Pre-opening Comments for Tuesday October 25th
U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade.
Cadence Design Systems $CDNS added $0.63 to $160.85 after reporting higher than consensus third quarter profits and revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0011-8.png "clip_image001[1]")
Discover Financial Services $DFS dropped $1.23 to $94.63 after reporting lower than consensus third quarter results.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0021-7.png "clip_image002[1]")
United Parcel Services $UPS added $7.65 to $175.20 after reporting higher than consensus third quarter results.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0031-4.png "clip_image003[1]")
General Motors $GM gained $1.58 to $37.30 after reporting higher than consensus third quarter earnings.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0041.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “The new 52-week high list of stocks has stopped falling, hinting of the conclusion of the near-term declining trend of the equity market”.
http://www.equityclock.com/2022/10/24/stock-market-outlook-for-october-25-2022/
Technical Notes for yesterday
Dow Jones Industrial Average moved above its 50 day moving average extending an intermediate uptrend.
Mexico iShares $EWW moved above $47.83 completing a double bottom pattern.
Healthcare and Biotech equities and ETFs led the advance by U.S. equity prices. Pharma ETF $PPH moved above $70.05 setting an intermediate uptrend. Amgen moved above $255.99 to a 21 month high. Gilead $GILD moved above $68.81 extending an intermediate uptrend. Eli Lilly $LLY moved above $341.70 to an all-time high. Vertex $VRTX moved above $305.95 to an all-time high.
Early signs of a recovery in European equity markets? Italy ETF $EWI moved above $23.23 completing a double bottom pattern. Other European indices and ETFs are close to completing a similar technical pattern or also have completed double bottom patterns (e,g, Europe iShares $IEV, German iShares $EWG and France iShares $EWQ).
Selected Canadian oil stocks moved above intermediate resistance extending an intermediate uptrend. Cenovus $CVE.TO a TSX 60 stock moved above Cdn$26.42 extending an intermediate uptrend. Freehold Royalties $FRU.TO moved above $16.59 to an eight year high.
Chinese related equities and ETFs listed on U.S. exchanges responded to the drop by the Chinese related equity indices (notably the Shanghai Composite Index and the Hang Seng Index) following adjustments to the country’s political leadership. JD.com moved below $40.54 and Pinduoduo dropped below $44.82.
Starbucks $SBUX a Dow Jones Industrial Average stock moved below intermediate support at $83.17 setting an intermediate downtrend. The stock is responding partially to its exposure to Chinese markets!
O’Reilly $ORLY a NASDAQ 100 stock moved above $750.88 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 24th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 24th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
All changes in seasonality ratings are relative to the S&P 500 Index
Link offered by valued provider
Carl and Erin Swenlin discuss “Confidence in this rally”. Note sector comments starting at 20 minutes in the presentation.
Confidence in This Rally | Carl & Erin Swenlin | The DecisionPoint Trading Room (10.24) – YouTube
Eric Nuttall’s top market picks on BNNBloomberg for October 24th : MEG.TO, TVE.TO, BTE.TO All have similar improving intermediate term technical profiles.
Eric Nuttall’ Top Market Picks – YouTube
S&P 500 Momentum Barometers
Intermediate term Barometer advanced 6.60 to 35.40 yesterday. It remains Oversold. Trend remains up.
Long term Barometer added 2.20 to 24.80 yesterday. It remains Oversold. Trend remains up.
TSX Momentum Barometers
Intermediate term Barometer slipped 0.42 to 34.75 yesterday. It remains Oversold. Trend remains up.
Long term Barometer added 0.85 to 29.66 yesterday. It remains Oversold. Trend is up.
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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October 25th, 2022 at 9:58 am
Something to consider if holding US investments. USD needs to come down.
https://www.cnbc.com/2022/10/24/charts-suggest-the-us-dollar-could-be-peaking-jim-cramer-says.html
October 25th, 2022 at 1:48 pm
Dave/AB
Re: Oct24th Tuesday #4
NTR
Not to sound like a brag but you can golf in Victoria almost year round. So waiting to get physically fit is important even now in late October. I was hoping to get back into it within a couple of weeks of the surgery. Not going to happen. Of all the tests I took for physical fitness I was told I passed them all with flying colors. So then why would I have another bad hip then was my question. And why do I feel like I got run over by a large truck more than two weeks after surgery? I’m not impressed with the health care at all.
October 25th, 2022 at 8:07 pm
Ron/BC
NTR
Darn I forgot Victoria has the close to all season golf.
Sometimes the general anesthetic can linger a bit. But 2 weeks is a little long. For pain have you tried tramadol?
October 25th, 2022 at 9:01 pm
Dave/Ab
NTR
Yes I tried tramadol. I was told not to mix drugs like that with codeine. I’d be happy to sleep all night and day now to avoid pain. I try to be positive but wake up the same every day. It’s been 2 weeks now since the surgery. I’ve dropped 5 lb since as well which should have helped. So I’ll see what the surgeon has to say Friday when we meet again.