Pre-opening Comments for Tuesday September 27^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 49 points in pre-opening trade.

Index futures were virtually unchanged following release of the August Durable Goods Orders report at 8:30 AM EDT. Consensus estimate was a drop of 0.5% versus a decline of 0.1% in July. Actual was a drop of 0.2%. Excluding transportation orders, consensus was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.2%.

Keurig Dr. Pepper dropped $0.58 to $36.70 after Goldman Sachs downgraded the stock from Buy to Neutral.

Norfolk Southern slipped $1.76 to $213.00 after UBS downgraded the stock.

Cogent Communications added $1.14 to $52.23 after KeyBanc Capital upgraded the stock from Sector Perform to Outperform

 

EquityClock’s Daily Comment

Headline reads “The S&P 500 Index is approaching its 200-week moving average, a level that has been the dividing line between simple corrections and recessionary declines”.

http://www.equityclock.com/2022/09/26/stock-market-outlook-for-september-27-2022/

Technical notes for yesterday

S&P 500 Index closed below its June 16^th closing low at 3,666.71 closing at a 21 month closing low

Equal Weight S&P 500 ETF $RSP moved below $128.28 extending an intermediate downtrend.

Agriculture ETF $MOO moved below $81.29 extending an intermediate downtrend.

Industrial SPDRs $XLI moved below $83.80 extending an intermediate downtrend.

S&P 100 stocks breaking intermediate support and extending intermediate downtrends:

Citigroup $C moved below $43.02. Union Pacific $UNP moved below $201.25. Coca Cola $KO moved below $57.83, American International Group $AIG moved below $48.11. Berkshire Hathaway $BRK.B moved below $263.68.

Travelers $TRV a Dow Jones Industrial Average stock moved below $151.25 extending an intermediate downtrend

Oracle $ORCL a NASDAQ 100 stock moved below $63.38 extending an intermediate downtrend.

Peloton $PTON a NASDAQ 100 stock moved below $8.22 extending an intermediate downtrend.

Cenovus $CVE.TO a TSX 60 stock moved below Cdn$19.94 and US$15.11 extending an intermediate downtrend.

Cdn. Gold Equity Index $SPTGD moved below 217.97 extending an intermediate downtrend.

Agnico-Eagle $AEM a TSX 60 stock moved below US$37.66 extending an intermediate downtrend.

Vietnam ETF $VNM moved below $13.76 extending an intermediate downtrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 26^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 26^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 26^th 2021

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 2.20 to 3.00 yesterday. It remains Oversold. Trend remains down.

The long term Barometer dropped another 2.40 to 12.60 yesterday. It remains Oversold. Trend remains down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped another 0.85 to 7.20 yesterday. It remains Oversold. Trend remains down.

The long term Barometer dropped another 2.97 to 16.95 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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