Pre-opening Comments for Friday October 11th
U.S. equity index futures were lower this morning. S&P 500 futures were up 4 points at 8:35 AM EDT.
S&P 500 futures added 7 points following release of the U.S. September Producer Price Index at 8:30 AM EDT. Consensus called for a 0.1% increase versus a 0.2% gain in August. Actual was unchanged. On a year-over-year basis, consensus was a 1.6% versus a 1.7% gain in August. Actual was a 1.8% increase. Excluding food and energy, consensus was a 0.2% increase versus a 0.3% gain in August. Actual was a 0.2% increase.
The Canadian Dollar added 0.29 to US72.84 cents following release of Canada’s September Employment Report at 8:30 AM EDT. Consensus was a 29,800 increase versus a 22,100 gain in August. Actual was a 46,700 increase. Consensus for the September Unemployment Rate was an increase to 6.7% from 6.6% in August. Actual was a slip to 6.5%
Tesla dropped $15.52 to $238.77 after initial impression of its Robotaxi was under whelming.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0011-7.png "clip_image001[1]")
JP Morgan added $1.97 to $214.81 after reporting a 3% increase in third quarter earnings. Wells Fargo gained $1.92 to $59.67 despite reporting an 11% decline in third quarter earnings. Both banks reported higher than consensus trading profits.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0021-7.png "clip_image002[1]")
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/10/clip_image0031-5.png "clip_image003[1]")
EquityClock’s Stock Market Outlook for October 11th
Initial Claims just jumped to the highest level for October since the period following on the onset of pandemic restrictions in 2020 and 2021. See:
https://equityclock.com/2024/10/10/stock-market-outlook-for-october-11-2024/
Editor’s Note: Next Tech Talk report is released on Monday October 21st
Technical Notes
S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$53.69 to an all-time high extending an intermediate uptrend.
20+ Treasury Bond iShares $TLT moved below intermediate support at $94.23.
Illumina $ILMN a NASDAQ 100 stock moved above $144.02 completing a double bottom pattern.
Okta $OKTA a NASDAQ 100 stock moved above $76.59 completing a double bottom pattern. .
Canadian Natural Resources $CNQ.TO a TSX 60 stock moved above intermediate resistance at Cdn$50.26.
Toronto Dominion Bank $TD.TO a TSX 60 stock moved below Cdn$83.68 completing a short term double top pattern. Responding to a larger than expected U.S. Federal Government fine.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 10th 2024
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 10th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 10th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
You Can’t Afford to Miss These Breakout Stocks! Tom Bowley
Note comment on Semiconductors and the Travel sector
You Can’t Afford to Miss These Breakout Stocks! – YouTube
Expect a 3-handle on the Fed funds rate by the middle of next year, says Wharton’s Jeremy Siegel
Bank earnings: How will the Fed cut affect outlooks? Macrae Sykes
Bank earnings: How will the Fed cut affect outlooks? – YouTube
CHART THIS with David Keller, CMT Thursday 10/10/24 David Keller
https://www.youtube.com/shorts/WGFSLFxSA_o
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.60 to 71.00. It remains Overbought.
The long term Barometer dropped 1.00 to 75.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 3.14 to 80.72. It remains Overbought.
The long term Barometer added 1.35 to 79.37. It remains Overbought.
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 17th, 2024 at 1:15 pm
Hello Don,
How are you?
I’ve noticed there hasn’t been any new post since october 11th, Is everything alright?
I love to read your publications. hope to be able to read some more soon.
Thx
October 17th, 2024 at 9:02 pm
Hello Tony,
Don resumes on 21st, note in the text above.
As for the rest, probably all are in somewhat somber mood since loosing Ron/BC.
I check every day for new posts but I’m not surprised. Dynamic has here flattened a bit.
On the other hand there’s lots of dynamics on the markets, local-, south of the border- and geo-politics.
Probably everyone noticed, first MSFT and now GOOGL & AMZN are stimulating nuclear industry. Power craving seems getting exponential.