Tech Talk for Wednesday September 25th 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:30 AM EDT.
KB Homes dropped $5.18 to $82.24 after reporting less than consensus fiscal third quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0011-5.png "clip_image001[1]")
Progress Software advanced $3.02 to $60.22 after raising guidance following release of third quarter results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0021-7.png "clip_image002[1]")
Worthington Enterprises dropped $1.60 to $43.69 after reporting less than consensus fiscal first quarter revenues and profits.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0031-6.png "clip_image003[1]")
EquityClock's Stock Market Outlook for September 25th
Emerging strength in emerging markets. See:
https://equityclock.com/2024/09/24/stock-market-outlook-for-september-25-2024/
Technical Notes
Monetary stimulus by China triggered technical breakouts by Chinese equity index ETFs (e.g. FXI) and related Emerging Market ETFs (e.g. EWH, EWT, EEM and ZEM.TO)
Base metals prices responded to Chinese monetary stimulus. Base metals ETN $DBB consisting of an equal weight in copper, zinc and aluminum futures) moved above $20.13 resuming an intermediate uptrend. Base metals equity ETFs (e g. COPX, PICK, XBM.TO) broke above resistance setting intermediate uptrends. Major base metals stocks breaking above resistance setting intermediate uptrends included FCX, TECK, SCCO, HBM.TO, LUN.TO, VALE and BHP.
Other China related securities breaking above intermediate resistance included Caterpillar ($CAT to an all-time high) and West Fraser Timber ($WFG.TO to an all-time high).
McDonalds $MCD a Dow Jones Industrial Average stock moved above $297.19 to an all-time high extending an intermediate uptrend.
Waste Connections $WCN.TO a TSX 60 stock moved below Cdn$240.07 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 23rd 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 24th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 24th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Chart Check on Stocks At Record Highs: Guy Adami, Dan Nathan, Carter Worth
https://www.youtube.com/watch?v=m6ihjL5uHNs
Bank of Canada says it’s reasonable to expect more rate cuts
Bank of Canada says it’s reasonable to expect more rate cuts (msn.com)
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.40 to 81.40. It remains Overbought.
The long term Barometer added 1.40 to 78.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 5.42 to 79.20. It remains Overbought. Daily trend remains up.
The long term Barometer added 0.88 to 77.88. It remains Overbought. Daily trend remains up.
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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