Pre-opening Comments for Wednesday October 9^th

U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points at 8:30 AM EDT.

Walt Disney slipped $0.10 to $92.41 as Hurricane Milton approaches Disney World in Florida.

Boeing dropped $2.33 to $152.32 after withdrawing its offer to end its labor strike.

Arcadium Lithium advanced $1.34 to $5.58 after Rio Tinto offered to acquire the company at $5.85 per share. Value of the offer is $6.7 billion.

Helen of Troy jumped $9.01 to $71.38 after reporting higher than consensus fiscal second quarter earnings.

 

Equity Clock – Market Outlook for October 9, 2024

 

Semiconductor stocks seeing renewed buying demand amidst the start of their optimal seasonal holding period. See:

https://equityclock.com/2024/10/08/stock-market-outlook-for-october-9-2024/

 

Technical Notes

S&P 500 Index closed at an all-time closing high

Oracle $ORCL an S&P 100 stock moved above $173.99 to an all-time high extending an intermediate uptrend.

Trade Desk $TTD a NASDAQ 100 stock moved above $114.09 to an all-time high extending an intermediate uptrend.

DocuSign $DOCU a NASDAQ 100 stock moved above $64.75 completing a reverse Head & Shoulders pattern.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 8^th 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 October 8^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 8^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market Top in October? 2007 vs 2024: David Keller

Market Top in October? 2007 vs 2024 – YouTube

 

Fed, Big Tech & Earnings: What Matters Most to the Markets? Guy Adami, Dan Nathan, Liz Young (Note comment in last 6 minutes of the tape)

Fed, Big Tech & Earnings: What Matters Most to the Markets? – YouTube

 

Tech Stocks Lead Market Rebound: Guy Adami and Carter Worth

https://www.youtube.com/shorts/1JIjI2PMLFs

 

Chart of the Day: Technology SPDRs (XLK)

Technical score increased from 0 to 4 after strength relative to the S&P 500 Index turned positive and daily momentum (Stochastics, RSI, MACD) changed from down to up.

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.40 to 69.80. It remains Overbought.

The long term Barometer slipped 0.40 to 73.80. It remains Overbought. Daily trend is down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.69 to 74.44. It remains Overbought. Daily trend has turned down.

The long term Barometer dropped 3.14 to 77.13. It remains Overbought. Daily trend has turned down.

 

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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