Pre-opening Comments for Thursday September 21^st

U.S. equity index futures were lower this morning. S&P 500 futures were down 43 points at 8:35 AM EDT.

FedEx gained $14.38 to $264.90 following release of higher than consensus first quarter earnings. The company also offered positive guidance.

KB Homes slipped $0.81 to $47.25 despite reporting higher than consensus fiscal third quarter earnings. The company also reported less than consensus sales.

Amazon dropped $1.99 to $133.30 after Federal Trade Commission sued the company.

FactSet dropped $12.36 to $311.41 after reporting less than consensus fiscal fourth quarter earnings.

 

EquityClock’s Daily Comment

Headline reads “Growth showing signs of relinquishing leadership to Value as the market digests the strength in the Technology sector”.

https://equityclock.com/2023/09/20/stock-market-outlook-for-september-21-2023/

 

Responses to the FOMC meeting results released at 2:00 PM

FOMC decided to hold the Fed Fund Rate at 5.25%-5.50% and continued its program to reduce its position in outstanding U.S. debt (i.e. continued Quantitative Tightening). The decision by the 19 voting members was unanimous. Also, 12 of the 19 members considered the possibilities of another increase in the Fed Fund Rate at future meetings. Implication is that the Fed Fund Rate will not come down “any time soon”.

Broadly base equity indices responded by moving lower.

Yield on U.S. Treasuries spiked

U.S. Dollar Index moved higher.

The Canadian Dollar moved lower.

Gold plunged.

Ditto for gold stocks and related ETFs

Notably weaker sectors include Technology SPDRs, Financial SPDRs and Russell 2000 iShares

 

Technical Notes

Midcap SPDRs moved below 464.72 setting an intermediate downtrend.

Leading weakness in the technology sector was semiconductor ETFs. Semiconductor iShares moved below $476.00 completing a Head & Shoulders pattern.

U.S. Medical Devices $IHI moved below support at $50.03 extending an intermediate downtrend.

Lithium ETF $LIT moved below $56.15 extending an intermediate downtrend. Responding to lower than expected demand for E-cars!

Allstate $ALL an S&P 100 stock moved above $113.14 setting an intermediate uptrend.

Amgen $AMGN an S&P 100 stock moved above $266.58 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 20^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 20^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 20^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

When to BUY, When to SELL, and When to SIT On Your Hands | The Final Bar (09.19.23)

When to BUY, When to SELL, and When to SIT On Your Hands | The Final Bar (09.19.23) – YouTube

 

Aureus’ Kari Firestone reveals her top stock picks ahead of Fed decision

Aureus’ Kari Firestone reveals her top stock picks ahead of Fed decision – YouTube

 

BofA Securities’ Savita Subramanian explains why she’s raising her year-end S&P 500 target to 4,600

BofA Securities’ Savita Subramanian explains why she’s raising her year-end S&P 500 target to 4,600 – YouTube

 

The S&P 500 can get to 4,825 by year-end, says Piper Sandler’s Craig Johnson

The S&P 500 can get to 4,825 by year-end, says Piper Sandler’s Craig Johnson – YouTube

 

5 Stock Picks In Uncertain Times | Your Daily Five (09.20.23) Mish Schneider

5 Stock Picks In Uncertain Times | Your Daily Five (09.20.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.20 to 30.30. It remains Oversold. Daily downtrend resumed.

The long term Barometer dropped 1.00 to 50.80. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.77 to 46.90. It remains Neutral.

The long term Barometer added 2.21 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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