Pre-opening Comments for Tuesday October 24^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points at 8:30 AM EDT.

General Electric added $5.38 to $112.07 after reporting higher than consensus third quarter earnings. The company also raised guidance.

Cadence Design Systems dropped $8.92 to $231.00 after the company lowered guidance.

Crane gained $3.32 to $86.00 after reporting higher than consensus third quarter earnings. The company also raised guidance for the fourth quarter.

Cleveland Cliffs added $0.43 to $14.80 after reporting higher than consensus third quarter earnings.

 

EquityClock’s Daily Comment

Headline reads “Commodity prices showing a strengthening trend, but can the asset class overcome the seasonal headwinds that are normal over the next month and a half”?

https://equityclock.com/2023/10/23/stock-market-outlook-for-october-24-2023/

 

Technical Notes

S&P 500 Index moved below 4,216.45 and S&P 500 ETF moved below $420.18 extending an intermediate downtrend.

U.S. REIT iShares $IYR moved below $74.70 extending an intermediate downtrend.

Taiwan iShares $EWT moved below $44.01 extending an intermediate downtrend.

S&P 100 stocks moving below intermediate support included Citigroup, JP Morgan, United Parcel Services, Dupont and MetLife.

NASDAQ 100 stocks moving below intermediate support included Autodesk, Applied Materials, Regeneron and Intel.

TSX 60 stocks moving below intermediate support included Rogers Communication (RCI and RCI.B), Sun Life Financial, Nutrien and Shopify.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.23^rd 2023

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 23^rd 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 23rd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.80 to 13.60. It remains Oversold. Daily trend is down.

The long term Barometer dropped 1.40 to 31.40. It remains Oversold. Daily trend continues down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 1.32 to 26.87. It remains Oversold.

The long term Barometer slipped 0.44 to 29.96. 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

More from the network: Stock Market Outlook for December 23, 2024 Stock Market Outlook for December 20, 2024 Stock Market Outlook for December 19, 2024 Stock Market Outlook for December 18, 2024 Stock Market Outlook for December 17, 2024