Tech Talk for Wednesday September 11th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 27 points at 8:35 AM EDT.

S&P 500 futures dropped 21 points following release of the U.S. August Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.2% in July. Actual was a 0.2% increase. On a year-over-year basis, August CPI was expected to increase 2.6% versus a gain of 2.9% in July. Actual was a 2.5% increase. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in July. Actual was a 0.3% increase. On a year-over-year basis, consensus for core CPI was an increase of 3.2% versus a gain of 3.2% in July. Actual was a 3.2% increase.

WTI Crude oil added $1.64 to $67.39 per barrel as Hurricane Francine strengthens.in the Gulf.

Dave & Busters added $3.80 to $33.66 after reporting higher than consensus second quarter revenues and earnings.

Gamestop dropped $2.26 to $21.20 after reporting less than consensus second quarter revenues.

EquityClock's Stock Market Comment for September 11th

Investors have become less enthusiastic about stocks, causing a pullback/alleviation of the the extreme bullishness that had built up earlier this year. See:

https://equityclock.com/2024/09/10/stock-market-outlook-for-september-11-2024/

Technical Notes

Energy SPDRs $XLE moved below $85.47 extending an intermediate downtrend.

Oil & Gas Exploration SPDRs $XOP moved below $127.75 extending an intermediate downtrend. First Trust Natural Gas ETF $FCG moved below $23.02 extending an intermediate downtrend.

Global Metals iShares $PICK moved below $36.11 extending an intermediate downtrend.

Solar ETF $TAN moved below $37.42 to a 4 year low extending an intermediate downtrend.

Mexico iShares $EWW moved below $50.84 extending an intermediate downtrend.

Oracle $ORCL an S&P 100 stock moved above $146.59 to an all-time high extending an intermediate uptrend. The company reported blow out fiscal first quarter results.

Canadian Natural Resources $CNQ.TO a TSX 60 stock moved below Cdn$44.78 extending an intermediate downtrend.

Nutrien $NTR.TO a TSX 60 stock moved below Cdn$61.75 to a 3 year low extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 10th 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 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

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No recession in sight despite weakening labor market: iCapital’s Anastasia Amoroso - YouTube

Seasonal weakness is a buying opportunity, says BofA’s Stephen Suttmeier

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What The S&P 500 Chart Is Telling Us: Guy Adami and Carter Worth

What The S&P 500 Chart Is Telling Us - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.20 to 64.60. It remains Overbought.

The long term Barometer slipped 0.60 to 70.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 2.65 to 50.00. It remains Neutral.

The long term Barometer added 1.77 to 64.60. 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