Tech Talk for Thursday September 26th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 48 points at 8:35 AM EDT.
S&P 500 futures added 4 points following release of economic news at 8:30 AM EDT. Consensus for August Durable Goods was a 2.8% decline versus a 9.9% gain in July (impacted by Boeing aircraft sales in July prior to a strike threat). Actual was unchanged. Next estimate for second quarter annualized real GDP growth was 3.0% versus 1.4% in the first quarter. Actual was 3.0%.
Micron advanced $12.56 to $108.73 after reporting higher than consensus first quarter results. The company also offered positive guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0011-6.png "clip_image001[1]")
NRG Energy advanced $6.68 to $95.92 after reporting higher than consensus fiscal third quarter results. The company also offered positive guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0021-8.png "clip_image002[1]")
Southwest Airlines added $1.16 to $29.55 after the company offered positive guidance and authorized a $2.5 billion share buyback program.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/09/clip_image0031-7.png "clip_image003[1]")
EquityClock's Stock Market Outlook for September 26th
The value of the largest asset for most Americans speaks directly to the wealth effect and it has just stalled. See:
Technical Notes
Biotech ETF $BBH moved below $174.18 completing a double top pattern. Much of the weakness was triggered by a breakdown by Biogen.
Biogen $BIIB a NASDAQ 100 stock moved below $189.44 to a 28 month low extending an intermediate downtrend.
Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $271.52 extending an intermediate uptrend.
Advanced Micro Devices $AMD an S&P 100 stock moved above $162.04 setting an
intermediate uptrend.
DoorDash $DOOR a NASDAQ 100 stock moved above $143.34 to an all-time high extending an intermediate uptrend
Wallgreens Boots $WBA an S&P 100 stock moved below $8.46 to a multi-year low extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 25th 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 25th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 25th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
CHART THIS with David Keller, CMT Tuesday 9/24/24
https://www.youtube.com/watch?v=7jxB7AuwunY
The Trillion Dollar Ticking Time Bomb… Dan Nathan, Deidre Bosa
The Trillion Dollar Ticking Time Bomb… - YouTube
Are Wall Street Strategists Too Bullish? Guy Adami, Dan Nathan and Liz Young
Are Wall Street Strategists Too Bullish? - YouTube
How to Use the ADX Indicator (Trend Strength Explained): Joe Rabil
How to Use the ADX Indicator (Trend Strength Explained) - YouTube
What stocks do in the next month is a ‘coin flip’ due to election, says Fundstrat’s Tom Lee
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.40 to 76.00. It remains Overbought. Daily data has rolled over.
The long term Barometer dropped 2.80 to 76.00. It remains Overbought. Daily data has rolled over.
TSX Momentum Barometers
The intermediate term Barometer dropped 2.21 to 76.99. It remains Overbought.
The long term Barometer slipped 0.44 to 77.43. 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
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