Tech Talk for Thursday September 14th 2023

Index futures were higher this morning. S&P 500 futures were up 15 points at 8:35 AM EDT.

Index futures dropped five points following release of economic news at 8:30 AM EDT:

August Producer Price Index was expected to increase 0.4% versus a gain of 0.3% in July. Actual was an increase of 0.7%. On a year-over-year basis, August PPI was expected to increase 1.2% versus a gain of 0.8% in July. Actual was an increase of 1.6% Excluding food and energy, August PPI was expected to increase 0.2% versus a gain of 0.3% in July. Actual was an increase of 0.2%.

August U.S. Retail Sales were expected to increase 0.2% versus a gain of 0.7% in July. Actual was an increase of 0.6%. Excluding auto sales, August U.S. retail sales were expected to increase 0.4% versus a gain of 1.0% in July. Actual was an increase of 0.6%.

Starbucks slipped $0.39 to $96.54 after Howard Schultz resigned from the Board of Directors.

Ibex dropped $1.71 to $16.44 after reporting less than consensus fiscal fourth quarter revenues and earnings.

HP Inc dropped $0.68 to $27.65 after Berkshire Hathaway reduced its holding by 5.5 million shares.

EquityClock's Daily Comment

Headline reads "The ramp in respiratory illness season is just one of the many risks for the market and economy through the end of the year".

https://equityclock.com/2023/09/13/stock-market-outlook-for-september-14-2023/

Technical Notes

Early technical signs of slowing consumer spending in the U.S.! Retail SPDRs moved below $61.38 extending a short term downtrend.

Is this the "Canary in the coal mine" for U.S. equity prices? U.S. infrastructure ETF $PAVE moved below $30.93 completing a double top pattern.

OOOPs!!! U.S. airlines plunged on higher fuel costs and lower passenger traffic.

Amazon $AMZN an S&P 100 stock moved above $143.63 extending an intermediate uptrend. Strength in this stock was the main reason why the S&P 500 and NASDAQ Composite recorded small gains at the close yesterday.

JD.Com $JD a NASDAQ 100 stock moved below $31.57 extending an intermediate downtrend.

Biogen $BIIB a NASDAQ 100 stock moved below $256.13 extending an intermediate downtrend.

Renewed pressure on regional bank stocks! US Bancorp $USB an S&P 100 stock moved below $35.21 extending an intermediate downtrend.

Dollarama $DOL.TO a TSX 60 stock moved above Cdn$89.99 to an all-time high extending an intermediate uptrend. Second quarter results exceeded consensus.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 13th 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 13th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 13th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The Bull Case For Commodities | The Final Bar with David Keller, CMT (09.12.23)

Editor's Note: Includes comments by David Cox, a Canadian contributor.

The Bull Case For Commodities | The Final Bar with David Keller, CMT (09.12.23) - YouTube

Is the Dollar Index Signaling the Fed's Next Move

Is the Dollar Index Signaling the Fed's Next Move? - YouTube

LIVE Q&A with David Keller, CMT | (Original Broadcast September 13th 2023

LIVE Q&A with David Keller, CMT | (Original Broadcast September 13th 2023 10amPT/1pmET) - YouTube

Where Are The Major Indexes Headed? | Your Daily Five (09.13.23)

Where Are The Major Indexes Headed? | Your Daily Five (09.13.23) - YouTube

The Final Bar with David Keller, CMT | Guest Julius de Kempenaer | 4pm ET, 1pm PT | Sept. 13, 2023

The Final Bar with David Keller, CMT | Guest Julius de Kempenaer | 4pm ET, 1pm PT | Sept. 13, 2023 - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.20 to 33.60. It remains Oversold.

The long term Barometer slipped 0.40 to 51.40. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.40 to 51.40. It remains Neutral.

The intermediate term Barometer added 0.88 to 44.25. It remains Neutral.

The long term Barometer slipped 1.33 to 48.23. 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