Pre-opening Comments for Wednesday September 13^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points at 8:35 AM EDT.

Index futures were unchanged following release of the U.S. August Consumer Price Index report at 8:30 AM EDT. Consensus was an increase of 0.6% versus an increase of 0.2% in July. Actual was an increase of 0.6%. On a year-over-year basis, consensus was an increase of 3.6% versus a gain of 3.2% in July. Actual was an increase of 3.7%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in July. Actual was an increase of 0.3%. On a year-over-year basis, consensus for core CPI was an increase of 4.3% versus a gain of 4.7% in July. Actual was an increase of 4.3%.

Spirit Airlines dropped $0.59 to $16.69 after the company lowered third quarter guidance.

Immunogen added $0.44 to $15.89 after JP Morgan upgraded the stock from Neutral to Overweight.

Oracle eased $0.53 to $109.08 after JP Morgan downgraded the stock from Overweight to Neutral.

 

EquityClock’s Daily Comment

Headline reads “Intermediate bond fund has pinned itself against horizontal support ahead of the all important read of the state of inflation on Wednesday”.

https://equityclock.com/2023/09/12/stock-market-outlook-for-september-13-2023/

 

Technical Notes

U.S. Insurance ETF $IAK moved above $92.85 extending an intermediate uptrend.

Oracle $ORCL an S&P 100 stock moved below intermediate support at $111.13 after reporting less than consensus fiscal first quarter revenues.

Nike $NKE an S&P 100 stock moved below $96.22 extending an intermediate downtrend.

Match $MTCH a NASDAQ 100 stock moved below $42.59 completing a double top pattern.

VeriSign $VRSN a NASDAQ 100 stock moved below $200.09 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 12^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 12^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 12^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Discretionary Leads U.S. Equities Higher | Tom Bowley | Trading Places (09.12.23)

Editor’s Note: See enclosed seasonality comment

Discretionary Leads U.S. Equities Higher | Tom Bowley | Trading Places (09.12.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.00 to 34.80. It remains Oversold.

The long term Barometer added 0.20 to 51.80. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 2.21 to 43.36. It remains Neutral.

The long term Barometer added 1.33 to 49.56. It remains Neutral.

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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