Pre-opening Comments for Friday November 18th
U.S. equity index futures were higher this morning. S&P 500 futures were up 33 points in pre-opening trade.
Today is the last trade date for November index and stock options and futures. Volume is expected to be higher than average.
Gap Stores $GPS advanced $1.20 to $13.91 after reporting higher than consensus fiscal third quarter revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0011-8.png "clip_image001[1]")
Palo Alto Networks $PANW jumped $8.88 to $165.44 after reporting higher than consensus fiscal first quarter earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0021-8.png "clip_image002[1]")
Visa $V added $0.51 to $211.50 after announcing a change in the company’s chief executive officer at its annual meeting in February.
William-Sonoma $WSM dropped $14.02 to $116.37 after reporting less than consensus quarterly results.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0041-7.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “The performance of the market in 1981/82 may provide an effective blueprint of equity performance through the year ahead”.
http://www.equityclock.com/2022/11/17/stock-market-outlook-for-november-18-2022/
Technical Notes for yesterday
Canadian energy stocks came under pressure with weakness in crude oil prices. Vermillion Energy $VET.TO moved below $25.07 completing a double top pattern.
Cisco Systems $CSCO an S&P 100 stock moved above $46.21 resuming an intermediate uptrend. The company reported higher than consensus quarterly results.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 17th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 17th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 17th 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Tom Bowley says “Sentiment is pointing to an explosion upward”. Tom notes that downside pressure during the November options and futures expiry wind down period this week is setting up for an important upside move by U.S. equity prices starting next week.
https://www.youtube.com/watch?v=3592TfCQllk
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 1.80 to 79.20. It remains Overbought.
The long term Barometer slipped 1.80 to 51.60. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.89 to 71.19. It remains Overbought.
The long term Barometer dropped 2.97 to 41.10. It remains Neutral and has rolled over.
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 19th, 2022 at 2:06 pm
For those wondering where everyone is, this chart should tell you……………..
https://stockcharts.com/h-sc/ui?s=%24NYSE&p=D&yr=1&mn=0&dy=0&id=p59905033531&a=1074070946
November 19th, 2022 at 3:53 pm
Ron/BC re:#1
Yup, it has been a rough year. And like a typical bear market it has been volatile. I’ll be glad when the sun comes out again.
November 19th, 2022 at 4:01 pm
Manulife Financial (MFC.to) … may have some potential. The stock price has been moving sideways for nearly two years. A double bottom has formed recently (at support) with positive divergence on several indicators. Watch the MACD (50,200,10) for a bullish cross of the signal line. There is some overhead resistance that needs to be overcome, but any pullback would be a good entry point (for my risks tolerance). Not a recommendation, just an observation.
https://schrts.co/eevzfPjV
November 19th, 2022 at 5:07 pm
FishFat #2
Well the sun has been shining often in Victoria along with the golfers enjoying the day. Doesn’t help me much as it’s too soon to golf after my surgery. (so they say). Very aggravating driving by a golf course and seeing them all golfing in the sunshine. I can’t see it lasting much longer but you never know.
If I recall Manulife is very sensitive to interest rate changes………….