Pre-opening Comments for Monday September 29^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 32 points at 8:30 AM EDT.

Gold futures gained $39.40 to $3,848.00 per ounce in response to a weaker U.S. Dollar and to .U.S. government shutdown fears.

Novo Nordisk dropped $1.84 to $53.77 after Morgan Stanley noted that the company’s test for an Alzheimer treatment is expected to fail.

Tesla advanced $17.01 to $440.40 in anticipation of launch on Thursday of its latest version of self-driving technology.

Occidental Petroleum gained $0.67 to $48.14 on discussion to sell its chemical unit for $10 billion

Technical Scoop for September 29^th from David Chapman and www.EnrichedInvesting.com

https://enrichedinvesting.com/library/

The Bottom Line

“Sell on Rosh Hashanah, buy on Yum Kippur” (i.e. Sell S&P 500 on September 22^nd, buy on October 1^st this year) is working once again. Likelihood of the event is compounded by the traditional “hang over” impact on equity and options markets following expiration of September listed options and futures on Friday. Other short term events, that could influence U.S. equity markets this week, include a possible shut down of the U.S. government if Congress is unable to pass a funding bill by October 1^st and news released after the close on Friday that President Trump has demanded the firing of Microsoft’s President of Global Affairs.

Consensus for Earnings and Revenues for S&P 500 companies

Source: www.factset.com

Analysts increased earnings estimates slightly last week.

Consensus for third quarter 2025 earnings gains increased to 7.9% from 7.7%. Consensus for third quarter revenue growth remained at 6.3%.

Consensus for fourth quarter 2025 earnings slipped slightly: Earnings growth eased to 7.3% from 7.4%. Revenue growth remained at 6.4%.

For all of 2025, consensus for earnings growth increased to 10.8% from 10.7%. Consensus for revenue gains remained at 6.1%.

Consensus for first quarter 2026 earnings growth increased to 11.7% from 11.6%. Consensus for revenue gains remained at 7.1%.

Consensus for second quarter 2026 earnings growth increased to 12.7% from 12.6%. Consensus for revenue growth remained at 6.4%.

For all of 2026, earnings growth increased to 13.8% from 13.7%. Consensus for revenue growth increased to 6.6% from 6.5%.

Economic News This Week

U.S. August Construction Spending released at 10:00 AM EDT on Wednesday is expected to drop 0.1% versus a 0.1% drop in Jully

September Manufacturing ISM released at 10:00 AM EDT on Wednesday is expected to improve to 49.1 from 48.7 in August.

U.S. August Factory Orders released at 10:00 AM EDT on Thursday are expected to increase 0.9% versus a 1.3% drop in July.

U.S. September Non-farm Payrolls released at 8:30 AM ED T on Friday are expected to increase 45,000 versus a 22,000 increase in August. September Unemployment Rate is expected to be unchanged from August at 4.3%. September Average Hourly Wages are expected to increase 0.3% versus a 0.3% increase in August.

September Non-manufacturing ISM PMI released at 10:00 AM EDT on Friday is expected to remain unchanged from August at 52.0.

Selected Earnings News This Week

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 26^th 2025

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 26^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 26^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Technical Notes

General Motors (GM) an S&P 100 stock moved above $60.60 extending an intermediate uptrend.

Simon Properties (SPG) an S&P 100 stock moved above $183.19 to an all-time high extending an intermediate uptrend.

Costco (COST) an S&P 100 stock moved below $923.72 setting an intermediate downtrend.

Electronic Arts (EA) a NASDAQ 100 stock moved above $180.70 to an all-time high extending an intermediate uptrend on reports that the company is near a $50 billion deal to go private.

Changes last week

Links offered by valued providers

Mike’s Money Talks for September 27^th 2025

Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)

Stock Markets Hit by Rosh Hashanah Effect: Mark Leibovit

https://www.howestreet.com/2025/09/stock-markets-hit-by-rosh-hashanah-effect-mark-leibovit/

Energy Stocks Ready to Break Out? Key Setups to Watch: Joe Rabil

Energy Stocks Ready to Break Out? Key Setups to Watch – YouTube

Rick Rule’s 3 Stocks to Buy Right Now

Rick Rule’s 3 Stocks to Buy Right Now – YouTube

Why the Fed Cut Isn’t a Silver Bullet for Investors: Dan Nathan and Marco Kolanovic

Why the Fed Cut Isn’t a Silver Bullet for Investors – YouTube

A seasonal pullback would be a great reset for the market, says Fairlead’s Katie Stockton

A seasonal pullback would be a great reset for the market, says Fairlead’s Katie Stockton – YouTube

Weekly Update with Larry Berman – September 27, 2025

https://www.youtube.com/watch?v=lEa3IvHv6H8

New Market Leaders Are Emerging – Don’t Miss This Rotation! Mary Ellen McGongle

https://www.youtube.com/watch?v=lXjIOhNHf4k

Has the Fed Been Successful at Preventing Recessions? Bob Hoye

https://www.howestreet.com/2025/09/has-the-fed-been-successful-at-preventing-recessions-bob-hoye/

S&P 500 Momentum Barometers

The intermediate term Barometer added 6.20 on Friday and slipped 1.00 last week to 56.40 It remains neutral

The long term Barometer added 2.00 to 63.80 on Friday and gained 1.00 last week to 63.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 2.35 on Friday and slipped 1.03 last week to 71.83. It remains Overbought.

The long term Barometer added 0.47 on Friday and gained 2.10 last week to 86.39, highest level since December 2020. It remains Overbought.

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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