Tech Talk for Friday September 23rd 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 45 points in pre-opening trade.
The Canadian Dollar was virtually unchanged at US74.00 cents following release of Canada's July Retail Sales. Consensus was a drop of 2.0%. Actual was a drop of 2.5%.
WTI Crude oil dropped $3.08 to $80.41 per barrel on strength in the U.S. Dollar.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0011-12.png "clip_image001[1]")
FedEx dropped 1.54 to $153.00 after target price on the stock was lowered by Cowen, Evercore and Citigroup.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0021-15.png "clip_image002[1]")
Costco dropped $16.66 to $470.51 after JP Morgan lowered its target price from $589 to $550.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0031-10.png "clip_image003[1]")
Steelcase slipped $0.17 to $8.14 after Benchmark lowered its target price from $16 to $12.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0041-5.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The Fed may be pushing us out of bond ETFs, for now, but, as the economy falls into recession, this asset class will require a core allocation in portfolios again.
http://www.equityclock.com/2022/09/22/stock-market-outlook-for-september-23-2022/
Technical Notes for yesterday
ETFs moving below intermediate support: TAN, XLB, XLY, EZU, IAI, CARZ, XIT.TO
S&P 100 stocks moving below intermediate support: NKE, TGT, AXP, BAC. COF, JPM, MA, V, MDT, DHR, DD, KMI
NASDAQ 100 stocks moving below intermediate support: PYPL, SPLK, SWKS, TTWO, MRVL, AMD, ILMN, JD
TSX 60 stocks breaking intermediate support: CP, TRI, CSU, ATD, BNS, MFC
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 22nd 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 22nd 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 22nd 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Dave Keller notes "Market snatches defeat from the jaws of victory".
S&P 500 Momentum Barometers
The intermediate term Barometer dropped another 4.20 to 12.00 yesterday. It remains Oversold. Trend remains down.
The long term Barometer dropped another 4.00 to 20.20 yesterday. It remains Oversold. Trend remains down.
TSX Momentum Barometers
The intermediate term Barometer plunged 11.71 to 24.15 yesterday. It remains Oversold. Trend remains down.
The long term Barometer dropped 2.42 to 27.12 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
| More from the network: |