Pre-opening Comments for Thursday October 24^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points at 8:30 AM EDT.

Canada’s major chartered banks lowered their prime lending rate by 50 basis points, matching a drop in the Bank of Canada’s interest rate.

Tesla gained $20.10 to $233.75 after reporting higher than consensus third quarter results. The company also raised fourth quarter guidance.

Lam Research advanced $3.54 to $76.60 after reporting higher than consensus fiscal first quarter revenues and profits.

O’Reilly dropped $37.34 to $1161.91 after lowering guidance.

Canadian Pacific Kansas City (CP.TO $Cdn109.07) is expected to open lower after reporting less than consensus third quarter revenues and earnings.

 

EquityClock’s Stock Market Outlook for October 24^th

 

Equity prices are vulnerable here as yields and the US Dollar Index reach up to levels of declining trendline resistance. See:

https://equityclock.com/2024/10/23/stock-market-outlook-for-october-24-2024/

Technical Notes

U.S. Dollar Index ETN $UUP moved above $29.20 to an all-time high extending an intermediate uptrend.

Consumer Discretionary SPDRs $XLY moved below $194.39 completing a double top pattern.

AT&T $T an S&P 100 stock moved above $22.06 to an all-time high extending an intermediate uptrend.

Costar $CSGP a NASDAQ 100 stock moved below $70.87 extending an intermediate downtrend.

MMM $MMM a Dow Jones Industrial Average stock moved below intermediate support at $127.12 despite reporting higher third quarter results.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 23^rd 2024

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 23^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 23^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

What’s the BEST Market Visualization Tool? David Keller

What’s the BEST Market Visualization Tool? – YouTube

 

Why the Next Recession Will be the Worst Ever, with David Rosenberg

Why the Next Recession Will be the Worst Ever, with David Rosenberg – YouTube

 

Bank of Canada cuts its interest rate by 50 bps

Bank of Canada cuts its interest rate by 50 bps – YouTube

 

Wouldn’t pre-position for any election outcome at this point, says iCapital’s Anastasia Amoroso

Wouldn’t pre-position for any election outcome at this point, says iCapital’s Anastasia Amoroso – YouTube

 

CHART THIS with David Keller, CMT Wednesday 10/23/24

https://www.youtube.com/watch?v=rmHf6gTtIdI

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.40 to 63.60. It remains Overbought. Daily trend is down

The long term Barometer dropped 2.00 to 74.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.69 to 75.78. It remains Overbought.

The long term Barometer slipped 0.90 to 77.58. It remains Overbought.

 

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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