Pre-opening Comments for Wednesday November 6th
U.S. equity index futures were higher this morning. At 8:30 AM EST, S&P 500 futures advanced 132.75 points to an all-time high at 5,945.00.
Trump Media advanced $12.28 to $46.22 after Donald Trump won the election for President.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0011.png "clip_image001[1]")
Super Micro dropped another $4.04 to 23.66 after the company failed to indicate when it will file its annual report. The company also was unable to offer guidance.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0021-1.png "clip_image002[1]")
CVS Health advanced $4.17 to $59.50 after reporting higher than consensus third quarter revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0031.png "clip_image003[1]")
Bitcoin advanced 7.29% to an all-time high at US$74,434.65 following Trump’s victory.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0041-1.png "clip_image004[1]")
EquityClock’s Stock Market Outlook for November 6th
Heavy truck sales, often a reliable gauge of the strength of business demand, are failing to show the strength that consumer vehicle sales are portraying. See:
https://equityclock.com/2024/11/05/stock-market-outlook-for-november-6-2024/
Technical Notes
Mexico iShares $EWW moved below $50.78 completing a Head and Shoulders pattern.
Global Agriculture ETF $COW.TO moved above Cdn$65.19 extending an intermediate uptrend.
Emerson Electric $EMR an S&P 100 stock moved above $118.92 to an all-time high extending an intermediate uptrend.
Electronic Arts $EA a NASDAQ 100 stock moved above $153.31 to an all-time high extending an intermediate uptrend.
NXP Semiconductor $NXPI a NASDAQ 100 stock moved below $220.10 extending an intermediate downtrend.
Sun Life Financial $SLF.TO a TSX 60 stock moved above Cdn$79.44 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 5th 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 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Market Trend Model Flashes Short-Term Bearish, What’s Next? David Keller
Market Trend Model Flashes Short-Term Bearish, What’s Next? – YouTube
Stocks Rise as Wall Street Awaits Election Result: Guy Adami and Dan Nathan
Stocks Rise as Wall Street Awaits Election Results – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.40 to 55.00. It remains Neutral
The long term Barometer added 1.20 to 72.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.05 to 64.41. It remains Overbought.
The long term Barometer added 1.80 to 75.68. 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
|
|
November 6th, 2024 at 10:38 am
Market Rally – SPX making new highs pushing the top of the Bollinger Band. I would not get carried away with this. I think Jim Cramer was right this morning when he said this is a good opportunity to take some off the table. You really have to be paying attention to what should do well under Trump and what not. Musk is now tight in with the White House. Listening to Dan Ives I think he is right that this is somewhat good for the AI trade. The bank rally may be overdone. I have to shake my head with the drug companies plummeting with wacko RFKjr being given the position to “go wild” with healthcare by Trump. During the pandemic I noted that the Whitehouse doctor who appeared with Trump had his lab coat on at conferences and he did not have the title of MD on it but some other designation that is holistic medicine based. The US is in for some interesting times.
November 6th, 2024 at 10:55 am
I meant to say vaccine makers rather than drug companies.
November 6th, 2024 at 3:58 pm
Hi Larry,
Trump will be slapping tariffs on all the foreign EV makers to help his buddy Musk.
Re;SMCI..this stock was #1 on the Barcharts top 100 for the longest time..insane runup.I hear you regarding Bre X and I would add Nortel Networks to that list.