head & Shoulders pattern.

Southern Companies $SO an S&P 100 stock moved below $65.93 extending an intermediate downtrend.

Simon Property $PG an S&P 100 stock moved below $108.11 extending an intermediate downtrend.

Excelon $EXC a NASDAQ 100 stock moved below $38.45 extending an intermediate downtrend.

Accenture $ACN a NASDAQ 100 stock moved below $301.31 and $294.93 setting an intermediate downtrend.

Canadian Natural Resources $CNQ.TO a TSX 60 stock moved above Cdn$89.22 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 28^th 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 28^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 28^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

What To Do When The MACD Is Broken | Stock Talk (09.28.23)

What To Do When The MACD Is Broken | Stock Talk (09.28.23) – YouTube

 

Is it Possible for the S&P 500 to Hold the 4300 Level? | The Final Bar (09.28.23)

Is it Possible for the S&P 500 to Hold the 4300 Level? | The Final Bar (09.28.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.80 to 19.40. It remains Oversold.

The long term Barometer added 1.00 to 41.00. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 3.08 to 24.23. It remains Oversold.

The long term Barometer added 3.08 to 37.00. It remains Oversold.

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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