Pre-opening Comments for Tuesday October 31^st

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points at 8:35 AM EDT.

The Canadian Dollar slipped 0.06 to US72.26 cents following release of Canada’s August GDP at 8:30 AM EDT. Consensus was an increase of 0.1% versus no change in July. Actual was no change. On a year-over-year basis consensus was an increase of 0.9 versus a gain of 1.1% in July. Actual was an increase of 0.9%.

Another semiconductor equity drop! Lattice Semiconductor plunged $9.13 to $58.16 after lowering fourth quarter guidance.

Pinterest added $3.25 to $28.35 after reporting higher than consensus third quarter revenues and earnings.

VF Corp dropped $0.82 to $16.30 after reporting less than consensus quarterly results.

 

EquityClock’s Daily Comment

Headline reads “Signs of a near-term peak on the US Dollar Index is leading to a rebound of a number of currencies from pivotal points of support”.

https://equityclock.com/2023/10/30/stock-market-outlook-for-october-31-2023/

Technical Notes

Energy SPDRs $XLE moved below $66.82 completing a double top pattern.

Okta $OKTA a NASDAQ 100 stock moved below $66.82 setting an intermediate downtrend.

Microchip Technology $MCHP a NASDAQ 100 stock moved below $69.59 extending an intermediate downtrend.

ON Semiconductor, $ON a NASDAQ 100 stock moved below $66.67 extending an intermediate downtrend.

Constellation Software $CSU.TO a TSX 60 stock moved below Cdn$2,667.09 completing a double top pattern.

Franco-Nevada $FNV.TO and $FNV a TSX 60 stock moved below $Cdn$175.33 and US$127.45 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.27^th 2023

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 October 27^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 27^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Here are 5 reasons why U.S. stocks will likely rally into the end of 2023, says one Wall Street veteran

https://www.marketwatch.com/story/here-are-5-reasons-why-u-s-stocks-will-likely-rally-into-the-end-of-2023-says-one-wall-street-veteran-86be1dcb?mod=mw_pushly&send_date=20231030

 

Indicators Warn Market Is At Crucial Pivot Point | Your Daily Five (10.30.23)

https://www.youtube.com/watch?v=rlN-ws1vWyY

 

Bad News For Buyers Weighing Hefty Mortgage Rates | The DecisionPoint Trading Room (10.30.23)

Bad News For Buyers Weighing Hefty Mortgage Rates | The DecisionPoint Trading Room (10.30.23) – YouTube

 

The Final Bar with David Keller, CMT | LIVE Q&A! | 4pm ET, 1pm PT | Oct. 30th, 2023

The Final Bar with David Keller, CMT | LIVE Q&A! | 4pm ET, 1pm PT | Oct. 30th, 2023 – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.80 to 14.40. It remains Oversold.

The long term Barometer added 3.80 to 28.40. It remains Oversold.

 

TSX Momentum Barometers

The intermediate term Barometer eased 1.76 to 25.99. It remains Oversold.

The long term Barometer added 2.20 to 30.40. It remains 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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