Pre-opening Comments for Thursday October 23^rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:30 AM EDT

Tesla dropped $6.48 to $432.40 after reporting less than consensus third quarter earnings.

IBM dropped $14.11 to $273.40 after reporting less than consensus third quarter software revenues.

Las Vegas Sands added $2.79 to $53.41 after reporting higher than consensus third quarter results. Seasonal influences are favourable from October 20^th to February 15^th. See seasonality chart at www.equityclock.com

Moderna dropped $1.31 to $25.54 after discontinuing research on its CMV vaccine program

Technical Notes

Netflix (NFLX) an S&P 100 stock moved below $1,134.00 extending an intermediate downtrend. Responded to lower than consensus third quarter results!

NetEase (NTES) a NASDAQ 100 stock moved below $144.85 completing a double top pattern.

U.S. Telecom stocks and their related ETF: XTL came under technical pressure. Verizon (VZ) moved below $39.93 extending an intermediate downtrend. T Mobil (TMUS) moved below $219.23 extending an intermediate downtrend. AT&T (T) moved below $25.58 extending an intermediate downtrend.

Hydro One (H.TO) a TSX 60 stock moved above Cdn$53.25 to an all-time high extending an intermediate uptrend.

Saputo (SAP.TO) a TSX 60 stock moved above Cdn$34.75 and Cdn$34.92 extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 22^nd 2025

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 22nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 22^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

S&P 500 Rebounds — But Will Gold and Bitcoin Follow? Frank Cappelleri

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Risk On or Risk Off? Market Warning Signs You Need to See: ValueTrendCanada

https://www.youtube.com/watch?v=PqH9ZeT1KwA

Massive RRSP Mistake: Losing HALF to CRA

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CHART THIS with David Keller, CMT Tuesday 10/21/25

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S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.00 to 50.80. It remains Neutral.

The long term Barometer slipped 0.20 to 65.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 1.87 to 68.22. It remains Overbought.

The long term Barometer added 3.27 to 83.64. 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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