Tech Talk for Wednesday September 18th 2024

September 18, 2024 / www.timingthemarket.ca / Article Link

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:35 AM EDT.

S&P 500 futures added 2 points following release of the August Housing Starts report at 8:30 AM EDT. Consensus was an increase to 1.250 million units from 1.238 million units in July. Actual was 1.356 million units.

Microsoft added $2.08 to $437.23 and Blackrock advanced $0.61 to $905.13 after announcing a joint plan for a $30 billion Artificial Intelligence infrastructure fund.

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Intuitive Machines added $2.90 to $8.30 after announcing another contract with NASA

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General Mills dropped $0.98 to $73.52 after announcing a 14% drop in first quarter earnings.

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EquityClock's Stock Market Outlook for September 18th

 

The more discerning consumer mentality has been observed injecting product into inventories in one of the most significant ways on record. See:

https://equityclock.com/2024/09/17/stock-market-outlook-for-september-18-2024/

 

Technical Notes

S&P 500 Index moved above 5,669.67 to an all-time high and S&P 500 SPDRs $SPY moved above $565.16 to an all-time high extending an intermediate uptrend.

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Home Builders SPDRs $XHB moved above $121.22 to an all-time high extending an intermediate uptrend.

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Global Lumber and Forest Product iShares $WOOD moved above $83.71 and $83.97 extending an intermediate uptrend.

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Selected Canadian forest product stocks that broke resistance setting intermediate uptrends included Canfor, Interfor and West Fraser Timber.

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S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$56.46 extending an intermediate uptrend.

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Hong Kong iShares $EWH moved above $16.23 extending an intermediate uptrend.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 17th 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 17th 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 17th 2024

clip_image014 Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

FOMC and VIX Expiry | Profit Pilot

FOMC and VIX Expiry | Profit Pilot - YouTube

 

Times Have Changed In Markets…

Times Have Changed In Markets… - YouTube

 

The odds of a hard landing are low: Bank of America Economist

The odds of a hard landing are low: Economist - YouTube

 

CHART THIS with David Keller, CMT Tuesday 9/17/24

https://www.youtube.com/watch?v=7SifcFlL5eE

 

Chart of the Day: China Large Cap ETF (FXI)

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 1.40 to 76.80. It remains Overbought. Daily trend is up.

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The long term Barometer added 2.00 to 76.60. It remains Overbought. Daily trend is up.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.88 to 71.24. It remains Overbought. Daily trend remains up.

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The long term Barometer added 2.21 to 74.78. It remains Overbought. Daily trend remains up.

 

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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