U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.
Investors are waiting for news from the FOMC meeting this afternoon at 2:00 PM EDT. Consensus is that the Federal Reserve will reduce the Fed Fund rate by 0.25%.
Index futures were virtually unchanged following release of the August Housing Start report at 8:30 AM EDT. Consensus was an increase to 1.230 million units from 1.91 million units in July. Actual was 1.36 million units.
The Canadian Dollar was virtually unchanged at U.S. 75.47 cents following release of Canada's August Consumer Price Index at 8:30 AM EDT. Consensus was a decrease of 0.1% versus a gain of 0.5% in July. Actual was a decrease of 0.1%.
FedEx plunged $17.24 to $156.06 after the company announced lower fiscal first quarter revenues and earnings. The company also lowered guidance. Oppenheimer, Raymond James and KeyBanc lowered their target price on the stock.
General Mills dropped $1.03 to $54.00 after reporting lower than consensus quarterly sales.
Whirlpool slipped $0.40 to $151.80 after KeyBanc downgraded the stock to Sector Weight from Overweight.
CDW (CDW $113.80) is expected to open higher after the stock was added to the S&P 500 Index
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/09/17/stock-market-outlook-for-september-18-2019/
Note seasonality chart on Industrial Production
StockTwit released yesterday @EquityClock
Royal Bank $RY.CA, a TSX 60 stock moved above $106.14 to an all-time high extending an intermediate uptrend
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for September 17th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 17th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 17th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer gained another 3.40 to 75.20 yesterday. It remains intermediate overbought, but has yet to show signs of peaking.
TSX Momentum Barometer
The Barometer advanced another 7.33 to 71.12 yesterday. It remains intermediate overbought, but has yet to show signs of peaking.
Disclaimer: Seasonality 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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