Tech Talk for Friday September 20th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:35 AM EDT.

Today is "triple witching day" when volumes on North American exchanges are well above average.

The Canadian Dollar was unchanged at US73.79 cents following release of Canada's July Retail Sales report at 8:30 AM EDT. Consensus was a 0.6% increase versus a gain of 0.3% in June. Actual was a 0.9% increase.

Nike gained $8.04 to $89.06 after the company announced a new Chief Executive Officer.

FedEx dropped $29.02 to $271.40 after reporting less than consensus fiscal first quarter revenues and earnings. The company also lowered guidance for remainder of the year.

MillerKnoll dropped $1.48 to $25.99 after reporting less than consensus fiscal first quarter results.

EquityClock's stock market outlook for September 20th

While we are not observing the weakness that is typical for stocks at this time of year, normal mean reversion is certainly taking hold, resulting in near-term reversals of prevailing trends. See:

https://equityclock.com/2024/09/19/stock-market-outlook-for-september-20-2024/

Technical Notes

Eurozone iShares $EZU moved above $51.76 to an all-time high extending an intermediate uptrend.

Dow Jones Transportation Average $TRAN moved above 16,334.96 and its related iShares $IYT moved above $69.00 extending an intermediate uptrend.

U.S. Broker/Dealers iShares $IAI moved above $127.75 to an all-time high extending an intermediate uptrend.

NASDAQ Biotech iShares $IBB moved above $150.17 to a 30 month high extending an intermediate uptrend.

China Large Cap iShares $FXI moved above $26.74 setting an intermediate uptrend.

S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$57.00 to a three year high extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks moving above resistance extending intermediate uptrends included Meta Platforms $META on a move above $543.71 to an all-time, Netflix on a move above $711.33, Lulu Lemon on a move above $275.04, QUALCOMM on a move above $175.44 and Capital One Financial on a move above $152.66 and Simon Properties on a move above $167.08

Bank of Montreal $BMO.TO a TSX 60 stock moved above Cdn$120.25 completing a double bottom pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 19th 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 19th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 19th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

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S&P 500 Momentum Barometers

The intermediate term Barometer added 8.40 to 83.40. It remains Overbought. Daily trend is up.

The long term Barometer added 3.00 to 79.40. It remains Overbought. Daily trend is up.

TSX Momentum Barometers

The intermediate term Barometer added 5.31 to 76.11. It remains Overbought. Daily trend is up.

The long term Barometer added 2.65 to 76.11. It remains Overbought. Daily trend is 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