Pre-opening Comments for Tuesday September 12^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:30 AM EDT.

Oracle dropped $6.74 to $119.89 after reporting less than consensus fiscal first quarter revenues. Also, Davidson lowered its target price from $115 to $105.

Moderna added $0.91 to $106.71 after the FDA approved its MRNA shots for people older than 12 years.

Casey’s General Stores added $7.60 to $247.00 after reporting higher than consensus fiscal first quarter earnings.

Apple added $1.18 to $179.36 prior to launch of iPhone 15 today. The stock has a history of moving higher prior to launch of new products followed by a brief period of short term profit taking.

 

EquityClock’s Daily Comment

Headline reads “The US Dollar Index is breaking out of its trend of lower-lows and lower-highs and this poses risks to stocks and commodities”.

https://equityclock.com/2023/09/11/stock-market-outlook-for-september-12-2023/

Technical Notes

Industrial SPDRs $XLI moved below $105.31 setting an intermediate downtrend.

Wheat ETN $WEAT moved below $5.88 extending an intermediate downtrend.

Raytheon Technologies $RTX an S&P 100 stock moved below $80.79 extending an intermediate downtrend. The company announced a $3 billion charge on its Pratt & Whitney engine division.

Paychex $PAYX a NASDAQ 100 stock moved below $119.36 setting an intermediate downtrend.

JM Smucker $SJM moved below $138.36 following news of its announced purchase of Hostess Foods.

CheckPoint Software $CHKP a NASDAQ 100 stock moved above $135.93 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 11^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 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.80 to 36.80. It remains Oversold.

The long term Barometer added 1.40 to 51.60. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 3.54 to 45.48. It remains Neutral.

The long term Barometer was unchanged at 48.23. 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

More from the network: Stock Market Outlook for December 23, 2024 Stock Market Outlook for December 20, 2024 Stock Market Outlook for December 19, 2024 Stock Market Outlook for December 18, 2024 Stock Market Outlook for December 17, 2024