Pre-opening Comments for Thursday November 7th
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EDT.
Federal Open Market Committee announces an outlook on the U.S. economy at 2:00 PM EST. Consensus calls for announcement of a 0.25% drop in the Fed Fund Rate. A Press Conference offering reasons for its decision is scheduled for 2:30 PM EST
Gilead gained $2.51 to $94.20 after reporting higher than consensus third quarter revenues. The company also raised guidance.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0015-2.png "clip_image001[5]")
Take Two Interactive advanced $6.05 to $172.67 after reporting higher than consensus second quarter results.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0025-2.png "clip_image002[5]")
Qualcomm added $10.91 to $183.30 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0035-2.png "clip_image003[5]")
Zillow gained $8.08 to $66.76 after reporting higher than consensus third quarter revenues.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0045-2.png "clip_image004[5]")
EquityClock’s Stock Market Outlook for November 7th
Running down the Election impact on markets. See:
https://equityclock.com/2024/11/06/stock-market-outlook-for-november-7-2024/
Technical Notes
A wide variety of U.S. broadly based equity ETFs broke to all-time highs including S&P 500 SPDRs, S&P 500 Equal Weight ETF, Dow Jones Industrial Average SPDRs, Dow Jones Transportation iShares, S&P Midcap SPDRs and Russell 2000 iShares. Notably higher among sector ETFs were Bank SPDRs: KBE and KRE.
Trader’s Corner
Equity Indices and Related ETFs
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 6th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 6th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Trump projected to win presidency: World leaders react, Dow futures soar
Trump projected to win presidency: World leaders react, Dow futures soar – YouTube
The Morning After Trump’s Win: Election Impact For Tech & Markets: Guy Adami and Dan Nathan
The Morning After Trump’s Win: Election Impact For Tech & Markets – YouTube
Stocks Surge Off Trump Election Victory: Guy Adami, Dan Nathan and Liz Young
Stocks Surge Off Trump Election Victory – YouTube
Trump Won! Economic and Retirement Investing IMPACTS! All things retirement: Canada
Trump Won! Economic and Retirement Investing IMPACTS! – YouTube
CHART THIS with David Keller, CMT Wednesday 11/6/24
https://www.youtube.com/watch?v=pKSg6zHUDfw
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 7.60 to 62.60. It changed from Neutral to Overbought on a recovery above 60.00.
The long term Barometer added 2.40 to 74.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.90 to 63.51. It remains Overbought
The long term Barometer dropped 1.35 to 74.32. 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
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November 7th, 2024 at 10:39 am
Re Nortel: Pat did you read about how the Chinese stole Nortel’s technology and used it to create Huawei?
https://nationalpost.com/news/exclusive-did-huawei-bring-down-nortel-corporate-espionage-theft-and-the-parallel-rise-and-fall-of-two-telecom-giants
November 7th, 2024 at 11:40 am
Anyone else getting the idea that financials have had an extended run up and will take a breather with a sector rotation into tech now? QQQ finally broke through the July high after four months of consolidation. For example, there was a downgrade on JPM today after it popped 11.5% yesterday. The charts suggest to me that it is now tech’s time to run again.