Pre-opening Comments for Wednesday September 28^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Apple dropped $5.75 to $146.01 after reducing production plans for its Apple 14 iPhone.

BlackBerry dropped $0.15 to US$4.94 after reporting lower than consensus fiscal second quarter earnings.

Progress Software dropped $0.58 to $40.99 after reporting lower than consensus third quarter profits.

Biogen jumped $88.97 to $286.76 on pending regulatory approval of its Alzheimer drug. Target prices were raised by several Wall Street brokers.

 

EquityClock’s Daily Comment

Headline reads “Look to buy stocks and bonds when the yield on the 10-year Treasury note closes in on the Fed’s year-end target for Fed Fund Rate at 4.4%”.

http://www.equityclock.com/2022/09/27/stock-market-outlook-for-september-28-2022/

 

Technical Notes for yesterday

Financial SPDRs $XLF moved below $30.21 extending an intermediate downtrend.

Medical Devices iShares $IHI moved below $47.13 extending an intermediate downtrend.

Italy iShares $EWI moved below $21.21 extending an intermediate downtrend.

Insurance iShares $IAK moved below $78.17 extending an intermediate downtrend.

JP Morgan $JPM a Dow Jones Industrial Average stock moved below $106.06 extending an intermediate downtrend.

Phillip Morris International $PM an S&P 100 stock moved below $87.03 extending an intermediate downtrend.

Exelon $EXC an S&P 100 stock moved below $39.87 extending an intermediate downtrend.

Fox $FOX an S&P 100 stock moved below $28.73 extending an intermediate downtrend.

Mondelez $MDLZ a NASDAQ 100 stock moved below $57.49 extending an intermediate downtrend.

BCE $BCE.TO a TSX 60 stock moved below $60.52 extending an intermediate downtrend.

Power Corp $POW.TO a TSX 60 stock moved below $32.12 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 27^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 27^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 27^th 2021

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Tom Bowley says “I’m calling this market bottom 2.0”.

I’m Calling This Market Bottom 2.0 | Tom Bowley | Trading Places (09.27.22) – YouTube

 

Greg Taylor says “If the U.S. Dollar breaks down, gold could be the best performing asset”

If the U.S. dollar breaks down, gold could be the best-performing asset class: Greg Taylor – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.40 to 3.40 yesterday. It remains extremely Oversold, but showing early signs of bottoming. Trend remains down

The long term Barometer dropped another 1.20 to 11.40 yesterday. It remains Oversold. Trend remains down.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.85 to 8.05 yesterday. It remains extremely Oversold, but showing early signs of bottoming. Trend remains down.

The long term Barometer added 0.42 to 17.37. It remains Oversold, but showing early signs of bottoming. 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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