Pre-opening Comments for Wednesday November 23^rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points in pre-opening trade.

Index futures were virtually unchanged following release of October Durable Goods Orders at 8:30 AM EST. Consensus was an increase of 0.5% versus a gain of 0.4% in September. Actual was an increase of 1.0%. Excluding transportation orders, consensus was an increase of 0.1% versus unchanged in September. Actual was an increase of 0.5%.

Focus today is on minutes to the last FOMC meeting released at 2:00 PM EST. More news on the Federal Reserve’s intentions to raise the Fed Fund rate is expected to be revealed.

HP Inc $HPQ slipped $0.21 to $29.16 after announcing a 10% reduction in its work force.

Deere added $15.11 to $436.67 after reporting higher than consensus fourth quarter results.

Nordstrom $JWN dropped $1.14 to $21.51 after reporting a fiscal third quarter loss and less than consensus quarterly revenues.

Autodesk dropped $16.40 to $192.50 after offering fourth quarter guidance below consensus.

 

EquityClock’s Daily Comment

Headline reads “Ratio of Gold Miners relative to the Gold fund is moving above a bottoming pattern ahead of the period of seasonal strength for the precious metal”.

http://www.equityclock.com/2022/11/22/stock-market-outlook-for-november-23-2022/

Link offered by a valued provider

“Duration says the bear market is over” notes Dave Keller

https://www.youtube.com/watch?v=N2cfri8Iq4Q

 

Technical Notes for Yesterday

Dow Jones Industrial Average SPDRs $DIA moved above intermediate resistance at $340.62.

Industrial SPDRs $XLI moved above intermediate resistance at $100.49

U.S. Insurance iShares IAK moved above $92.83 to an all-time high extending an intermediate uptrend.

Bank of New York Mellon $BK an S&P 100 stock moved above intermediate resistance at $45.04

Mondelez $MDLZ a NASDAQ 100 stock moved above intermediate resistance at $65.87.

Vertex $VRTX a NASDAQ 100 stock moved above $318.38 to an all-time high extending an intermediate uptrend.

Medtronic $MDT moved below $79.19 extending an intermediate downtrend.

Canadian Pacific $CP.TO a TSX 60 stock moved above Cdn$106.71 to an all-time high extending an intermediate uptrend.

George Weston $WN.TO, a TSX 60 stock moved above Cdn$161.36 to an all-time high extending an intermediate downtrend.

Pembina Pipeline $PPL.TO a TSX 60 stock moved above $47.42 extending an intermediate uptrend

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 22^nd 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 22^nd 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 21^st 2021

Green: Increase from previous day

Red: Decrease from previous day

 

S&P Momentum Barometers

The intermediate term Barometer added 3.60 to 87.20. It remains Overbought. Trend remains up.

The long term Barometer added 3.40 to 59.80. It remains Neutral. Trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer increased 3.39 to 75.85. It remains Overbought.

The long term Barometer gained 5.93 to 50.85. 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

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