Editor’s Note: Don Vialoux was a guest on “Wolf on Bay Street”. The show is to be released on Saturday on Corus Radio 640 at 7:00 PM EDT. Comments focused on outlook for North American equity market between now and release of fourth quarter corporate reports in January.
Pre-opening Comments for Friday October 25th
U.S. equity index futures were higher this morning. S&P 500 futures added 17 points at 8:35 AM EDT.
S&P 500 futures unchanged following release of September U.S. Durable Goods Orders at 8:30 AM EDT. Consensus was a 1.0% drop versus unchanged in August. Actual was a 0.8% drop
Dexcom dropped $10.90 to $64.00 after lowering guindance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0011-10.png "clip_image001[1]")
Capital One Financial gained $4.76 to $158.02 after reporting higher than consensus third quarter earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0021-10.png "clip_image002[1]")
Capri plunged $20.41 to $21.19 after a judge blocked its takeover by Tapestry.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0031-8.png "clip_image003[1]")
Olin dropped $4.26 to $40.78 after reporting a third quarter loss.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0041-7.png "clip_image004[1]")
EquityClock’s Stock Market Comment for October 25th
Palladium, an Accumulate candidate, is surging above a bottoming pattern as its period of seasonal strength gets underway. See:
https://equityclock.com/2024/10/24/stock-market-outlook-for-october-25-2024/
Editor’s Note
Due to a previous commitment, there will be no pre-opening comment available on Monday, October 28th.
Technical Notes
Palladium ETN $PALL moved above $102.00 extending an intermediate uptrend.
Biotech ETF $BBH moved below $173.21 and $171.08 completing an intermediate topping pattern.
United Parcel $UPS an S&P 100 stock moved above $136.93 extending an intermediate uptrend. Responded to higher than consensus third quarter results!
Keurig Dr. Pepper $KDP a NASDAQ 100 stock moved below $35.94 completing a double top pattern. Third quarter revenues were less than consensus.
Newmont $NEM an S&P 100 stock moved below $51.82 and $50.01setting an intermediate downtrend. Reported less than consensus third quarter earnings!
Metro $MRU.TO a TSX 60 stock moved below Cdn$82.24 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
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 24th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 24th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
TSLA Soars After Hours on Strong Results! Tom Bowley
TSLA Soars After Hours on Strong Results! – YouTube
Is Peter Schiff Right About the Imminent Financial Peril? David Keller
Is Peter Schiff Right About the Imminent Financial Peril? – YouTube
Tesla Stock Soars After Earnings Report:Guy Adami, DanNathan, Carter Worth
Tesla Stock Soars After Earnings Report – YouTube
Is This The Beginning Of The Election Jitters? | Profit Pilot
Is This The Beginning Of The Election Jitters? | Profit Pilot – YouTube
‘Too many unknowns’ with election & market to be overweight megacaps, says Clockwise’s Cakmak
Goldman Sees S&P Returning 3% Over 10 Next Years: David Kostin
Goldman Sees S&P Returning 3% Over 10 Next Years – YouTube
Chart of the day: Palladium ETN (Symbol: PALL)
S&P 500 Momentum Barometers
The intermediate term Barometer dropped another 1.00 to 62.60. It remains Overbought. Daily momentum trend remains down.
The long term Barometer dropped 1.20 to 72.80. It remains Overbought. Daily momentum trend turned down.
TSX Momentum Barometers
The intermediate term Barometer dropped 0.90 to 74.89. It remains Overbought.
The long term Barometer added 1.35 to 78.92. 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
|
|
October 26th, 2024 at 3:52 pm
The Natural Gas Index ($NATGAS) has been in a consolidation pattern for a year. This week the index surged nearly 37% and breakout above the chart pattern. Not sure how to explain such a strong move. North America has an abundance of natural gas in storage and mucho reserves ready to produce. However, the (weekly) chart is bullish with the PPO indicator moving above the zero level and the Ron/BC inspired MACD(50,200,10) making a bullish cross of the signal line. Will have to wait and see if the breakout holds.
https://schrts.co/gheHTHbZ