{"id":179908,"date":"2024-09-17T02:22:00","date_gmt":"2024-09-17T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=179908"},"modified":"2024-09-17T08:55:26","modified_gmt":"2024-09-17T12:55:26","slug":"tech-talk-for-tuesday-september-17th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/09\/17\/tech-talk-for-tuesday-september-17th-2024\/","title":{"rendered":"Tech Talk for Tuesday September 17th 2024"},"content":{"rendered":"

Pre-opening Comments for Tuesday September 17th<\/sup><\/strong><\/font><\/em><\/p>\n

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U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 21 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures slipped 2 points following release of U.S. August Retail Sales at 8:30 AM EDT. <\/b>Consensus was a 0.2% increase versus a 1.0% gain in July. Actual was a 0.1% increase. Excluding auto sales, consensus was a 0.3% increase versus a 0.4% gain in July. Actual was a 0.1% gain.<\/em><\/p>\n

The Canadian Dollar slipped 0.10 to US73.46 following release of Canada\u2019s August Consumer Price Index at 8:30 AM EDT.<\/b> Consensus was a 0.1% versus a 0.4% gain in July. Actual was a 0.2% drop.<\/em><\/p>\n

Yesterday, the U.S. Dollar<\/b> briefly touched 100.25, a 14 month low. Investors nervously are waiting for the FOMC to announce a reduction in the Fed Fund Rate by at least 0.25% when announcing its decision on interest rates tomorrow at 2:00 PM EDT.<\/em><\/p>\n

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U.S. Base Metal iShares<\/b> $PICK and Lumber and Forest Product iShares<\/b> $WOOD have been notably stronger during the past four trading days in anticipation of U.S. Dollar weakness following the FOMC announcement.<\/em><\/p>\n

Intel <\/b>advanced $1.67 to $22.58 after announcing an expansion of its partnership with Amazon to design and produce custom chips. The stock completed a double bottom pattern in overnight trade on a move above $21.86.<\/em><\/p>\n

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Microsoft <\/b>added $3.06 to $434.40 after announcing an 11% increase on its quarterly dividend. The company also announced start of a new stock buyback program valued at $60 billion.<\/em><\/p>\n

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EquityClock\u2019s stock market outlook for September 17th<\/sup><\/font><\/em><\/p>\n

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Last week\u2019s rebound in the Technology sector wasn\u2019t enough to mitigate the threat that the topping pattern on the chart of Semiconductors continues to portray. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/09\/16\/stock-market-outlook-for-september-17-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

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

U.S. Home Construction<\/b> iShares<\/b> $ITB moved above $124.50 to an all-time high extending an intermediate uptrend. <\/p>\n

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S&P 100 and NASDAQ 100 stocks<\/b> breaking to all-time highs included McDonalds, Visa, AT&T, T Mobile and American Electric Power<\/p>\n

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Salesforce.com<\/b> $CMG a Dow Jones Industrial Average stock moved above $56.98 extending an intermediate uptrend. <\/p>\n

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Walt Disney<\/b> $DIS a Dow Jones Industrial Average stock moved above $91.80 completing a double bottom pattern.<\/p>\n

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Cisco <\/b>$CSCO a Dow Jones Industrial Average stock moved above $51.01 extending an intermediate uptrend. <\/p>\n

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Canadian Pacific<\/b> $CP.TO a TSX 60 stock moved above Cdn$118.49 and US$85.88 extending an intermediate uptrend. <\/p>\n

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Brookfield <\/b>$BN.TO a TSX 60 stock moved above Cdn$68.12 to an all-time high extending an intermediate uptrend.<\/p>\n

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Base Metals prices and related equities have been moving higher on U.S. Dollar weakness. Alcoa<\/b> completed a double bottom pattern on a move above $35.17.<\/p>\n

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

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

Daily Seasonal\/Technical Equity Trends for September 16th<\/sup> 2024<\/p>\n

\"clip_image013\"<\/a> Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/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 16th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/b><\/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 16th<\/sup> 2024<\/p>\n

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

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

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

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

Ottawa to allow 30-year mortgage loans for all first-time and new-build homebuyers<\/b><\/p>\n

Ottawa to allow 30-year mortgage loans for all first-time and new-build homebuyers \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

It’s too early to bet on an earnings-related acceleration, says Trivariate’s Adam Parker<\/b><\/p>\n

It’s too early to bet on an earnings-related acceleration, says Trivariate’s Adam Parker \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

The volatility in this season will continue into October, says Lido Advisors’ Ken Stern<\/b><\/p>\n

The volatility in this season will continue into October, says Lido Advisors’ Ken Stern \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Chart of the Day<\/strong><\/font><\/p>\n

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

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

The intermediate term Barometer added 2.60 to 75.40. It remains Overbought. Daily trend has turned up.<\/p>\n

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The long term Barometer added 0.40 to 74.60. It remains Overbought.<\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer added 4.42 to 70.25. It remains Overbought. Daily trend has turned up.<\/p>\n

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The long term Barometer was unchanged at 72.57. It remains Overbought.<\/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 Tuesday September 17th U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points at 8:35 AM EDT. S&P 500 futures slipped 2 points following release of U.S. August Retail Sales at 8:30 AM EDT. Consensus was a 0.2% increase versus a 1.0% gain in July. Actual was […]<\/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-179908","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179908","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=179908"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179908\/revisions"}],"predecessor-version":[{"id":179916,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179908\/revisions\/179916"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=179908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=179908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=179908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}