Tech Talk for Thursday September 18th 2025

U.S. equity index futures were higher this morning. S&P 500 futures were up 47 points at 8:35 AM EDT.

S&P 500 futures slipped 5 points following release of the September Philly Fed Manufacturing Index at 8:30 AM EDT. Consensus called for an improvement to 2.0 from a 0.3 drop in August. Actual was an increase to 23.2.

Cracker Barrel (CBRL) dropped $5.09 to $44.50 after forecasting a fall in traffic during its current fiscal year.

Intel added $7.27 to $32.17 after Nvidia invested $5 billion in the company.

Novo Nordisk advanced $4.05 to $62.25 after a study found that use of the company's drug Ozempic cuts heart attacks and stroke by 23% in older patients.

Darden Restaurants dropped $1.25 to $208.79 after reporting less than consensus fiscal first quarter earnings.

EquityClock's Market Outlook for September 18th

One of the largest August declines on record for housing starts highlights that the cost of borrowing remains a burden, but an alleviation of this headwind is likely to create investment opportunities ahead. See:

https://equityclock.com/2025/09/17/stock-market-outlook-for-september-18-2025/

Responses to FOMC Decision on interest rates after 2:00 PM EDT yesterday

The FOMC reduced the Fed Fund Rate by 0.25% to 4.25% as anticipated. Consensus based on the "dot plot" also predicted that the Fed Fund Rate will fall an additional two 0.25% rates before the end of the year. Responses by key markets after 2:00 PM EDT were as follows:

The S&P 500 Index initially moved higher, dropped sharply and recovered to close slightly lower.

The U.S. Dollar Index and its related ETN: UUP initially dropped sharply, but recovered and closed higher.

Yield on 10 year U.S. Treasuries initially moved lower, but closed sharply higher.

U.S. Big Bank ETF: KBE initially moved higher, but closed slightly lower.

The Canadian Dollar initially moved higher, but closed lower.

Gold in U.S. Dollar initially moved higher, but closed lower.

Technical Notes

Wal-Mart (WMT) a Dow Jones Industrial Average stock moved above $104.48 and $104.51 to an all-time high extending an intermediate uptrend.

Caterpillar (CAT) a Dow Jones Industrial Average stock moved above $441.15 to an all-time high extending an intermediate uptrend.

Monster Beverages (MNST a NASDAQ 100 stock moved above $66.75 to an all-time high extending an intermediate uptrend.

Procter & Gamble (PG) a Dow Jones Industrial Average stock moved above $161.03 setting an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 17th 2025

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 17th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 17th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Top 10 Canadian Stocks to Buy Before 2026

https://www.youtube.com/watch?v=G2UjWYDwk1M

Peter Schiff: This Crisis Won’t Be Like 2008, It Will Be a U.S. Sovereign Debt Crisis

https://www.youtube.com/watch?v=eqRF_xbYccE

Simple Yet Powerful RSI Pullback Signal: Joe Rabil

Simple Yet Powerful RSI Pullback Signal - YouTube

Bank of Canada interest rate announcement

Bank of Canada interest rate announcement - YouTube

CHART THIS with David Keller, CMT Wednesday 9/17/25 : Dave Keller

https://www.youtube.com/watch?v=iZnWhxovZzI

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.80 to 55.60. It remains Neutral.

The long term Barometer slipped 0.20 to 62.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.38 to 70.95. It remains Overbought.

The long term Barometer slipped 0.48 to 83.81. It remains Overbought.

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.