Tech Talk for Friday September 22nd 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:35 AM EDT.

The Canadian Dollar was unchanged at US 74.49 cents following release of July Canadian Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.1% in June. Actual was an increase of 0.3%. Excluding auto sales, consensus was an increase of 0.5% versus a gain of 0.8% in June. Actual was an increase of 1.0%.

Scholastic dropped $6.58 to $32.27 after reporting a larger than consensus first quarter loss.

McDonalds added $1.53 to $272.75 after announcing an increase in fees for new franchised restaurants.

Activision Blizzard gained $1.70 to $94.05 after United Kingdom regulators showed support for Microsoft's purchase of the company.

US Steel added $0.41 to $31.62 on news that Stelco is pursuing a bid to acquire the company.

EquityClock's Daily Comment

Headline reads "While bonds may not be providing the volatility hedge that we are accustomed to through the period of normal volatility for stocks, precious metals are starting to show their volatility benefit".

https://equityclock.com/2023/09/21/stock-market-outlook-for-september-22-2023/

Technical Notes

Ten year U.S. treasury yield popped above 4.333% to a 16 year high

Long term U.S. Bond ETF $TLT moved below $91.95 extending an intermediate downtrend.

Higher interest rates prompted weakness in broadly base equity indices that completed double top patterns. S&P 500 Index moved below 4,335.31. Its related ETF $SPY moved below $431.49. Midcap SPDRs $MDY moved below $464.72. Equal weighted S&P 500 $RSP moved below $145.29. Russell 2000 iShares $IWM moved below $181.61 and $180.72 completing a Head & Shoulders pattern.

ETFs that moved below intermediate support included MOO, XLB, XLP, FCG, KBE, XHB, CARZ, IYR, IBB, SMH, XLRE, EEM, EWH and EWT

S&P 100 stocks moving below intermediate support included AMZN, MCD, AXP, ABT, DOW, DD, MMM, KMI, SBUX and AMT

NASDAQ 100 stocks moving below intermediate support included MNST, AMAT, ASML, AVGO, NTES, MRVL, TTWO and IDXX.

TSX 60 stocks moving below intermediate support included Loblaws, Magna International, CCL Industries, BCE, Brookfield Infrastructure and First Quantum Minerals.

International equity indices and related ETFs also broke below support levels setting intermediate downtrends. Europe iShares moved below $48.57 completing a Head & Shoulders pattern. Asia 50 iShares moved below $56.00 and $55.90

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 21st 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for September 21st 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 21st 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

5 Stock Picks In Uncertain Times | Your Daily Five (09.20.23)

https://www.youtube.com/watch?v=dLrZ0xLABfg

Fed Keeps Hands Off Rates, Leaves DOOR OPEN for More Hikes! | The Final Bar (09.20.23)

https://www.youtube.com/watch?v=S10jsyRO4eI

Stock Market Crash Right On Schedule | Your Daily Five (09.21.23)

Includes an Elliott Wave analysis

Stock Market Crash Right On Schedule | Your Daily Five (09.21.23) - YouTube

Confirmed! Head And Shoulders Top Pattern For the S&P 500! | The Final Bar (09.21.23)

Confirmed! Head And Shoulders Top Pattern For the S&P 500! | The Final Bar (09.21.23) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 10.60 to 19.80. It remains Oversold. Daily trend remains down.

The long term Barometer dropped 6.00 to 44.80. It remains Neutral. Daily trend remains down.

TSX Momentum Barometers

The intermediate term Barometer plunged 17.83 to 29.07. It changed from Neutral to Oversold on a move below 40.00. Daily trend remains down.

The long term Barometer dropped 8.59 to 40.97. It remains Neutral. Daily trend remains down.

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