The Bottom Line
On a seasonal basis, the S&P 500 Index and TSX Composite Index continue to track their historic pattern by moving lower between the second week in September and the first week in October.
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts modified their 2026 earnings and revenue estimates slightly last week.
· Consensus for third quarter 2026 earnings gains increased to 28.79% from 28.7%. Consensus for revenue gains remained at 11.9%.
· Consensus for fourth quarter 2026 earnings gains decrease to 26.5% from 31.6%. Consensus for revenue gains slipped to 11.7% from12.1%.
· For all of 2026, consensus for earnings gains increased to 31.8% from 31.6%. Consensus for revenue gains remained at 12.1%.
Consensus for earnings and revenue gains into 2027 increased slightly last week.
· For first quarter 2027, consensus for earnings gain increased to 18.2% from 18.0%. Consensus for revenue gains increased to 10.9% from 10.8%
· For second quarter 2027, consensus for earnings gains increased to 1.5% from 1.3%. Consensus for revenue gains remained at 7.0%
· For all of 2027, consensus for earnings gains increased to 15.2% from 15.1%. Consensus for revenue gains remained at 9.1%.
Economic News This Week
Source: www.marketwatch.com
August U.S. New Home Sales released at 10:00 AM EDT on Thursday are expected to increase to 620,000 from 607,000 in July.
August U.S. Durable Goods Orders released at 8:30 AM EDT on Friday are expected to drop 0.3% versus a 1.1 increase in July.
University of Michigan September Consumer Survey is expected to drop to 47.1 from 51.7 in August.
Selected Earnings News This Week
Trader’s Corner
Equity Indices and Related ETFs
Commodities
Sectors
Changes Last Week
Technical Notes for Friday
PepsiCo (PEP) an S&P 100 stock moved below $132.32 extending an intermediate downtrend.
T Mobile (TMUS) an S&P 100 stock moved below $164.71 extending an intermediate downtrend.
Ford (F) a Dow Jones Industrial Average stock moved below $13.08 completing a double top pattern.
Magnificent Seven ETF (MAGS) moved above $71.16 to an all-time high extending an intermediate uptrend.
Links offered by valued providers
Mike’s Money Talks for September 19th 2026
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
BOJ Action Spooks Markets, Yields Rise, Triple Witching, Oil Turns Higher, Gold Holds Strong: Verified Investing
The Morning Show – September 18, 2026: Features an interview with Ralph Acapora
The Morning Show – September 18, 2026 (stockmarkettv.com)
This week in money: Ross Clark, Martin Armstrong, Jim Willie
HoweStreet.com Weekly Recap – September 19, 2026 (substack.com)
The Only Thing Working in This Market Right Now: Mary Ellen McGonagle
https://www.youtube.com/watch?v=cIqV0W1LQvU
Will The Hawkish Fed Cause A Major Market Top? Tom Bowley
https://www.youtube.com/watch?v=6_pXkM8LC1M
Weekly Update with Larry Berman – September 19, 2026
https://www.youtube.com/watch?v=GklISK6LlcY
Mark Leibovit: The Fed: One Disaster After Another – Sept. 17, 2026
Mark Leibovit: The Fed: One Disaster After Another – Sept. 17, 2026 – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.60 on Friday and plunged 10.40 last week to 28.80. It remained Oversold. Daily downtrend was extended on Friday.
The short term (20 days) Barometer dropped 1.60 on Friday and fell 2.60 last week to 20.00. It remained Oversold.
The long term Barometer dropped 1.00 on Friday and plunged 7.00 last week to 52.00. It remained Neutral. Daily downtrend was extended.
TSX Momentum Barometers
The intermediate term Barometer was unchanged on Friday and added 2.04 last week to 45.62. It remained Neutral.
The short term (20 days) Barometer added 0.46 on Friday, but added 7.49 last week to 32.26. It remained Oversold.
The long term Barometer slipped 0.83 on Friday and dropped 1.12 last week to 55.30. It remained 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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Equity Clock Publications