{"id":179856,"date":"2024-09-16T02:22:00","date_gmt":"2024-09-16T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=179856"},"modified":"2024-09-16T08:56:32","modified_gmt":"2024-09-16T12:56:32","slug":"tech-talk-for-monday-september-16th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/09\/16\/tech-talk-for-monday-september-16th-2024\/","title":{"rendered":"Tech Talk for Monday September 16th 2024"},"content":{"rendered":"

Pre-opening Comments for Monday September 16th<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

U.S. equity index futures were lower this morning.<\/b> S&P 500 future were down 5 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures were unchanged following release of the September Empire State Manufacturing Survey at 8:30 AM EDT.<\/b> Consensus was an improvement to -3.90 from -4.70 in August. Actual was an improvement to +11.5.<\/em><\/p>\n

Pfizer<\/b> added $0.11 to $29.27 after announcing that a drug for a deadly cancer that causes weight loss shows positive trial data.<\/em><\/p>\n

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

Air Canada<\/b> is expected to open higher after reaching an agreement with its pilot union averting a strike.<\/em><\/p>\n

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

Alcoa <\/b>added $0.46 to $32.98 after selling its Saudi Arabia venture stake for $1.1 billion.<\/em><\/p>\n

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

Mosaic<\/b> dropped $0.46 to $32.98 after guiding to lower third quarter potash\/phosphate volumes.<\/em><\/p>\n

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

 <\/p>\n

EquityClock\u2019s Stock Market Outlook for September 16th<\/sup><\/strong><\/font><\/em><\/p>\n

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

The weakest period of the year for stocks is directly ahead, but three influences could work to mitigate this seasonal threat. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/09\/14\/stock-market-outlook-for-september-16-2024\/<\/em><\/a><\/p>\n

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

The Bottom Line<\/strong><\/font><\/p>\n

Focus this week is on the FOMC\u2019s economic statement released on Wednesday at 2:00 PM EDT<\/b>. Consensus calls for a 0.25% reduction in the Fed Fund Rate to 5.25%.<\/p>\n

 <\/p>\n

Consensus for Earnings and Revenues for S&P 500 companies<\/strong><\/font><\/p>\n

Source: www.factset.com<\/a><\/p>\n

A word of caution!<\/b> Consensus for third quarter results calls for significantly lower than the 11.3% year-over-year earnings gain recorded in the second quarter. Third quarter earnings are expected to slip to a 4.9% increase. Consensus for third quarter revenues calls for a 5.3% year-over-year increase (versus a 4.8% increase last week).<\/p>\n

Earnings gains accelerate in the fourth quarter.<\/b> Consensus calls for a 15.4% increase in earnings and a 5.3% increase in revenues (versus 5.4% increase last week).<\/p>\n

For all of 2024<\/b>, consensus calls for a 10.2% earnings increase (versus a 10.1% increase last week) and 5.1% revenue increase.<\/p>\n

Earnings gains remain elevated in 2025<\/b>. First quarter earnings are expected to increase 15.0 % on a year-over-year basis (versus 14.4% increase last week) and revenues are expected to increase 5.8% (versus a 5.9% gain last week). Second quarter earnings are expected to increase 14.1% and revenues are expected to increase 5.7%. For all of 2025 earnings are expected to increase 15.4% and revenues are expected to increase 6.0%.<\/p>\n

 <\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

September Empire State Manufacturing Survey<\/b> released at 8:30 AM EDT on Monday is expected to improve to -3.90 from -4.70 in August.<\/p>\n

August U.S. Retail Sales<\/b> released at 8:30 AM EDT on Tuesday are expected to increase 0.2% versus a gain of 1.0% in July. Excluding food and energy, August Retail Sales are expected to increase 0.3% versus a gain of 0.4% in July.<\/p>\n

August Canadian Consumer Price Index<\/b> released at 8:30 AM EDT on Tuesday is expected to increase 0.1% versus a gain of 0.4% in July.<\/p>\n

August U.S. Capacity Utilization<\/b> released at 9:15 AM EDT on Tuesday is expected to increase to 77.9% from 77.8% in July. August Industrial Production <\/b>is expected to be unchanged versus a 0.6% decline in July.<\/p>\n

July Business Inventories<\/b> released at 10:00 AM EDT on Tuesday are expected to increase 0.4% versus a 0.3% gain in June.<\/p>\n

August U.S. Housing Starts<\/b> released at 8:30 AM EDT on Wednesday are expected to increase to 1.250 million units from 1.238 million units in July.<\/p>\n

FOMC Economic Statement<\/b> released at 2:00 PM EDT is expected to announce a reduction in the Fed Fund Rate to 5.25% from 5.50%. <\/p>\n

September Philly Fed<\/b> released at 8:30 AM EDT on Thursday is expected to improve to +2.4 from -7.0 in August.<\/p>\n

August Existing Home Sales<\/b> released at 10:00 AM EDT on Thursday are expected to slip to 3.85 million units from 3.95 million units in July.<\/p>\n

August Leading Economic Indicators<\/b> released at 10:00 AM EDT on Thursday are expected to improve to -0.3% from -0.6% in July.<\/p>\n

Canadian July Retail Sales<\/b> released at 8:30 AM EDT on Friday are expected to increase 0.3% versus a 0.3% decline in June.<\/p>\n

 <\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

 <\/p>\n

Wednesday:<\/b> General Mills, KB Homes<\/p>\n

Thursday:<\/b> FedEx, Lennar, Darden Restaurants<\/p>\n

 <\/p>\n

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

\"traders<\/a><\/font><\/strong><\/p>\n

See price chart in Technical Notes below<\/em><\/p>\n

 <\/p>\n

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

Daily Seasonal\/Technical Equity Trends for September 13th<\/sup> 2024<\/p>\n

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

Green: Increase from previous day<\/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

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

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

Daily Seasonal\/Technical Commodities Trends for September 13th<\/sup> 2024<\/p>\n

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

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

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for September 13th<\/sup> 2024<\/p>\n

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

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

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

 <\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

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

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


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

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

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

Michael Campbell\u2019s Money Talks for September 14th<\/sup> <\/b><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

 <\/p>\n

Investors should be cautious in second half due to front-loaded 2024 gains, says Wells Fargo’s Cronk<\/b><\/p>\n

Investors should be cautious in second half due to front-loaded 2024 gains, says Wells Fargo’s Cronk \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

What a Harris or Trump Presidency Looks Like for the Markets<\/b><\/p>\n

What a Harris or Trump Presidency Looks Like for the Markets \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Did We Just Have a \u201cWeird Wally Wednesday\u201d? Mark Leibovit<\/b><\/p>\n

Did We Just Have a \u201cWeird Wally Wednesday\u201d? \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Bitcoin – Higher Low Could Be Forming – Wyckoff Crypto Discord – 9.11.2024<\/b><\/p>\n

Bitcoin – Higher Low Could Be Forming – Wyckoff Crypto Discord – 9.11.2024 \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Here’s My Most-Likely Scenario for QQQ: David Keller<\/b><\/p>\n

Here’s My Most-Likely Scenario for QQQ | The Mindful Investor w\/ David Keller, CMT | StockCharts.com<\/a><\/p>\n

 <\/p>\n

September: Exit Light, Enter Night: Tom Bowley<\/b><\/p>\n

September: Exit Light, Enter Night | Trading Places with Tom Bowley | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Gold, Gold, Gold: Bob Hoye<\/b><\/p>\n

Gold, Gold, Gold \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Trading Desk Notes for September 14, 2024: Victor Adair<\/b><\/p>\n

Trading Desk Notes for September 14, 2024 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Technical Scoop for Sept. 16th<\/sup> from David Chapman and <\/b>www.EnrichedInvesting.com<\/b><\/a> <\/b><\/p>\n

https:\/\/enrichedinvesting.com\/library\/<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

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

Silver bullion<\/b> ETN<\/b> $SLV moved above US$27.46 setting an intermediate uptrend. <\/p>\n

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

Silver Miners ETF<\/b> $SIL moved above $34.22 setting an intermediate uptrend. <\/p>\n

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

Junior Gold Miners ETF<\/b> $GDXJ moved above $49.13 extending an intermediate uptrend.<\/p>\n

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

S&P\/TSX Gold iShares<\/b> $XGD.TO moved above Cdn$23.70 extending an intermediate uptrend.<\/p>\n

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

Barrick Gold<\/b> $ABX a TSX 60 stock moved above Cdn$28.26 extending an intermediate uptrend.<\/p>\n

Agnico-Eagle<\/b> $AEM.TO a TSX 60 stock moved above Cdn$112.29 to an all-time high extending an intermediate uptrend.<\/p>\n

Waste Connections<\/b> $WCN.TO a TSX 60 stock moved above Cdn$251.70 to an all-time high extending an intermediate uptrend. <\/p>\n

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

GE Aerospace<\/b> $GE an S&P 100 stock moved above $177.20 to an all-time high extending an intermediate uptrend.<\/p>\n

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

 <\/p>\n

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

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

The intermediate term Barometer added 3.00 on Friday and gained 13.80 last week to 72.80. It changed from Neutral to Overbought on a move above 60.00.<\/p>\n

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

The long term Barometer added 2.80 on Friday and gained 6.00 last week to 74.20. It remains Overbought.<\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer added 1.77 on Friday and jumped 20.80 last week to 65.93. It changed from Neutral to Overbought on a move above 60.00.<\/p>\n

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

The long term Barometer added 2.21 on Friday and gained 11.51 last week to 72.57. It remains Overbought.<\/p>\n

 <\/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 Monday September 16th   U.S. equity index futures were lower this morning. S&P 500 future were down 5 points at 8:35 AM EDT. S&P 500 futures were unchanged following release of the September Empire State Manufacturing Survey at 8:30 AM EDT. Consensus was an improvement to -3.90 from -4.70 in August. Actual […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-179856","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179856","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=179856"}],"version-history":[{"count":3,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179856\/revisions"}],"predecessor-version":[{"id":179867,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179856\/revisions\/179867"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=179856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=179856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=179856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}