Pre-opening Comments for Thursday November 17^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points at 7:30 AM EST.

U.S. equity index futures were waiting for economic news at 8:30 AM EST. October U.S. Housing Starts are expected to slip to 1.410 million units from 1.439 million units in September. November Philly Fed Index is expected to improve to -8.2 from -8.7 in October.

Nvidia gained $2.10 to $161.20 after reporting higher than consensus third quarter revenues.

Cisco added $1.86 to $46.25 after reporting higher than consensus fiscal second quarter revenues.

Bath and Body Works advanced $7.02 to $38.48 after offering positive guidance.

 

EquityClock’s Daily Comment

Headline reads “The consumer is increasingly focusing their budgets on necessities while shying away from discretionary goods, providing a rather pessimistic view of economic activity”.

http://www.equityclock.com/2022/11/16/stock-market-outlook-for-november-17-2022/

 

Technical Notes for yesterday

Lowe’s $LOW an S&P 100 stock moved above $219.99 extending an intermediate uptrend.
The company reported higher than consensus fiscal third quarter results.

Restaurant Brands International $QSR.TO a TSX 60 stock moved above Cdn$83.50 extending an intermediate uptrend. The company announced a new CEO.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 16^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 16^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 16^th 2021

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Link offered by Mark Bunting and www.uncommonsenseinvestor.com

KEYNOTE: David Rosenberg | Red Cloud’s Mining Showcase 2022 – YouTube

 

Greg Schnell discusses “Setting technical stops”.

Setting Technical Stops | Greg Schnell, CMT | Market Buzz (11.16.22) – YouTube

 

Dave Keller’s Final Bar. Features an interview with Ryan Detrick. His charts show that the strongest three consecutive quarters in the four year Presidential cycle are the fourth quarter in the second year of the cycle plus the first and second quarters in the third year. Also included is a chart showing that U.S. equity markets perform best during the two year period when Congress is in gridlock (as was confirmed late yesterday for the next Congress).

https://www.youtube.com/watch?v=0GWh8oKU26g

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.80 to 81.00. It remains Overbought.

The long term Barometer slipped 1.80 to 53.40. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 2.12 to 72.88. It remains Overbought.

The long term Barometer dropped 2.12 to 44.07. It remains Neutral.

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 January 3, 2025 Stock Market Outlook for January 2, 2025 Stock Market Outlook for December 31, 2024 Stock Market Outlook for December 30, 2024 Happy Holidays!