Pre-opening Comments for Tuesday November 5th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EDT.
S&P 500 futures were unchanged following release of the September U.S. Trade Report at 8:30 AM EST. Consensus was $84.0 deficit versus $70.40 billion deficit in August. Actual was $84.4 billion deficit.
Dollar Tree advanced $4.24 to $71.05 after its Chief Executive Officer steeped down.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0015-1.png "clip_image001[5]")
Restaurant Brands International dropped $4.89 to Cdn$92.50 after reporting lower third quarter earnings.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0025-1.png "clip_image002[5]")
Lattice Semiconductor dropped $7.86 to $44.03 after reporting less than consensus third quarter earnings.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0035-1.png "clip_image003[5]")
Palantir Technologies advanced $5.30 to $46.71 after reporting higher than consensus third quarter results.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0045-1.png "clip_image004[5]")
EquityClock’s Stock Market Outlook for November 5th
Put-call ratio jumping to the highest level in over a year as traders enact hedges ahead of Tuesday’s Presidential Election. See:
https://equityclock.com/2024/11/04/stock-market-outlook-for-november-5-2024/
Technical Notes
Amex Biotech ETF $FBT moved above $174.29 extending an intermediate uptrend.
Berkshire Hathaway $BRK.B an S&P 100 stock moved below $446.25 completing a double top pattern.
Pfizer $PFE an S&P 100 stock moved below $27.85 setting an intermediate downtrend.
Nutrien $NTR.TO a TSX 60 stock moved above Cdn$68.68 and Cdn$71.17 extending an intermediate uptrend. Belarus, the world’s largest fertilizer producer announced plans to reduce production.
BCE $BCE.TO a TSX 60 stock moved below Cdn$41.70 to a four year low extending an intermediate downtrend. The company announced plans to purchase U.S. internet provider Ziply for 5 billion. The company also announced a pause in dividend increases.
Canadian National Railway $CNR.TO a TSX 60 stock moved below Cdn$149.90 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 4th 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 November 4th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 4th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Market’s set up for a very good rally into year-end no matter who wins election: Fundstrat’s Tom Lee
Investors should not trade the election this week, says RBC’s Lori Calvasina
Investors should not trade the election this week, says RBC’s Lori Calvasina – YouTube
Adrian Day on Risk Management, Fed Rate Cuts and Inflationary Pressures: David Keller
https://www.youtube.com/watch?v=l-83JPWCItw
Stock Jitters Into The Election: Dan Nathan and Carter Worth
https://www.youtube.com/watch?v=tfZGEScObJw
The biggest issue no one talked about during the U.S. election campaign: David Skarica
The bear market is coming and it’s going to be painful: Mark Hulbert
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.40 to 49.60. It remains Neutral.
The long term Barometer added 1.40 to 71.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.05 to 60.36. It returned to Overbought from Neutral on a recovery above 60.00.
The long term Barometer added 0.90 to 73.87. 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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November 5th, 2024 at 5:57 pm
SMCI – Hi Pat. As we know that company’s auditor resigned because it could not rely on the information provided by management. It is a black box with huge red flags and that started with Hindenberg Research’s short seller’s report I think way back in August. I actually traded that stock earlier in the year and cleared out when I was starting to have doubts with the chart. That is one risk of stocks. Every once in a while you get a fraudulent company. Bre-X was the classic one in Canada including the mineral assayer who fell out of helicopter over the jungle.