Pre-opening Comments for Wednesday September 6^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points at 8:35 AM EDT.

Index futures were unchanged following release of the July U.S. Trade report at 8:30 AM EDT. Consensus was a deficit of $65.50 billion versus a deficit of $65.80 billion in June. Actual was a deficit of $65.00 billion.

Enbridge dropped $2.35 to US$32.93 after announcing purchase of U.S. gas distribution companies valued at $14 billion.

Roku advanced $10.50 to $94.23 after announcing a 10% reduction in its staff.

GitLab added $3.26 to $53.00 after reporting higher than consensus fiscal second quarter revenues

 

EquityClock’s Daily Comment

Headline reads “The struggle in some of the most market and economically sensitive segments on Tuesday hints that this normal period of volatility/weakness that started last month is set to resume”.

https://equityclock.com/2023/09/05/stock-market-outlook-for-september-6-2023/

Technical Notes

Dow Jones Industrial Average and Dow Jones Transportation Average moved below their 20 and 50 day moving averages.

Canadian Dollar $CDW moved below US73.24 cents and US73.22 cents extending an intermediate downtrend.

India ETF $PIN moved above $23.76 extending an intermediate uptrend.

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Energy SPDRs $XLE moved above $91.38 and $91.97 to an all-time high extending an intermediate uptrend.

Oil Services ETF $OiH moved above $351.46 to five year high extending an intermediate uptrend

TSX Energy iShares $XEG.TO moved above Cdn$17.40 to a 15 month high extending an intermediate uptrend.

BMO Equal Weight Energy ETf $ZEO.TO moved above $66.40 extending an intermediate uptrend.

Palladium ETN $PALL moved below $110.98 extending an intermediate downtrend.

Intel $INTC a Dow Jones Industrial Average stock moved above $37.06 extending an intermediate uptrend.

Synopsys $SNPS a NASDAQ 100 stock moved above $468.03 to an all-time high extending an intermediate uptrend.

Consumer Staples SPDRs $XLP moved below $71.73 completing a double top pattern Weakness was triggered by breakdowns by beverage stocks extending intermediate downtrends.

Coca Cola $KO a Dow Jones Industrial Average stock moved below $58.84

Pepsico $PEP an S&P 100 stock moved below $174.09

Keurig Dr. Pepper $KDP an S&P 100 stock moved below $33.23

Medtronic $MDT an S&P 100 stock moved below $81.23 and $80.39 setting an intermediate downtrend.

Drop in the Dow Jones Transportation Average was led by weakness in CSX $CSX a NASDAQ 100 stock on a move below $30.01

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 5^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 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Top 10 Charts to Watch September 2023 | The Final Bar (09.04.23)

https://www.youtube.com/watch?v=d-UlpPG9aPY

 

Monthly RRG Shows Preference For Stocks Over Bonds | Sector Spotlight (09.04.23)

https://www.youtube.com/watch?v=VAtg6lIRVTI

 

Stifel states the S&P 500 will end 2023 at 4,400

Stifel states the S&P 500 will end 2023 at 4,400 | Seeking Alpha

 

S&P 500: The Big Picture | Tom Bowley | Trading Places (09.05.23)

S&P 500: The Big Picture | Tom Bowley | Trading Places (09.05.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 9.60 to 38.00. It changed from Neutral to Oversold on a drop below 40.00

The long term Barometer dropped 5.80 to 53.20. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 5.29 to 53.30. It remains Neutral.

The long term Barometer slipped 1.32 to 53.30. 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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