Tech Talk for Wednesday September 14th 2022
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.
Index futures were virtually unchanged following release of the U.S. August Producer Price Index at 8:30 AM EDT. Consensus was a decrease of 0.1% versus a decline of 0.5% in July. Actual was a decrease of 0.1%. On a year-over-year basis, consensus for August PPI was an increase of 8.9% versus a gain of 9.8% in July. Actual was an increase of 8.7%. Excluding food and energy, August PPI was expected to increase 0.3% versus a gain of 0.2% in July. Actual was a gain of 0.4%. On a year-over-year basis, core August PPI was expected to increase 7.1% versus a gain of 7.6% in July. Actual was an increase of 7.3%.
CSX dropped $0.45 to $31.11 after Bernstein downgraded the stock from Buy to Hold.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0011-6.png "clip_image001[1]")
Nucor dropped $6.78 to $129.32 after lowering third quarter earnings guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0021-8.png "clip_image002[1]")
Johnson & Johnson added $0.55 to $161.88 after announcing a share buyback program valued at $5 billion.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0031-5.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "Stay the course with this low volatility bet, despite Tuesday's abrupt turn"
http://www.equityclock.com/2022/09/13/stock-market-outlook-for-september-14-2022/
Technical Notes for yesterday
Meta Platforms $META a NASDAQ 100 stock moved below $154.25 extending an intermediate downtrend.
Amgen $AMGN a Dow Jones Industrial Average stock moved below $227.73 completing a double top pattern.
Dow Inc $DOW a Dow Jones Industrial Average stock moved below $47.64 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 13th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 13th 2022
![clip_image002[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/09/clip_image0023.png "clip_image002[3]")
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 13th 2021
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 33.20 to 39.60 yesterday. It changed from Overbought to Oversold on a drop below 40.00.
The long term Barometer plunged 8.80 to 32.00 yesterday. It changed from Neutral to Oversold on a drop below 40.00
TSX Momentum Barometers
The intermediate term Barometer plunged 17.30 to 55.70 yesterday. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer dropped 4.22 to 34.60 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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