Pre-opening Comments for Tuesday September 26^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points at 8:30 AM EDT.

Thor Industries dropped $2.12 to $92.70 after reporting lower than consensus fiscal fourth quarter sales.

United Natural Foods dropped $2.41 to $16.51 after the company reported a loss in its fiscal fourth quarter.

Ford slipped $0.03 to $12.55 after announcing a pause in construction of a $3.5 billion EV battery plant.

DraftKings gained $0.85 to $28.21 after JP Morgan upgraded the stock from Neutral to Overweight. Target was raised its target price from $26 to $37.

 

EquityClock’s Daily Comment

Headline reads “Not one sector of the market has made meaningful upside progress in the past seven quarters and this is telling us something”.

https://equityclock.com/2023/09/25/stock-market-outlook-for-september-26-2023/

 

Technical Notes

NASDAQ Composite Index $COMPQ moved below 13,161.75 completing a Double Top pattern.

Base Metals iShares XBM.TO moved below Cdn$18.75 setting an intermediate downtrend.

Consumer Discretionary SPDRs $XLY moved below $160.64 completing a Double Top pattern.

Notably weaker among Consumer Discretion stocks were the Airlines stocks. The airline ETF $JETS moved below $17.00 extending an intermediate downtrend.

International ETFs were notably weaker. EAFE iShares moved below $69.31 completing a Head & Shoulders pattern. Italy iShares moved below $30.78 completing a double top pattern. France iShares moved below $35.86 extending an intermediate downtrend. Frontier iShares $FM moved below $26.03 completing a double top pattern. Vietnam ETF moved below intermediate support at $14.10

20 year + Treasury Bond iShares $TLT moved below $89.27 extending an intermediate downtrend.

Procter & Gamble $PG a Dow Jones Industrial Average stock moved below $150.93 completing a double top pattern.

Pepsico $PEP an S&P 100 stock moved below $173.48 extending an intermediate downtrend.

Keurig Dr. Pepper $KDP an S&P 100 stock moved below $32.81 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 25^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 25^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 25^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Energy Rises HIGHER in Stagflationary Environment! | The Final Bar (09.25.23)

https://www.youtube.com/watch?v=xw2pQWdRrCU

 

Can We Really Trust Fed Chief Powell? | Your Daily Five (09.25.23)

https://www.youtube.com/watch?v=j7stbYYBsT4

 

Don’t Forget The MONTHLY CHARTS! Earnings Spotlight | DecisionPoint Trading Room (09.25.23)

https://www.youtube.com/watch?v=Vsqm_y4xgEE

 

Fixed Income Continues To Fall, Can’t Say I Didn’t WARN You! Halftime by Chaikin Analytics (9.25.23)

https://www.youtube.com/watch?v=wySEd9a4AcY

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.20 to 21.40. It remains Oversold.

The long term Barometer added 1.20 to 45.00. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 0.44 to 28.19. It remains Oversold. Daily trend remains down.

The long term Barometer added 0.44 to 40.97. 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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