{"id":169388,"date":"2023-09-06T02:22:00","date_gmt":"2023-09-06T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=169388"},"modified":"2023-09-06T08:58:47","modified_gmt":"2023-09-06T12:58:47","slug":"tech-talk-for-wednesday-september-6th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/09\/06\/tech-talk-for-wednesday-september-6th-2023\/","title":{"rendered":"Tech Talk for Wednesday September 6th 2023"},"content":{"rendered":"

Pre-opening Comments for Wednesday September 6th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 13 points at 8:35 AM EDT.<\/em><\/p>\n

Index futures were unchanged following release of the July U.S. Trade report at 8:30 AM EDT.<\/b> 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.<\/em><\/p>\n

Enbridge <\/b>dropped $2.35 to US$32.93 after announcing purchase of U.S. gas distribution companies valued at $14 billion.<\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

Roku <\/b>advanced $10.50 to $94.23 after announcing a 10% reduction in its staff.<\/em><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

<\/b><\/p>\n

<\/b><\/p>\n

GitLab<\/b> added $3.26 to $53.00 after reporting higher than consensus fiscal second quarter revenues<\/em><\/p>\n

\"clip_image003[1]\"<\/a><\/p>\n

 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cThe 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<\/strong>\u201d.<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/09\/05\/stock-market-outlook-for-september-6-2023\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

Dow Jones Industrial Average and Dow Jones Transportation Average moved below their 20 and 50 day moving averages.<\/p>\n

\"clip_image001\"<\/a><\/p>\n

\"clip_image002\"<\/a><\/p>\n

Canadian Dollar $CDW moved below US73.24 cents and US73.22 cents extending an intermediate downtrend.<\/p>\n

\"clip_image003\"<\/a><\/p>\n

India ETF $PIN moved above $23.76 extending an intermediate uptrend. <\/p>\n

.\"clip_image004\"<\/a><\/p>\n

Energy SPDRs $XLE moved above $91.38 and $91.97 to an all-time high extending an intermediate uptrend. <\/p>\n

\"clip_image005\"<\/a><\/p>\n

Oil Services ETF $OiH moved above $351.46 to five year high extending an intermediate uptrend <\/p>\n

\"clip_image006\"<\/a><\/p>\n

TSX Energy iShares $XEG.TO moved above Cdn$17.40 to a 15 month high extending an intermediate uptrend.<\/p>\n

\"clip_image007\"<\/a><\/p>\n

BMO Equal Weight Energy ETf $ZEO.TO moved above $66.40 extending an intermediate uptrend. <\/p>\n

\"clip_image008\"<\/a><\/p>\n

Palladium ETN $PALL moved below $110.98 extending an intermediate downtrend. <\/p>\n

\"clip_image009\"<\/a><\/p>\n

Intel $INTC a Dow Jones Industrial Average stock moved above $37.06 extending an intermediate uptrend.<\/p>\n

\"clip_image010\"<\/a><\/p>\n

Synopsys $SNPS a NASDAQ 100 stock moved above $468.03 to an all-time high extending an intermediate uptrend. <\/p>\n

\"clip_image011\"<\/a><\/p>\n

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

\"clip_image012\"<\/a><\/p>\n

Coca Cola $KO a Dow Jones Industrial Average stock moved below $58.84 <\/p>\n

Pepsico $PEP an S&P 100 stock moved below $174.09 <\/p>\n

Keurig Dr. Pepper $KDP an S&P 100 stock moved below $33.23 <\/p>\n

\"clip_image013\"<\/a><\/p>\n

\"clip_image014\"<\/a><\/p>\n

\"clip_image015\"<\/a><\/p>\n

Medtronic $MDT an S&P 100 stock moved below $81.23 and $80.39 setting an intermediate downtrend.<\/p>\n

\"clip_image016\"<\/a><\/p>\n

Drop in the Dow Jones Transportation Average was led by weakness in CSX $CSX a NASDAQ 100 stock on a move below $30.01<\/p>\n

\"clip_image017\"<\/a><\/p>\n

 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for September 5th<\/sup> 2023<\/p>\n

\"clip_image019\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for September 5th<\/sup> 2023<\/p>\n

\"clip_image021\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for September 5th<\/sup> 2023 <\/p>\n

\"clip_image023\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Top 10 Charts to Watch September 2023 | The Final Bar (09.04.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=d-UlpPG9aPY<\/a><\/p>\n

 <\/p>\n

Monthly RRG Shows Preference For Stocks Over Bonds | Sector Spotlight (09.04.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=VAtg6lIRVTI<\/a><\/p>\n

 <\/p>\n

Stifel states the S&P 500 will end 2023 at 4,400<\/b><\/p>\n

Stifel states the S&P 500 will end 2023 at 4,400 | Seeking Alpha<\/a><\/p>\n

 <\/p>\n

S&P 500: The Big Picture | Tom Bowley<\/font><\/em> | Trading Places (09.05.23)<\/b><\/p>\n

S&P 500: The Big Picture | Tom Bowley | Trading Places (09.05.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image024\"<\/a><\/p>\n

The intermediate term Barometer dropped 9.60 to 38.00. It changed from Neutral to Oversold on a drop below 40.00<\/p>\n

\"clip_image025\"<\/a><\/p>\n

The long term Barometer dropped 5.80 to 53.20. It remains Neutral.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image026\"<\/a><\/p>\n

The intermediate term Barometer dropped 5.29 to 53.30. It remains Neutral.<\/p>\n

\"clip_image027\"<\/a><\/p>\n

The long term Barometer slipped 1.32 to 53.30. It remains Neutral.<\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Wednesday September 6th 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 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-169388","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/169388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=169388"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/169388\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=169388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=169388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=169388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}