Pre-opening Comments for Thursday November 16^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 1 point at 8:35 AM EST.

S&P 500 futures improved 7 points following release of the November Philly Fed Index at 8:30 AM EST. Consensus was an increase to -8.0 from -9.0 in October. Actual was an increase to -5.9.

Cisco dropped $6.00 to $47.28 after the company lowered guidance for its fiscal second quarter below consensus.

Palo Alto plunged $17.69 to $238.49 after the company guided to lower billings in its fiscal second quarter.

Walmart dropped $12.56 to $157.26 after the company’s guidance for fiscal fourth quarter was less than consensus.

Macy’s advanced $1.40 to $14.02 after reporting higher than consensus fiscal third quarter earnings.

 

EquityClock’s Daily Comment

Headline reads “Gasoline demand is abnormally upbeat through this fall season as consumers welcome the lower price of the winter blend”.

https://equityclock.com/2023/11/15/stock-market-outlook-for-november-16-2023/

 

Technical Notes

Frontier iShares $FM moved above intermediate resistance at $26.58.

China large cap iShares $FXI moved above intermediate resistance at $27.27.

Hong Kong iShares $IWH moved above $17.70 completing a short term reverse Head & Shoulders pattern.

Global Timber and Forest Product iShares $WOOD moved above $76.60 extending an intermediate uptrend.

S&P 100 and NASDAQ 100 equities breaking resistance included Netflix $NFLX on a move above $453.45, Intuit on a move above $557.67, Applied Materials $AMAT on a move above $155.26, Intel on a move above $39.94, Incyte on a move above $55.36, Medtronic on a move above $73.62 and $73.94 and Abbott Labs on move above $98.15.

Bank of Montreal $BMO.TO a TSX 60 stock moved above Cdn$111.07 completing a short term reverse Head & Shoulders pattern.

Sun Life Financial $SLF.TO a TSX 60 stock moved above Cdn$69.29 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov15^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 Nov.15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Wyckoff Case for New Stock MARKET HIGHS! | Power Charting (11.14.23)

https://www.youtube.com/watch?v=FbACEOmR92U

 

We are not going to have any more inflation, says Wharton’s Jeremy Siegel

We are not going to have any more inflation, says Wharton’s Jeremy Siegel – YouTube

 

Technical Chart of the Day

Technical score for Dow Jones Transportation Average iShares improved from 0 to +4:

Trend: changed from down to neutral on a move above $236.64. Score: -2 to 0

Strength relative to SPX: Changed from neutral to positive. Score: 0 to +2

Above/Below 20 day MA: Above Score: +1

Daily momentum (Stochastics, RSI, MACD): Up Score: +1

Total Score: 0 to +4

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.60 to 70.00. It remains Overbought. Daily trend remains up.

The long term Barometer added 1.00 to 52.00. It remains Neutral. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.32 to 59.03. It remains Neutral. Daily trend remains up.

The long term Barometer slipped 0.88 to 43.17. It remains Neutral.

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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