Tech Talk for Wednesday September 8th 2021
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.
The Canadian Dollar was virtually unchanged at US78.97 cents prior to the Bank of Canada's update on Canada's monetary policy at 10:00 AM EDT. Consensus expects no change in Canada's overnight lending rate to major Canadian Banks.
PayPal added $4.13 to $297.39 after announcing purchase of a Japanese payment company for $2.7 billion.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/09/clip_image0011-1.png "clip_image001[1]")
Netflix advanced $16.18 to $622.89 after JP Morgan raised its target price from $625 to $705.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/09/clip_image0021-3.png "clip_image002[1]")
Tesla added $19.35 to $772.27 after announcing a strong than expected increase in August sales in China
Sherwin Williams dropped $4.59 to $298.25 after the company lowered its forecast for third quarter sales.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/09/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/09/07/stock-market-outlook-for-september-8-2021/
Technical Notes released yesterday at
Ross Stores $ROST a NASDAQ 100 stock moved below $114.11 completing a Head & Shoulders pattern
MMM $MMM a Dow Jones Industrial Average stock moved below $190.08 completing a double top pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for September 7th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for September 7th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for September 7th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 6.51 to 59.72 yesterday. It changed from Overbought to Neutral on a move below 60.00 and is trending down.
The long term Barometer dropped 2.00 to 78.76 yesterday. It changed from Extremely Overbought to Overbought by moving below 80.00 and is trending down.
TSX Momentum Barometers
The intermediate term Barometer dropped 3.14 to 61.88 yesterday. It remains Overbought.
The long term Barometer slipped 1.60 to 74.26 yesterday. It remains Overbought.
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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