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Technical Notes for yesterday
Consumer Discretionary SPDRs $XLY moved below $133.55 and $132.46 extending an intermediate downtrend.
Walt Disney $DIS a Dow Jones Industrial Average stock moved below $90.71 and $90.23 following release of less than consensus fiscal fourth quarter results.
Medtronic $MDT an S&P 100 stock moved below $79.44 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 9th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 9th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 9th 2021
Green: Increase from previous day
Red: Decrease from previous day
Link offered by a valued provider
Greg Schnell discusses “The changing mood of the U.S. Dollar”.
https://www.youtube.com/watch?v=GdnjxulW_D8
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.40 to 59.80. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer dropped 3.80 to 37.60. It changed from Neutral to Oversold on a drop below 40.00.
TSX Momentum Barometers
The intermediate term Barometer dropped 9.32 to 56.78. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer dropped 6.36 to 34.22. It changed from Neutral to Oversold.
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 10th, 2022 at 3:52 pm
This rally is not fitting in with David Rosenberg’s prior doomsday reports. He is now out today warning that it’s all a house of cards ready to fall apart any second.
The slow down in inflation was what everyone was looking for. At the same time you have low unemployment and GDP growth that is actually robust (2.6% in Q3). Growth is predicted to slow but there is no hard landing scenario in the cards right now. IMO the next Fed rate hike will be 50 bps as long as the data continues to show inflation moderating. A 50 bps hike will be taken quite positively by the market. Sorry Rosenberg.