Tech Talk for Thursday September 26th 2024

September 26, 2024 / www.timingthemarket.ca / Article Link

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.

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NRG Energy advanced $6.68 to $95.92 after reporting higher than consensus fiscal third quarter results. The company also offered positive guidance.

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Southwest Airlines added $1.16 to $29.55 after the company offered positive guidance and authorized a $2.5 billion share buyback program.

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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:

The value of the largest asset for most Americans speaks directly to the wealth effect and it has just stalled. (equityclock.com)

 

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.

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Biogen $BIIB a NASDAQ 100 stock moved below $189.44 to a 28 month low extending an intermediate downtrend.

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Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $271.52 extending an intermediate uptrend.

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Advanced Micro Devices $AMD an S&P 100 stock moved above $162.04 setting an

intermediate uptrend.

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DoorDash $DOOR a NASDAQ 100 stock moved above $143.34 to an all-time high extending an intermediate uptrend

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Wallgreens Boots $WBA an S&P 100 stock moved below $8.46 to a multi-year low extending an intermediate downtrend.

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Trader's Corner

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Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 25th 2024

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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

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 25th 2024

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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

What stocks do in the next month is a ‘coin flip’ due to election, says Fundstrat’s Tom Lee - YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 5.40 to 76.00. It remains Overbought. Daily data has rolled over.

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The long term Barometer dropped 2.80 to 76.00. It remains Overbought. Daily data has rolled over.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 2.21 to 76.99. It remains Overbought.

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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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