Tech Talk for Tuesday September 20th 2022

September 20, 2022 / www.timingthemarket.ca / Article Link

Equity Index futures were lower this morning. S&P 500 futures were down 30 points in pre-opening trade.

Index futures were virtually unchanged following release of the August U.S. Housing Starts report at 8:30 AM EDT. Consensus was a slip to 1.440 million units from 1.446 million units in July. Actual was an increase to 1.575 million units.

The Canadian Dollar slipped 0.13 to US75.11 cents following release of Canada's August Consumer Price Index at 8:30 AM EDT. On a year-over-year basis, August CPI was expected to increase 7.3% versus a gain of 7.6% in July. Actual was an increase of 7.0%.

Ford dropped $0.82 to $0.82 to $14.11 after lowering third quarter revenue and earnings guidance.

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Nike slipped $2.40 to $104.81 after Barclay's downgraded the stock to Equal Weight.

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Western Digital eased $0.62 to $36.00 after Deutsche Bank downgraded the stock to Hold.

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EquityClock's Daily Comment

Headline reads "The charts of Consumer Staples industries charting significant topping patterns, requiring a new defensive allocation for portfolios before the strongest time of year for stocks begins in October.

http://www.equityclock.com/2022/09/19/stock-market-outlook-for-september-20-2022/

Technical Notes for yesterday

Kinross Gold $K.TO a TSX 60 stock moved above Cdn$4.77 completing a base building pattern.

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Utilities SPDRs $XLU moved below $74.05 completing a double top pattern.

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Energy SPDRs XLE moved below $76.78 setting an intermediate downtrend.

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First Trust Natural Gas ETF $FCG moved below $24.83 setting an intermediate downtrend. .

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Microsoft $MSFT a Dow Jones Industrial Average stock moved below $241.00 resuming an intermediate downtrend.

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Check Point $CHKP a NASDAQ 100 stock moved below $116.44 extending an intermediate downtrend.

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Okta $Okta a NASDAQ 100 stock moved below $58.12 extending an intermediate downtrend.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 19th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 19th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 19th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 6.00 to 32.00 yesterday. It remains Oversold.

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The long term Barometer added 1.40 to 29.00 yesterday. It remains Oversold.

 

TSX Momentum Barometers

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The intermediate term Barometer added 5.91 to 47.26 yesterday. It remains Neutral.

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The long term Barometer added 2.95 to 33.33 yesterday. It remains Oversold.

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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