Pre-opening Comments for Friday November 15th
U.S. equity indices were lower this morning. S&P 500 futures were down 34 points at 8:35 AM EST
S&P 500 futures dropped another 3 points following release of economic news at 8:30 AM EDT. Consensus for October Retail Sales was a 0.3% increase versus a revised 0.8% gain in September. Actual was a 0.4% gain. Consensus for the November Empire State Manufacturing Survey was -0.30 versus -11.90 in September Actual was +31.2
Applied Materials dropped $9.40 to $176.60 after the company released less than consensus fiscal first quarter guidance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0011-2.png "clip_image001[1]")
Domino’s Pizza advanced $31.78 to $467.75 after Berkshire Hathaway disclosed purchase of a position in the stock.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0021-3.png "clip_image002[1]")
Despegar.com gained $1.99 to $16.85 after reporting higher than consensus third quarter results
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0031-2.png "clip_image003[1]")
AST Space Mobile dropped $4.94 to $21.86 after its third quarter loss widened
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0041-2.png "clip_image004[1]")
EquityClock’s Stock Market Outlook for November 15th
The latest read on the Petroleum Status in the US is providing a very interesting setup for the seasonal trade in the energy sector that starts next month. See:
https://equityclock.com/2024/11/14/stock-market-outlook-for-november-15-2024/
Technical Notes
Health Care SPDRs $XLV moved below $145.62 and $145.00 extending an intermediate downtrend. Weakness was led by the biotech sector and its related ETFs (e.g. IBB, BBH, FBT)
CCL Industries $CCL.B.TO a TSX 60 stock moved below intermediate support at Cdn$78.50 following release of disappointing third quarter results.
Suncor $SU.TO a TSX 60 stock moved above Cdn$56.74 to an all-time high extending an intermediate uptrend. Response to encouraging third quarter results!
Fortis $FTS.TO a TSX 60 stock moved above Cdn$62.47 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 14th 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 14th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 14th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
This is Where You Should Be Investing NOW! Tom Bowley
This is Where You Should Be Investing NOW! – YouTube
Time to get out of software, says Carter Worth
Time to get out of software, says Carter Worth – YouTube
John Kosar Shares How He Selects Top Stocks and ETFs (Ep. 11)
https://www.youtube.com/watch?v=XrinOYAWfuU
Upgrade your Options Trading with OptionsPlay on StockCharts
https://www.youtube.com/watch?v=2TRHrMQS2cY
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 4.40 to 58.00. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer added 0.20 to 72.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.96 to 55.00. It remains Neutral.
The long term Barometer added 0.77 to 70.45. 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 15th, 2024 at 10:23 am
SPX has rolled over after getting overextended on the Trump election rally. We might get support at the 20day MA here but we really need a drop (or I can be fancy and say “draw down”) to the 50 day MA to flush out more froth. We reversed from RSI 70 and Stochastics has just rolled over. US financials which have been outperforming for months are holding up fine at the moment. Stocks going against the overall market on a weak day shows you what you want to be in not just on the day but for longer term holds. If financials rolled over now that would be a bad sign to indicate a larger move lower. The way it looks now to me we are just seeing a run-of-the-mill pull-back and you want to keep some cash to deploy at lower levels. I’m so relieved that I cleared out of tech which is getting clobbered.
November 15th, 2024 at 4:48 pm
Larry/ON,
You summed it up well. My XBI trade got clobbered along with almost everything else. It made a new 52-week high Monday before noon then proceeded to fall off a cliff on the heaviest volume of the year. Just goes to show, can’t get too attached to a trade. Maybe the trading range just wider.
https://schrts.co/FiYCccbi
November 16th, 2024 at 9:27 am
Hi Paula. I will confess that I was an NVDA extremist grabbing what I could hand over fist all year and finally pulled the plug on Monday. The risk/reward didn’t line up anymore. I rotated into JPM, GS and FFH. Doing further research the bigger performers are MS and WFC. Cramer referred to WFC as greatly undervalued. After hours trading on the indixes was all negative yesterday but not financials. If financials are strong on Monday my feeling is to just keep adding to that sector. My take on NVDA is if earnings and guidance are good but not far enough above expectations and there is a sell off you start buying some around the 50 day MA which will be around the late October low.
November 17th, 2024 at 1:09 pm
The technicals on the financials look strong and as you said Larry are outperforming the market. I suspect this will be the best trade to make for the next 3-6 months until we get exhaustion or a major pullback next summer after the new president has gone beyond the 100 day limit which starts Jan 20th. Upper limits on those trades could be as much as 33% if you look at Fibonacci, or about 20% based on the most extreme Bollinger bands from the last couple months.