Tech Talk for Wednesday September 25th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:30 AM EDT.

KB Homes dropped $5.18 to $82.24 after reporting less than consensus fiscal third quarter earnings.

Progress Software advanced $3.02 to $60.22 after raising guidance following release of third quarter results.

Worthington Enterprises dropped $1.60 to $43.69 after reporting less than consensus fiscal first quarter revenues and profits.

EquityClock's Stock Market Outlook for September 25th

Emerging strength in emerging markets. See:

https://equityclock.com/2024/09/24/stock-market-outlook-for-september-25-2024/

Technical Notes

Monetary stimulus by China triggered technical breakouts by Chinese equity index ETFs (e.g. FXI) and related Emerging Market ETFs (e.g. EWH, EWT, EEM and ZEM.TO)

Base metals prices responded to Chinese monetary stimulus. Base metals ETN $DBB consisting of an equal weight in copper, zinc and aluminum futures) moved above $20.13 resuming an intermediate uptrend. Base metals equity ETFs (e g. COPX, PICK, XBM.TO) broke above resistance setting intermediate uptrends. Major base metals stocks breaking above resistance setting intermediate uptrends included FCX, TECK, SCCO, HBM.TO, LUN.TO, VALE and BHP.

Other China related securities breaking above intermediate resistance included Caterpillar ($CAT to an all-time high) and West Fraser Timber ($WFG.TO to an all-time high).

McDonalds $MCD a Dow Jones Industrial Average stock moved above $297.19 to an all-time high extending an intermediate uptrend.

Waste Connections $WCN.TO a TSX 60 stock moved below Cdn$240.07 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 23rd 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 24th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 24th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Chart Check on Stocks At Record Highs: Guy Adami, Dan Nathan, Carter Worth

https://www.youtube.com/watch?v=m6ihjL5uHNs

Bank of Canada says it’s reasonable to expect more rate cuts

Bank of Canada says it’s reasonable to expect more rate cuts (msn.com)

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.40 to 81.40. It remains Overbought.

The long term Barometer added 1.40 to 78.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 5.42 to 79.20. It remains Overbought. Daily trend remains up.

The long term Barometer added 0.88 to 77.88. 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