Tech Talk for Thursday September 7th 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points at 8:30 AM EDT.
Apple dropped $6.79 to $182.91 after the Chinese government prohibited use of iPhones by its employees.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0015.png "clip_image001[5]")
BlackBerry dropped $0.44 to US$5.10 after reporting less than consensus fiscal second quarter results.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0025.png "clip_image002[5]")
WestRock advanced $3.70 to $35.58 after closing in on a merger with Smurfitkappa.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0035.png "clip_image003[5]")
American Eagle Outfitters added $0.35 to 417.74 after reporting a profit in its fiscal second quarter. The company also offered positive guidance.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/09/clip_image0045.png "clip_image004[5]")
EquityClock's Daily Comment
Headline reads "Shares of Apple are showing sharp rejection from gap resistance between $187 and $190, suggesting the start of a declining trend for the tech titan".
https://equityclock.com/2023/09/06/stock-market-outlook-for-september-7-2023/
Technical Notes
S&P 500 Index moved below its 50 day moving average and tested its 20 day moving average.
Vietnam ETF $VNM moved $15.49 extending an intermediate uptrend.
KLA $KLAC a NASDAQ 100 stock moved above $515.89 extending an intermediate uptrend.
Healthcare SPDRs $XLV moved below $132.07 setting an intermediate downtrend. Healthcare equities that moved below intermediate support included Abbott Labs $ABT, Gilead $GILD and Bristol Myers Squib $BMY
Fastenal $FAST a NASDAQ 100 stock moved below $55.96 extending an intermediate downtrend.
Enbridge $ENB.TO a TSX 60 stock moved below Cdn$45.71 setting an intermediate downtrend. The company announced acquisition of U.S. utility assets valued at $14 billion that will be financed partially with equity.
Canadian National Railway $CNR.TO a TSX 60 stock moved below $150.96 extending an intermediate downtrend.
Fortis $FTS.TO a TSX 60 stock moved below $52.42 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 6th 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 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Stocks At A MAJOR Crossroads, This Chart Is The Key | Your Daily Five (09.06.23)
Stocks At A MAJOR Crossroads, This Chart Is The Key | Your Daily Five (09.06.23) - YouTube
FORGET Valuations, REMEMBER the Charts! | The Final Bar (09.06.23)
FORGET Valuations, REMEMBER the Charts! | The Final Bar (09.06.23) - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.60 to 35.40. It remains Oversold.
The long term Barometer slipped 0.60 to 52.60. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.32 to 51.98. It remains Neutral.
The long term Barometer dropped 2.64 to 50.66. It remains Neutal.
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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