Tech Talk for Friday September 18th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points in pre-opening trade.

Today is Quadruple Witching Day for U.S. markets when September equity and index options and futures record their last trade. Volumes on U.S. exchanges are expected to be well above average.

The Canadian Dollar was virtually unchanged at US75.80 cents following release of Canada's July Retail Sales report at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 23.7% in June. Actual was

Home Depot dropped $2.46 to $277.50 after Oppenheimer downgraded the stock from Outperform to Perform

Lowe's fell $2.28 to $161.50 after Oppenheimer downgraded the stock from Outperform to Perform

Beyond Meat dropped $6.40 to $150.82 after JP Morgan downgraded the stock from Neutral to Underweight.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/17/stock-market-outlook-for-september-18-2020/

Note seasonality chart on U.S. Housing Starts

Technical Notes for Thursday

General Electric (GE), an S&P 100 stock moved above $7.00 setting an intermediate uptrend.

Liberty Global (LBTYK), a NASDAQ 100 stock moved below $21.00 completing a Head & Shoulders pattern.

Netflix (NFLX), a NASDAQ 100 stock moved below $466.55 completing a double top pattern.

Goldman Sachs (GS) a Dow Jones Industrial Average stock moved below $195.12 completing a Head & Shoulders pattern.

Facebook (FB), a NASDAQ 100 stock moved below intermediate support at $255.13

Metals & Mining SPDRs (XME) moved above $25.56 extending an intermediate uptrend.

Grain ETN (1/3 each in corn, wheat and soybeans) continues to surge. Nice breakout above $20.00! Strength in grain and crude oil price were the main reason for strength in the CRB Index yesterday.

The CRB Index moved above its 20 and 200 day moving averages yesterday.

Japanese Yen moved above 95.53 extending an intermediate uptrend.

Strength in the Japanese Yen encouraged strength in Japanese stocks and related ETFs. Japan iShares are testing a 30 month high at US$59.84

S&P/TSX 60 iShares moved below their 50 day moving average at $24.60.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 17th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for September 17th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 17th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped 6.21 to 60.32 yesterday. It remains intermediate overbought and showing early signs of rolling over.

TSX Momentum Barometer

The Barometer slipped 1.62 to 58.57 yesterday. It changed from intermediate overbought to intermediate neutral on a move below 60.00.

Disclaimer: Seasonality 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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