Tech Talk for Thursday September 28th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points at 8:35 AM EDT.

Micron dropped $2.90 to $65.31 after reporting less than consensus fiscal fourth quarter revenues.

Peloton gained $0.74 to $5.39 and Lulu lemon added $0.96 to $380.00 after announcing a partnership.

Weyerhaeuser slipped $0.28 to $30.70 after the company lowered its third quarter outlook.

EquityClock's Daily Comment

Headline reads "Stocks are attempting to make a stand following aggressive option market hedging, but the question is whether or not strength be sustained from here".

https://equityclock.com/2023/09/27/stock-market-outlook-for-september-28-2023/

Next Canadian Association for Technical Analysis Presentation

CATA Meeting – Sept 28 – Tom McClellan
Thursday, September 28, 2023 at 8:00 PM

Topic: What’s coming in Q4 and Beyond

Everyone is welcome. Not a member? Contact: https://cata.clubexpress.com/content.aspx?page_id=4002&club_id=71614&item_id=2045382

Link offered by a valued provider

Mike Wilson: We’re Seeing a Breakdown In Stock Market

Mike Wilson: We’re Seeing a Breakdown In Stock Market - YouTube

Technical Notes

Gold ETN $GLD moved below intermediate support at US$174.93 extending an intermediate downtrend.

Weakness in gold prices triggered a decline in gold equities and related ETFs. Gold Miners ETF $GDX moved below US$37.27 and Gold Miners iShares $XGD.TO moved below Cdn$16.12 extending intermediate downtrends.

Health care led weakness in U.S. equity markets. Pharmaceuticals ETF moved below $80.00 completing a double top pattern. Johnson & Johnson moved below $157.35, Merck moved below $103.71 and Medtronic moved below $78.25

Technology also was notably weaker. Breakdowns included Cognizant below $68.16, Electronic Arts below $117.63 and PayPal below $57.29

Utilities SPDRs $XLU moved below $60.85 extending an intermediate downtrend.

Australia iShares $EWA moved below $21.29, $21.28 and $21.18 extending an intermediate downtrend.

Energy was the notable exception. Chevron and Exxon Mobil broke to new highs

TSX Composite Index moved below intermediate support at 19,400.70.

S&P/TSE 60 Index moved below short and intermediate support at 1,077.29 and 1,069.03.

Weakness in the Canadian financial services sector was notable. Intermediate breakdowns included TSX Capped Financials iShares $XFN.TO below $Cdn $43.05, BMO Equal Weight Canadian Banks below $31.68 and Commerce Bank below $52.15 and $52.1 .

Other TSX 60 stocks moving below intermediate support included Shopify below Cdn$69.45, Rogers Communications below Cdn$52.53 and US38.73. Fortis below Cdn$52.36, Wheaton Precious Metals below $US$40.48, Franco-Nevada below Cdn$178.67 and Agnico-Eagle below Cdn$61.51 and US$45.42 .

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 27th 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 27th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 27th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Riding Out The Storm In Less-Than-Ideal Conditions | Trading Simplified (09.27.23)

https://www.youtube.com/watch?v=tFl8Xo5HG0k

Looking at Recent Market Pullback in a Long-term Context | The Final Bar (09.27.23)

https://www.youtube.com/watch?v=OrMA7klovXY

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.00 to 15.80. It remains Oversold.

The long term Barometer added 0.20 to 40.00. It returned to Neutral from Oversold on a recovery to 40.00.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.44 to 21.15. It remains Oversold. Daily downtrend was extended.

The long term Barometer dropped 2.20 to 33.92. It remains Oversold. Daily downtrend was extended.

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