Oct 06

Tech Talk for Friday October 6th 2023

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Monday (October 9th) is Canadian Thanksgiving.  We shall return on Tuesday (10th) with the next Tech Talk report.

Pre-opening Comments for Friday October 6th

Equity index futures were higher this morning. S&P 500 futures were down 30 points at 8:35 AM EDT.

Index futures plunged 33 points following release of the September Employment Report at 8:30 AM EDT. Consensus for Non-farm Payrolls was a drop to 170,000 from upwardly revised 227,000 in August. Actual was an increase of 336,000. Consensus for the Unemployment Rate was a slip to 3.7% from 3.8% in August. Actual was unchanged at 3.8%. Consensus for Hourly Earnings was an increase of 0.3% from 0.2% in August. Actual was an increase of 0.2% On a year-over-year basis, consensus for Hourly Earnings was an increase of 4.3% versus a gain of 4.3% in August. Actual was an increase of 4.2%.

The Canadian Dollar added 0.05 to US72.92 cents following release of Canada’s September Employment Report at 8:30 AM EDT. Consensus was an increase in employment by 20,000 versus a gain of 39,900 in August. Actual was an increase of 63,800. Consensus was an increase in the Unemployment Rate to 5.6% from 5.5% in August. Actual was unchanged at 5.5%.

Levi Strauss slipped $0.35 to $12.86 after reporting less than consensus fiscal third quarter revenues and earnings.

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Pioneer Natural Resources added $1.03 to $215.99 on news that Exxon Mobil is considering purchase of the company. Value of the offer, if made, would approximate $60 billion.

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AutoZone dropped $28.91 to $2498.01 after Oppenheimer downgraded the stock from Outperform to Perform.

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EquityClock’s Daily Comment

Headline reads “Short-term breadth indicators indicate that this market is oversold around levels of significant support”.

https://equityclock.com/2023/10/05/stock-market-outlook-for-october-6-2023/

Wolf on Bay Street

Don Vialoux was a guest on “Wolf on Bay Street” available on Saturday at 7:00 PM EDT on Corus Radio 640. Focus was on an outlook for North American equity markets to the end of the year.

 

Technical Notes

Crude oil prices and gasoline prices plunged.

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Ironically, natural gas ETN $UNG moved above intermediate resistance at $7.16 and natural gas futures broke above $3.02 per MMBtu extending an intermediate uptrend.

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Texas Instruments $TXN an S&P 100 stock moved below $157.37 extending an intermediate downtrend.

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Keurig Dr. Pepper $KDP an S&P 100 stock moved below $30.26 extending an intermediate downtrend.

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Kraft Heinz $KHC an S&P 100 stock moved below $32.42 extending an intermediate downtrend.

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Schlumberger $SLB an S&P 100 stock moved below intermediate support at $55.29, Responding to lower crude oil prices?

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.5th 2023

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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 5th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 5th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

This is How "Higher Rates For Longer" Could Impact The Market | Trading Places (10.05.23)

https://www.youtube.com/watch?v=9QUj60V0dXQ

 

The Most Important Moving Average To Boost Your Investing Success | Stock Talk (10.05.23)

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

 

Major indexes could hit new 2023 lows if jobs data comes in hot, says Ritholtz’s Josh Brown

https://www.youtube.com/watch?v=1BYfJUJXXkY

 

Uranium Rally Gains Power in September

Sprott Uranium Report: Uranium Rally Gains Power in September

 

Mark Hulbert: The stock market is building up to a major ‘buy’ signal

https://www.marketwatch.com/story/the-stock-market-is-building-up-to-a-major-buy-signal-d30fc7bd?mod=mw_pushly&send_date=20231005

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 1.20 to 12.40. It remains Oversold.

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The long term Barometer slipped 0.80 to 36.60. It remains Oversold. Daily downtrend was extended.

 

TSX Momentum Barometers

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The intermediate term Barometer added 1.82 to $13.72. It remains Oversold.

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The long term Barometer added 1.46 to 30.53. It remains Oversold.

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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9 Responses to “Tech Talk for Friday October 6th 2023”

  1. Larry/ON Says:
    October 6th, 2023 at 2:58 pm

    Looks like the bulls are starting to stampede pretty much on schedule.

  2. Dave/AB Says:
    October 8th, 2023 at 7:14 am

    Oil futures and prices going to spike

  3. RON/BC Says:
    October 8th, 2023 at 6:05 pm

    Dave/ABopo

    I agree Dave. Odd that i would agree as price just broke its uptrendline which is technically bearish. Only reason I agree with you is see the RSI 8 below the 30 line and looking at past situations when that occurred a rally did ensue. The RSI 8 is a very good indicator to suggest a high or a low “most of the time”. One could use it as a stand alone indicator to buy or sell as long as you had a trailing stop below each trade. You may only get a dead cat bounce but it would be tradable. The majoriy of trades would work out well. And there are other indicators one could add to it to “fine tune” the trade.

    https://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=1&mn=0&dy=0&id=p28706694067&a=1477600351

    8

  4. Larry/ON Says:
    October 9th, 2023 at 10:02 am

    CNQ – I can’t remember when I have seen it up in excess of 7% in one day. Cdn market is closed and perhaps some shorts are being squeezed out. Now you have a large gap in the chart waiting to be filled but its’ all above the 50 day MA.

  5. Dave/AB Says:
    October 9th, 2023 at 12:49 pm

    Happy Thanksgiving everyone

    Hi Ron/BC

    I agree. As long as WTI holds around 80 the better CDN companies will be OK to my understanding. FCF and debt paid. The buyback program will help the EPS for next year.

  6. RON/BC Says:
    October 9th, 2023 at 4:16 pm

    Dave/AB

    Technically, if WTI bounces back to that broken uptrendline and stops without clearing it that would suggest a sell off again to or below the recent low. Most traders get very happy being long here with thoughts of “going to the moon’ but that downtrendline is serious resistance now and professional traders will be waiting to see if it holds as resistance or if price breaks out above it. They will hit it hard either way. If I was long here I’d bail out near that downtrendline on the bounce back. Can always get back in again…………….

  7. still_learning Says:
    October 9th, 2023 at 6:09 pm

    So why was my last comment taken down or not posted?!?

    Comment was WPM.TO set to rise in the morning.

  8. Ron/BC Says:
    October 9th, 2023 at 10:48 pm

    Still_Learning

    Don’t know why your chart never posted but here is my chart of WPM.to.

    https://stockcharts.com/h-sc/ui?s=WPM.TO&p=D&yr=2&mn=0&dy=0&id=p08688763630&a=1370759490

  9. Larry/ON Says:
    October 9th, 2023 at 11:30 pm

    BOA Charts Interest Rates Since 3,000 BC – We saw the lowest in 5,000 years – Credit was really expensive in the Roman Empire

    https://www.businessinsider.com/roman-empire-bank-of-america-federal-reserve-interest-rates-2023-10?utm_medium=referral&utm_source=yahoo.com

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