Tech Talk for Friday September 8th 2023

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT

The Canadian Dollar added 0.13 to 73.46 following release of Canada's August Employment Report at 8:30 AM EDT. Consensus was an increase in employment of 20,000 versus a decline of 6,400 in July. Actual was an increase of 39,900. Consensus was an increase in the Unemployment Rate to 5.6% from 5.5% in July. Actual was unchanged at 5.5%.

DocuSign gained $1.88 to $54.01 after reporting higher than consensus second quarter earnings. The company offered positive guidance and announced a $300 million share buyback program.

Smith & Wesson added $0.99 to $11.50 after reporting higher than consensus fiscal first quarter sales.

Adobe gained $10.44 to $570.90 after Mizuho upgraded the stock from Neutral to Buy.

Zumiez dropped $1.61 to $17.07 after reporting less than consensus second quarter results.

EquityClock's Daily Comment

Headline reads "The change of Continued Claims this year is showing a path that has only ever been seen during recessionary periods over the past five decades".

https://equityclock.com/2023/09/07/stock-market-outlook-for-september-8-2023/

Technical Notes

Eurozone iShares $EZU moved below $43.59 completing a Head & Shoulders pattern.

Solar ETF $TAN moved below $55.54 extending an intermediate downtrend.

Chile iShares $ECH moved below $27.11 extending an intermediate downtrend. Units responded to lower copper prices.

Water Resources ETF $PHO moved below $55.12 completing a double top pattern.

Trip.com $TCOM a NASDAQ 100 stock moved below $36.82 completing a double top pattern.

Align $ALGN a NASDAQ 100 stock moved below $342.00 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 7th 2023

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 7th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 7th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Worst Period During The Calendar Year For The S&P 500 | Trading Places (09.07.23)

Worst Period During The Calendar Year For The S&P 500 | Trading Places (09.07.23) - YouTube

How to Identify Great Trade Opportunities Using The MACD Zero Line | Stock Talk (09.07.23)

How to Identify Great Trade Opportunities Using The MACD Zero Line | Stock Talk (09.07.23) - YouTube

Tech is an overvalued trade that needs to correct, says RBC’s Lori Calvasina

Tech is an overvalued trade that needs to correct, says RBC’s Lori Calvasina - YouTube

XOP’s Strength vs. the S&P’s Weakness | GoNoGo Charts (09.07.23)

XOP’s Strength vs. the S&P’s Weakness | GoNoGo Charts (09.07.23) - YouTube

The Final Bar with David Keller, CMT | Guest Willie Delwiche | 4pm ET, 1pm PT | Sept. 7th, 2023

The Final Bar with David Keller, CMT | Guest Willie Delwiche | 4pm ET, 1pm PT | Sept. 7th, 2023 - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped another 0.40 to 35.00. It remains Oversold.

The long term Barometer dropped 2.00 to 50.60. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 5.29 to 46.70. It remains Neutral.

The long term Barometer dropped 2.20 to 48.46. It remains Neutral.

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