Pre-opening Comments for Friday October 27^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:35 AM EDT.

S&P 500 Index futures added 7 points following release of the September Core PCE Price Index. Consensus was an increase of 0.3% versus a gain of 0.1% in August. Actual was an increase of 0.3%. On a year-over-year basis, consensus was an increase 3.7% versus a gain of 3.9% in August. Actual was an increase of 3.7%.

Amazon added $6.41 to $125.98 after reporting higher than consensus third quarter results.

Ford dropped $0.45 after reporting less than consensus third quarter earnings.

Intel gained $2.73 to $35.25 after reporting higher than consensus third quarter results. The company also raised guidance for the fourth quarter.

Chipotle advanced $33.53 to $1840.00 after reporting higher than consensus third quarter results.

 

EquityClock’s Daily Comment

Headline reads “Today marks the average start to the best six months of the year for stocks.  Over the past five decades, the S&P 500 Index has gained an average of 8.12% between October 27th and May 5^th”.

https://equityclock.com/2023/10/26/stock-market-outlook-for-october-27-2023/

 

Technical Notes

TSX Composite Index moved below 18,847.09 to a 13 month low extending an intermediate downtrend. Also, TSX 60 Index moved below 1,130.77 to a 13 month low

Dow Jones Industrial Average $INDU moved below 32,846.94 extending an intermediate downtrend. Its related SPDRs $DIA moved below $328.30.

Communication Services SPDRs $XLC moved below $64.31 and $64.16 completing a double top pattern.

QQQ Trust $QQQ moved below $351.36 extending an intermediate downtrend.

Technology SPDRs $XLK moved below $160.61 extending an intermediate downtrend.

S&P 100 stocks breaking support and setting intermediate downtrends included

Apple $AAPL on a move below $167.62.Charter Communications $CHTR on a move below $425.43 and $407.57,Fox $FOX on a move below $27.62, FOXA on a move below $29.72, Altria $MO on a move below $40.91, Nvidia $NVDA on a move below $403.08.

NASDAQ 100 stocks breaking support and setting intermediate downtrends included TakeTwo $TTWO on a move below $135.73, Advanced Micro Devices $AMD on a move below $94.46

Waste Connection $WCN.TO a TSX 60 stock moved below Cdn$179.08 and Cdn$178.20 setting an intermediate downtrend.

First Quantum Minerals $FM.TO a TSX 60 stock moved below Cdn$28.87 and Cdn$28.13 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.26^th 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 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

NASDAQ NOSEDIVES, Down Over 2% At The Close! | The Final Bar (10.25.23)

NASDAQ NOSEDIVES, Down Over 2% At The Close! | The Final Bar (10.25.23) – YouTube

 

Market’s At RISK in The Mega Cap Bloodbath! | Moxie Indicator Minutes (10.26.23)

Market’s At RISK in The Mega Cap Bloodbath! | Moxie Indicator Minutes (10.26.23) – YouTube

 

Oppenheimer’s John Stoltzfus breaks down his S&P 500 $4,900 year end price target

Oppenheimer’s John Stoltzfus breaks down his S&P 500 $4,900 year end price target – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 15.20. It remains Oversold.

The long term Barometer dropped 1.00 to 28.40. It remains Oversold. Daily downtrend was extended

 

TSX Momentum Barometers

The intermediate term Barometer slipped 0.88 to 24.67. It remains Oversold.

The long term Barometer dropped 1.78 to 27.75. It remains Oversold, Daily downtrend was extended.

 

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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