Pre-opening Comments for Wednesday November 22^nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EST.

Index futures were unchanged following release of October Durable Goods Orders at 8:30 AM EST. Consensus was -3.0% versus +4.7% in September. Actual was -5.4%.

The Canadian Dollar slipped 0.12 to US 72.87 cents following release of the Federal Government’s economic update.

Autodesk gained $5.44 to $223.11 after reporting higher than consensus third quarter revenues and profits.

NVidia dropped $4.65 to $499.44 despite reporting higher than consensus third quarter revenues and earnings.

Urban Outfitters added $0.64 to $36.95 after reporting higher than consensus third quarter results. The company also offered positive fourth quarter guidance.

Deere dropped $23.65 to $359.00 after lowering fiscal first quarter guidance

 

EquityClock’s Daily Comment

Headline reads “Just as headline prints of consumer prices alleviate, it may be the time to consider inflation hedges for portfolios”.

https://equityclock.com/2023/11/21/stock-market-outlook-for-november-22-2023/

 

Technical Notes

Silver Miners ETF $SIL moved above $25.72 completing a double bottom pattern.

U.S. insurance iShares $IAK moved above $97.33 to an all-time high extending an intermediate uptrend.

Pharma ETF $PPH moved above $78.09 setting an intermediate uptrend.

Travelers $TRV a Dow Jones Industrial Average stock moved above $173.46 extending an intermediate uptrend.

Trip.com $TCOM moved below $31.99 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.21^st 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 Nov.21^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 21^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

S&P 500 – Consumer Discretionary Sector Holds the Key | Sector Spotlight (11.20.23)

S&P 500 – Consumer Discretionary Sector Holds the Key | Sector Spotlight (11.20.23) – YouTube

 

If the Nasdaq holds near current levels, it’ll benefit the entire market, says Katie Stockton

If the Nasdaq holds near current levels, it’ll benefit the entire market, says Katie Stockton – YouTube

 

NASDAQ 100 Powers Through July High | Trading Places (11.21.23)

NASDAQ 100 Powers Through July High | Trading Places (11.21.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.20 to 71.80. It remains Overbought.

The long term Barometer slipped 0.40 to 54.60. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term barometer dropped 4.85 to 59.03. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 1.32 to 43.61. 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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