Pre-opening Comments for Friday September 11^th

U.S. equity indices were higher this morning. S&P 500 futures were up 45 points at 8:35 AM EDT.

S&P 500 futures slipped 7 points following release of the August U.S. Consumer Price Index at 8:30 AM. The August Index was expected to increase 0.4% versus a 0.1% increase in July. Actual was 0.4%. Excluding food and energy, the August Index was expected to increase 0.2% versus a 0.2% increase in July. Actual was 0.3% On a year-over-year basis, the August Index was expected to increase 3.4% versus 3.4% in July. Actual was 3.4%. On a year-over-year basis, the August Index excluding food and energy was expected to increase 2.4% versus 2.5% in July. Actual was 2.4%.

Oracle (ORCL) added $9.06 to $162.00 after reporting higher than consensus fiscal first quarter results.

Adobe (ADBE) dropped $5.32 to $243.51 despite reporting higher than consensus fiscal third quarter results.

Copart (CPRT) added $2.48 to $33.20 despite reporting mixed fiscal fourth quarter results. The company also announced negotiations to purchase ACV Auctions for about $2 billion.

EquityClock’s Market Outlook for September 11^th

Interest rates the elephant in the room in the economy and the equity market. See:

https://equityclock.com/2026/09/10/stock-market-outlook-for-september-11-2026/

Where were you on September 11^th 2001?

I hosted a daily conference call for all RBC Investment Advisors each business day from 9:00 AM to 9:30 AM EDT. Members of our Research Department, who had new investment ideas, participated in the call. That morning, one of our guest analysts was Rob Sluymer, our technical analyst located in downtown New York in a building located next to the twin towers. All of the analysts, who planned to speak that day, were on the call on schedule. The meeting started as usual that morning. Suddenly, in the middle of the conference call before giving his presentation, Rob Sluymer said “Got to go!”. Twenty minutes later, word of the first plane crashing into the first tower appeared on television. The rest is history!

Technical Notes

20+ Treasury Bonds iShares (TLT) moved below $80.86 extending an intermediate downtrend.

S&P 500 Index, NASDAQ 100 Index and TSX Composite Index moved below their 50 day moving averages

Spot Heating Oil ($HOIL) moved above $4.71 to an all-time high extending an intermediate uptrend.

U.S. Crude Oil ETN (USO) moved above $154.08 to a 10 year high extending an intermediate uptrend.

Australia iShares (EWA) moved below $29.40 completing a double top pattern.

Cisco (CSCO) an S&P 100 stock moved below $107.53 completing a double top pattern.

Enbridge (ENB.TO) a TSX 60 stock moved below Cdn$68.69 extending an intermediate downtrend.

Telus (T.TO) a TSX 60 stock moved below Cdn$12.74 extending an intermediate downtrend.

Trader’s Corner

Equity Indices and Related ETFs

Commodities

Sectors

Links offered by valued providers

‘Let’s knock down those tariffs,’ says Canada’s Conservative Leader Pierre Poilievre: CNBC

‘Let’s knock down those tariffs,’ says Canada’s Conservative Leader Pierre Poilievre – YouTube

The September Pullback One Vol Trader Sees Coming: Tastylive

The September Pullback One Vol Trader Sees Coming – YouTube

Is September About to Get Ugly? Here’s the Data: Valuetrendcanada

(Note inclusion of seasonality charts from www.EquityClock.com)

Is September About to Get Ugly? Here’s the Data – YouTube

1990s Parallels: Is a Fed Hike About to Mark the Top? Guy Adami, Dan Nathan, Liz Thomas

https://www.youtube.com/watch?v=I3yd8v8UB1c

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 4.40 to 33.80. It remained Oversold. Daily downtrend was extended.

The short term (20 days) Barometer dropped another 5.20 to 18.00. It remained Oversold. Daily downtrend was extended.

The long term Barometer dropped another 2.00 to 57.60. It remained Neutral. Daily downtrend was extended.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.29 to 44.04. It remained Neutral. Daily downtrend was extended.

The short term (20 days) Barometer plunged 19.27 to 21.56. It changed from Neutral to Oversold on a move below 40.00. Daily downtrend was extended.

The long term Barometer plunged 8.72 to 54.59. It changed from Overbought to Neutral on a drop below 60.00. Daily downtrend was extended.

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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