Tech Talk for Tuesday September 13th 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 54 points in pre-opening trade.
Index futures moved sharply lower following release of the U.S. August Consumer Price Index at 8:30 AM EDT. Consensus was a slip of 0.1% versus unchanged in July. Actual was an increase of 0.1%. On a year-over-year basis, August CPI was expected to increase 8.1% versus a gain of 8.5% in July. Actual was a gain of 8.3%. Excluding food and energy, consensus is a gain of 0.4% versus an increase of 0.3% in July. Actual was an increase of 0.4%. On a year-over-year basis, core August CPI was expected to increase 6.1% versus a gain of 5.9% in July. Actual was a gain of 6.3%.
Oracle gained $1.07 to $78.15 after reporting higher than consensus fiscal first quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0011-5.png "clip_image001[1]")
Peloton dropped $0.15 to $10.90 after the company's cofounders resigned.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0021-7.png "clip_image002[1]")
Eastman Chemical dropped $0.62 to $94.23 after the company lowered third quarter earnings guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0031-4.png "clip_image003[1]")
Adobe slipped $1.36 to $395.00 after BMO Capital downgraded the stock from Outperform to Market Perform.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0041-1.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "A rare event for the market as the VIX gained over 4% on a day when the S&P 500 Index closed higher by over one percent. Past occurrences have been seen around significant equity market lows."
http://www.equityclock.com/2022/09/12/stock-market-outlook-for-september-13-2022/
Technical Notes for yesterday
The S&P 500 Index and TSX Composite Index closed above their 20 day moving average.
India ETF $PIN moved above $25.68 extending an intermediate uptrend.
Utilities SPDRs $XLU moved above $78.05 to an all-time high extending an intermediate uptrend.
Xcel Energy $XEL a NASDAQ 100 stock moved above $74.15 to an all-time high extending an intermediate uptrend.
Ross Stores $ROST a NASDAQ 100 stock moved above $94.11 extending an intermediate uptrend.
Gilead $GILD a NASDAQ 100 stock moved above $66.89 extending an intermediate uptrend.
Metlife $MET an S&P 100 stock moved above $68.12 extending an intermediate uptrend.
Toronto Dominion Bank $TD.TO a TSX 60 stock moved above $88.62 extending an intermediate uptrend.
Gildan Activewear $GIL.TO a TSX 60 stock moved above $42.76 extending an intermediate uptrend
Base metal stocks on both sides of the border were leading gainers yesterday. Lundin Mining $LUN.TO moved above $7.43 completing a double bottom pattern.
First Majestic Silver $FR.TO moved above Cdn$10.98 and US$8.60 completing a reverse Head & Shoulders pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 12th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 12th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 12th 2021
Green: Increase from previous day
Red: Decrease from previous day
Next Canadian Association for Technical Analysis Meeting
Next meeting is offered at 8:00 PM EDT this evening. Speaker is Robert Ramy. Interested in joining? See https://canadianata.ca/
Chart of the Day
Technical score for XBM.TO increased from -2 to 2 after units moved above their 20 day moving average and strength relative to the S&P 500 changed from Neutral to Positive.
S&P 500 Momentum Barometers
The intermediate term Barometer added 6.60 to 72.80 yesterday. It remains Overbought. Trend remains up.
The long term Barometer added 1.80 to 40.80 yesterday. It changed from Oversold to Neutral on a move above 40.00. Trend remains up.
TSX Momentum Barometers
The intermediate term Barometer advanced 14.35 to 73.00 yesterday. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.
The long term Barometer added 2.95 to 38.82 yesterday. It remains Oversold. Trend remains up.
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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