Tech Talk for Thursday September 12th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 8:35 AM EDT.

S&P 500 futures dropped 8 points following release of the U.S. August Producer Price Index at 8:30 AM EDT. Consensus was a 0.2% increase versus a 0.1% gain in July. Actual was a 0.2% increase. On a year-over-year basis, consensus was a 1.8% gain versus a 2.2% gain in July. Actual was a 1.7% gain. Excluding food and energy, consensus was a 0.2% increase versus no change in July. Actual was a 0.3% increase. On a year-over-year basis, consensus was a 2.5% increase versus a gain of 2.4% in July. Actual was a 2.4 % increase.

WTI Crude Oil advanced $1.23 to $68.54 as Hurricane Francine moves into the U.S.

ECB lowered its administered rate for European banks from 3.75% to 3.50%.

Oxford Industries dropped $7.36 to $76.30 to a two year low after reporting less than consensus second quarter revenues and earnings. The company also lowered guidance.

Moderna dropped $5.22 to $74.29 on lower than consensus vaccine sales.

Signet Jewelers advanced $6.93 to $85.02 after offering an upbeat same store outlook.

EquityClock's stock market outlook for September 12th

The rebound in the S&P 500 Index from last week's selloff certainly skews the look of the intermediate-term topping pattern, but a close above last week's high is still required to suggest something of significance. See:

https://equityclock.com/2024/09/11/stock-market-outlook-for-september-12-2024/

Technical Notes

S&P/TSE Cap REIT iShares $XRE.TO moved above Cdn$17.19 to a 30 month high extending an intermediate uptrend.

Water Resources ETF $PHO moved below $65.69 completing a double top pattern.

Amazon.com $AMZN moved above $182.38 resuming an intermediate uptrend.

ConocoPhillips $COP an S&P 100 stock moved below $101.72 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 11th 2024

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 11th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 11th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Pinpoint Strong Sectors BEFORE The Masses Notice: Joe Rabil

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How Deep Will The Fed Cut? Guy Adami

How Deep Will The Fed Cut? - YouTube

Chart of the day: TSX Composite Index

Technical score increased from +2 to +6 when the Index moved above its 20 day moving average and daily momentum indicators (Stochastics, RSI, MACD) turned higher. Seasonal influences remain neutral.

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.00 to 66.60. It remains Overbought.

The long term Barometer slipped 0.20 to 70.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 3.54 to 53.54. It remains Neutral.

The long term Barometer added 2.65 to 67.26. It remains Overbought.

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