Pre-opening Comments for Wednesday November 1st
U.S. equity index futures were mixed this morning. S&P 500 futures were down 1 point at 8:35 AM EDT.
S&P 500 Index futures recovered 12 points following the Treasury Department’s refunding announcement at 8:30 AM
Paycom Software dropped $76.92 to $168.05 after the company reduced guidance below consensus for 2024.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0015.png "clip_image001[5]")
Yum China dropped $4.91 to $47.65 after reporting less than consensus third quarter results.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0025.png "clip_image002[5]")
Match dropped $2.85 to $31.75 after the company lowered guidance.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0035.png "clip_image003[5]")
Advanced Micro Devices slipped $0.26 to $98.24 after announcing less than consensus fourth quarter guidance.
EquityClock’s Daily Comment
Headline reads “November is the first of the best six months of the year timeframe for the equity market. The S&P 500 Index has averaged a gain of 1.8% in this second to last month of the year”.
https://equityclock.com/2023/10/31/stock-market-outlook-for-november-1-2023/
Technical Notes
ExxonMobil $XOM a Dow Jones Industrial Average stock moved below $104.83 extending an intermediate downtrend.
Amgen $AMGN a Dow Jones Industrial Average stock moved below intermediate support at $259.67.
Canadian Tire $CTC.A. TO a TSX 60 stock moved below Cdn$133.46 to a three year low extending an intermediate downtrend.
Cameco $CCO.TO a TSX 60 stock moved above Cdn$56.87 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Oct.31st 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 31st 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 31st 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Seasonality is Dropping Big Bomb on Real Estate Sector | Sector Spotlight (10.30.23)
Seasonality is Dropping Big Bomb on Real Estate Sector | Sector Spotlight (10.30.23) – YouTube
Will It Be a Trick Or a Treat At The Fed Meeting? | Trading Places (10.31.23)
Will It Be a Trick Or a Treat At The Fed Meeting? | Trading Places (10.31.23) – YouTube
There will be a year-end rally, says Hightower’s Stephanie Link
There will be a year-end rally, says Hightower’s Stephanie Link – YouTube
The Final Bar with David Keller, CMT | Guest Tony Dwyer | 4pm ET, 1pm PT | Oct. 31st, 2023
The Final Bar with David Keller, CMT | Guest Tony Dwyer | 4pm ET, 1pm PT | Oct. 31st, 2023 – YouTube
Chart of the Day
Technical score on WTI Crude Oil dropped from 0 to -4 when price dropped below $83.21
Intermediate trend: from up to down: Score: +2 to -2
Strength relative to S&P 500: Unchanged at Neutral: Score: 0
Above/Below 20 day MA: Remains below 20 day MA Score: -1
Daily momentum (Stochastics, RSI, MACD): trending down. Score: -1
Total Score from 0 to -4
S&P 500 Momentum Barometers
The Intermediate term Barometer advanced 6.20 to 20.60. Nice bounce above the previous low at 8.60, typical of a confirmed intermediate low for the S&P 500 Index!
The long term Barometer advanced 3.20 to 31.60. Another indicator that implies a likely intermediate low by the S&P 500 Index
TSX Momentum Barometers
The intermediate term Barometer slipped 1.32 to 24.67. It remains Oversold.
The long term Barometer added 0.44 to 30.84. It remains Oversold. More technical evidence that an intermediate bottom has been reached.
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 1st, 2023 at 12:57 pm
OAKEN FINANCIAL is offering 6% interest on a one year or 18 month or 2 year GIC for the entire month of November. Put that in a TFSA GIC and it’s tax free. Gotta love tax free investments….
(Thank you Stephen Harper) You just don’t see many governments off a way to make tax free money.
November 2nd, 2023 at 12:54 pm
CNQ – New all time highs. Energy continues to be the best sector by far. I like the way financials are coming back to life today.
The economic news in Canada is really gloomy. Interest rates are crushing anyone with variable rate debt or fixed that is renewing. There was interesting news that developers stopped construction plans for 14,000 condo units in Toronto (more than half of planned development). The pre-construction sales market is collapsing and the cost to build in Toronto is now over $1638 per sq foot for a shoe box and $1112 in the suburbs. Who wants to pay that kind of money?