Tech Talk for Thursday September 22nd 2022
U.S. equity index futures at 7:30 AM EDT were lower this morning. S&P 500 futures were down 12 points in pre-opening trade.
The Bank of England raised its lending rate to major banks from 1.75% to 2.25%.
Lennar added $0.55 to $76.47 after reporting higher than consensus fiscal third quarter revenues. The company also raised guidance for the fourth quarter.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0011-11.png "clip_image001[1]")
KB Homes slipped $0.23 to $27.79 after reporting less than consensus fiscal third quarter revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0021-14.png "clip_image002[1]")
Salesforce.com gained $2.62 to $150.25 after announcing a long term plan to increase operating margins.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0031-9.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "The path of the S&P 500 Index is still tracking well with the performance seen in 1962, a year that also realized a drawdown of over 20% through the first half of the year".
http://www.equityclock.com/2022/09/21/stock-market-outlook-for-september-22-2022/
Responses to the FOMC meeting release at 2:00 PM EDT
As expected, the FOMC raised the Fed Fund rate by 0.75% to a 3.00%-3.25% range. Unexpectedly, the FOMC raised guidance on the future Fed Fund from 3.40% to 4.4% by the end of 2022 and further increases in 2023.
Responses were volatile: Initially, the S&P 500 Index moved sharply lower, then sharply higher and finally sharply lower.
The U.S. Dollar ETN also initially moved higher, then lower and finally higher
Long term bond prices and related ETFs moved sharply higher.
U.S. Money Center equities and related ETFs initially moved lower, moved sharply higher and closed sharply lower.
Gold and silver bullion and related equities moved higher but sold off in late trading.
Technical Notes for yesterday
Germany iShares EWG moved below $21.08 extending an intermediate downtrend.
Frontier iShares $FM moved below $26.09 extending an intermediate downtrend.
NASDAQ Biotech $IBB moved below $119.31 setting an intermediate downtrend.
S&P 100 stocks breaking intermediate support in late trade: McDonald's $MCD moved below $251.20 completing a Head & Shoulders pattern. Simon Properties $SPG moved below $97.08 setting an intermediate downtrend. US Bancorp $USB moved below $44.35 extending an intermediate downtrend. Abbott Labs $ABT moved below $100.73 extending an intermediate downtrend.
NASDAQ 100 stocks breaking intermediate support in late trade: Electronic Arts $EA moved below $119.36 extending an intermediate downtrend. Align Technology $ALGN moved below $225.86 extending an intermediate downtrend. Fiserve $FISV stock moved below $100.64 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 21st 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 21st 2022
Green: Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 21st 2021
Green: Increase from previous day
Red: Decrease from previous day
CATA Meeting Tonight
Speaker at the meeting this evening at 8:00 PM EDT is Jeff Parent, past president of the Canadian Society of Technical Analysis. Interested in membership in CATA and the presentation? See:
https://canadianata.ca/content.aspx?page_id=0&club_id=71614
Remember Bre-X?
Interesting story from Mark Bunting and www.uncommonsenseinvestor.com
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 7.00 to 16.20 yesterday. It remains Oversold. Trend remains down.
The long term Barometer dropped 2.00 to 24.20 yesterday. It remains Oversold. Trend remains down.
TSX Momentum Barometers
The intermediate term Barometer dropped 1.69 to 35.87 yesterday. It remains Oversold. Trend remains down.
The long term Barometer dropped 1.69 to 29.54 yesterday. It remains Oversold. 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
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