Pre-opening Comments for Tuesday September 20th
Equity Index futures were lower this morning. S&P 500 futures were down 30 points in pre-opening trade.
Index futures were virtually unchanged following release of the August U.S. Housing Starts report at 8:30 AM EDT. Consensus was a slip to 1.440 million units from 1.446 million units in July. Actual was an increase to 1.575 million units.
The Canadian Dollar slipped 0.13 to US75.11 cents following release of Canada’s August Consumer Price Index at 8:30 AM EDT. On a year-over-year basis, August CPI was expected to increase 7.3% versus a gain of 7.6% in July. Actual was an increase of 7.0%.
Ford dropped $0.82 to $0.82 to $14.11 after lowering third quarter revenue and earnings guidance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0011-9.png "clip_image001[1]")
Nike slipped $2.40 to $104.81 after Barclay’s downgraded the stock to Equal Weight.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0021-12.png "clip_image002[1]")
Western Digital eased $0.62 to $36.00 after Deutsche Bank downgraded the stock to Hold.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0031-7.png "clip_image003[1]")
EquityClock’s Daily Comment
Headline reads “The charts of Consumer Staples industries charting significant topping patterns, requiring a new defensive allocation for portfolios before the strongest time of year for stocks begins in October.
http://www.equityclock.com/2022/09/19/stock-market-outlook-for-september-20-2022/
Technical Notes for yesterday
Kinross Gold $K.TO a TSX 60 stock moved above Cdn$4.77 completing a base building pattern.
Utilities SPDRs $XLU moved below $74.05 completing a double top pattern.
Energy SPDRs XLE moved below $76.78 setting an intermediate downtrend.
First Trust Natural Gas ETF $FCG moved below $24.83 setting an intermediate downtrend. .
Microsoft $MSFT a Dow Jones Industrial Average stock moved below $241.00 resuming an intermediate downtrend.
Check Point $CHKP a NASDAQ 100 stock moved below $116.44 extending an intermediate downtrend.
Okta $Okta a NASDAQ 100 stock moved below $58.12 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 19th 2021
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer added 6.00 to 32.00 yesterday. It remains Oversold.
The long term Barometer added 1.40 to 29.00 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer added 5.91 to 47.26 yesterday. It remains Neutral.
The long term Barometer added 2.95 to 33.33 yesterday. 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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September 20th, 2022 at 1:37 pm
The $SPX continues to trade above its 200ema with the odd plunge below it and then recovers. The chart is still very bearish regardless as it is still 800 points above its long term rising uptrendline.
https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=20&mn=0&dy=0&id=p10989302272&a=673066405
September 20th, 2022 at 1:41 pm
Ron
Isn’t the 200 day m/a for the spx at 4143?…….
September 20th, 2022 at 2:30 pm
Bruce
On the Weekly $SPX chart it shows the 200ema at 3685 but on the Daily chart on the $SPX it shows the 20-0ema at 4153. Why the huge difference is beyond my pay grade…………….
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p24789892006&a=1131926615
September 20th, 2022 at 2:46 pm
Isn’t it the 200 WEEK ema on the weekly chart vs. the 200 DAY ema on the daily chart
September 20th, 2022 at 3:43 pm
Bruce
Notice the positive divergences on some oscillators?
Perhaps the fed is only going to hike rates tomorrow. 25% or .5o% rather than the perceived. 75% expected.
September 20th, 2022 at 4:27 pm
Ron
I don’t know what the Fed will do or say but there is so much bearish and negative comments out there that I think we’ll see some sort of short covering rally…..So I bought some ZWB to-day at 18.75 in my TFSA a/c…..it was yielding 7.04% so if I’m wrong I’ll just hold and collect the monthly dividends…
September 20th, 2022 at 6:49 pm
Bruce
Yes, if I was short I’d exit today.Too many people expect the worst and are short.
https://stockcharts.com/h-sc/ui?s=ZWB.TO&p=D&yr=2&mn=0&dy=0&id=p59132637823&a=1055022940