Tech Talk for Tuesday September 17th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points at 8:35 AM EDT.

S&P 500 futures slipped 2 points following release of U.S. August Retail Sales at 8:30 AM EDT. Consensus was a 0.2% increase versus a 1.0% gain in July. Actual was a 0.1% increase. Excluding auto sales, consensus was a 0.3% increase versus a 0.4% gain in July. Actual was a 0.1% gain.

The Canadian Dollar slipped 0.10 to US73.46 following release of Canada's August Consumer Price Index at 8:30 AM EDT. Consensus was a 0.1% versus a 0.4% gain in July. Actual was a 0.2% drop.

Yesterday, the U.S. Dollar briefly touched 100.25, a 14 month low. Investors nervously are waiting for the FOMC to announce a reduction in the Fed Fund Rate by at least 0.25% when announcing its decision on interest rates tomorrow at 2:00 PM EDT.

U.S. Base Metal iShares $PICK and Lumber and Forest Product iShares $WOOD have been notably stronger during the past four trading days in anticipation of U.S. Dollar weakness following the FOMC announcement.

Intel advanced $1.67 to $22.58 after announcing an expansion of its partnership with Amazon to design and produce custom chips. The stock completed a double bottom pattern in overnight trade on a move above $21.86.

Microsoft added $3.06 to $434.40 after announcing an 11% increase on its quarterly dividend. The company also announced start of a new stock buyback program valued at $60 billion.

EquityClock's stock market outlook for September 17th

Last week's rebound in the Technology sector wasn't enough to mitigate the threat that the topping pattern on the chart of Semiconductors continues to portray. See:

https://equityclock.com/2024/09/16/stock-market-outlook-for-september-17-2024/

Technical Notes

U.S. Home Construction iShares $ITB moved above $124.50 to an all-time high extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks breaking to all-time highs included McDonalds, Visa, AT&T, T Mobile and American Electric Power

Salesforce.com $CMG a Dow Jones Industrial Average stock moved above $56.98 extending an intermediate uptrend.

Walt Disney $DIS a Dow Jones Industrial Average stock moved above $91.80 completing a double bottom pattern.

Cisco $CSCO a Dow Jones Industrial Average stock moved above $51.01 extending an intermediate uptrend.

Canadian Pacific $CP.TO a TSX 60 stock moved above Cdn$118.49 and US$85.88 extending an intermediate uptrend.

Brookfield $BN.TO a TSX 60 stock moved above Cdn$68.12 to an all-time high extending an intermediate uptrend.

Base Metals prices and related equities have been moving higher on U.S. Dollar weakness. Alcoa completed a double bottom pattern on a move above $35.17.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 16th 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 16th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 16th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Ottawa to allow 30-year mortgage loans for all first-time and new-build homebuyers

Ottawa to allow 30-year mortgage loans for all first-time and new-build homebuyers - YouTube

It’s too early to bet on an earnings-related acceleration, says Trivariate’s Adam Parker

It’s too early to bet on an earnings-related acceleration, says Trivariate’s Adam Parker - YouTube

The volatility in this season will continue into October, says Lido Advisors’ Ken Stern

The volatility in this season will continue into October, says Lido Advisors’ Ken Stern - YouTube

Chart of the Day

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.60 to 75.40. It remains Overbought. Daily trend has turned up.

The long term Barometer added 0.40 to 74.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 4.42 to 70.25. It remains Overbought. Daily trend has turned up.

The long term Barometer was unchanged at 72.57. 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