Pre-opening Comments for Wednesday September 7^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.

Index futures were virtually unchanged following release of the July U.S. Trade Report at 8:30 AM EDT. Consensus was a deficit of $70.5 billion versus a deficit of $79.60 billion in June. Actual was a deficit of $70.6 billion.

The Canadian Dollar was virtually unchanged at U.S.75.82 cents following release of Canada’s July Merchandise Trade Report at 8:30 AM EDT. Consensus was a surplus of $3.5 billion versus a surplus of $5.05 billion in June. Actual was a surplus of $4.05 billion.

The Bank of Canada is scheduled to update its lending rate to Canada’s major banks at 10:00 AM EDT. Consensus is calling for another 0.75% increase.

Apple was virtually unchanged at $154.53 prior to release of new products including launch of the iPhone 14.

United Airlines added $0.06 to $36.64 after raising its third quarter revenue guidance.

Canada Goose slipped $0.17 to S17.31 after Cowen lowered its target price from $38 to $30.

 

EquityClock’s Daily Comment

Headline reads “While economic data points to a recession on the horizon, credit balances in margin accounts hint that investors may not be positioned for the ultimate market downturn as they were prior to past recessions”.

http://www.equityclock.com/2022/09/06/stock-market-outlook-for-september-7-2022/

 

Technical Notes for yesterday

Long term Treasury Bond iShares $TLT moved below $107.48 extending an intermediate downtrend.

Chile iShares $ECH moved above $29.82 extending an intermediate uptrend.

Japan iShares $EWJ moved below $51.56 extending an intermediate downtrend. Impacted by a hurricane

South Korea iShares $EWY moved below $55.02 extending an intermediate downtrend. Impacted by a hurricane!

Charter Communications $CHTR a NASDAQ 100 stock moved below $407.75 extending an intermediate downtrend.

Raytheon Technologies $RTX an S&P 100 stock moved below $87.10 extending an intermediate downtrend.

Medtronic $MDT an S&P 100 stock moved below $86.29 extending an intermediate downtrend.

Shopify $SHOP.TO a TSX 60 stock moved below $38.63 extending an intermediate downtrend.

TC Energy $TRP.TO a TSX 60 stock moved below $62.17 extending an intermediate downtrend.

Waste Connections $WCN.TO a TSX 60 stock moved above $186.10 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 6^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 6^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 6^th 2021

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Tom Bowley says “S&P 500 testing key support”.

https://www.youtube.com/watch?v=Uo3LXS3Nz0o

 

Leslie Jouflas “monitors the tech giants”

Monitoring The Tech Giants | Leslie Jouflas, CMT | Your Daily Five (09.06.22) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.00 to 34.60 yesterday. It remains Oversold. Trend remains down.

The long term Barometer was unchanged at 27.80 yesterday. It remains Oversold. Trend remains down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 5.88 to 37.82 yesterday. It changed from Neutral to Oversold on a move below 40.00. Trend is down.

The long term Barometer was unchanged at 31.09 yesterday. It remains Oversold. Trend remains down.

 

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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