Pre-opening Comments for Tuesday November 5^th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EDT.

S&P 500 futures were unchanged following release of the September U.S. Trade Report at 8:30 AM EST. Consensus was $84.0 deficit versus $70.40 billion deficit in August. Actual was $84.4 billion deficit.

Dollar Tree advanced $4.24 to $71.05 after its Chief Executive Officer steeped down.

Restaurant Brands International dropped $4.89 to Cdn$92.50 after reporting lower third quarter earnings.

Lattice Semiconductor dropped $7.86 to $44.03 after reporting less than consensus third quarter earnings.

Palantir Technologies advanced $5.30 to $46.71 after reporting higher than consensus third quarter results.

 

EquityClock’s Stock Market Outlook for November 5^th

 

Put-call ratio jumping to the highest level in over a year as traders enact hedges ahead of Tuesday’s Presidential Election. See:

https://equityclock.com/2024/11/04/stock-market-outlook-for-november-5-2024/

 

Technical Notes

Amex Biotech ETF $FBT moved above $174.29 extending an intermediate uptrend.

Berkshire Hathaway $BRK.B an S&P 100 stock moved below $446.25 completing a double top pattern.

Pfizer $PFE an S&P 100 stock moved below $27.85 setting an intermediate downtrend.

Nutrien $NTR.TO a TSX 60 stock moved above Cdn$68.68 and Cdn$71.17 extending an intermediate uptrend. Belarus, the world’s largest fertilizer producer announced plans to reduce production.

BCE $BCE.TO a TSX 60 stock moved below Cdn$41.70 to a four year low extending an intermediate downtrend. The company announced plans to purchase U.S. internet provider Ziply for 5 billion. The company also announced a pause in dividend increases.

Canadian National Railway $CNR.TO a TSX 60 stock moved below Cdn$149.90 extending an intermediate downtrend.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 4^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 November 4^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 4^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Market’s set up for a very good rally into year-end no matter who wins election: Fundstrat’s Tom Lee

Market’s set up for a very good rally into year-end no matter who wins election: Fundstrat’s Tom Lee – YouTube

 

Investors should not trade the election this week, says RBC’s Lori Calvasina

Investors should not trade the election this week, says RBC’s Lori Calvasina – YouTube

 

Adrian Day on Risk Management, Fed Rate Cuts and Inflationary Pressures: David Keller

https://www.youtube.com/watch?v=l-83JPWCItw

 

Stock Jitters Into The Election: Dan Nathan and Carter Worth

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

 

The biggest issue no one talked about during the U.S. election campaign: David Skarica

The National Debt – The Biggest Issue No One Talked About on the Campaign ! – November 4th 2024 SCOTDAY | David Skarica Addicted to Profits

 

The bear market is coming and it’s going to be painful: Mark Hulbert

https://www.marketwatch.com/story/the-bear-market-is-coming-and-its-going-to-be-painful-3380e5fa?mod=home-page

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.40 to 49.60. It remains Neutral.

The long term Barometer added 1.40 to 71.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 4.05 to 60.36. It returned to Overbought from Neutral on a recovery above 60.00.

The long term Barometer added 0.90 to 73.87. It remains Overbought.

 

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

More from the network: Stock Market Outlook for November 5, 2024 Stock Market Outlook for November 4, 2024 Stock Market Outlook for November 1, 2024 Stock Market Outlook for October 31, 2024 Stock Market Outlook for October 30, 2024