The Bottom Line
The post U.S. Midterm Election Rally from the first week in October until at least the first week in January continued last week in U.S. and Canadian equity markets despite the Jensen Huang controversy that impacted the high tech sector.
Earnings and Revenue Consensus for S&P 500 companies
(Source: www.FactSet.com )
Analysts made slight increases to their 2026/2027 earnings and revenue estimates last week: Ninety one percent of S&P 500 companies have reported third quarter results to date:
· Consensus for third quarter 2026 earnings gains increased to 31.9% from 31.4%. Consensus for revenue gains increased to 14.2% from 13.6%.
· Consensus for fourth quarter 2026 earnings gains slipped to 28.3% from 28.4%. Consensus for revenue gains increased to 14.2% from13.6%.
· For all of 2026, consensus for earnings gains remained at 33.3%. Consensus for revenue gains increased to 13.4% from 13.2%.
Consensus for earnings and revenue gains into 2027 mostly increased slightly last week.
· For first quarter 2027, consensus for earnings gain increased to 19.6% from 19.5%. Consensus for revenue gains remained at 12.2%.
· For second quarter 2027, consensus for earnings gains remained at 3.0%. Consensus for revenue gains increased to 8.5% from 8.2%
· For all of 2027, consensus for earnings gains increased to 16.2% from 16.1%. Consensus for revenue gains increase to 10.0% from 9.8%.
Economic News This Week
Source: www.Marketwatch.com
November Empire State Industrial Survey released at 8:30 AM EST on Monday is expected to slip to 16.7 from 25.5 in October.
U.S. October Retail Sales released at 8:30 AM EST on Tuesday are expected to increase 0.2% versus a 0.8% increase in September.
U.S. October Industrial Production released at 9:15 AM EST on Tuesday is expected to improve 0.1% versus a 0.7% increase in September. U.S. October Capacity Utilization is expected to remain unchanged from September at 76.9%.
U.S. October Housing Starts released at 8:30 AM EST on Wednesday are expected to increase 1.3% versus a 1.2% increase in September.
FOMC Meeting Minutes are released at 2:00 PM EST on Wednesday
November Philly Fed Survey released at 8:30 AM EST on Thursday is expected to slip to 18.0 from 20.9 in October.
U.S. October Leading Economic Indicators released at 10:00 AM EST on Thursday are expected to increase 0.1% versus no change in September.
University of Michigan November Consumer Survey released at 10:00 AM EST on Friday is expected to increase to 52.2 from 48.0 in October.
Selected Earnings News This Week
Source: www.Marketwatch.com
Changes Last Week
Technical Notes for Friday
Nil
Links offered by valued providers
Michael Campbell’s Money Talks for November 13th
MMT Podcast | Mike’s MoneyTalks (mikesmoneytalks.ca)
Inflation Calms, Bitcoin Crashes, Gold And Silver Attempt Recovery As Stocks Remain Nervous: Verified Investing
https://www.youtube.com/watch?v=UfNixE5mxfE
Nvidia’s Fall Could Make Enron Look Like a Walk in the Park. Guy Adami and Dan Nathan
https://www.youtube.com/watch?v=U1Fr23EIHag
Mark Leibovit: Has The Stock Market Just Seen Its Feared Black Swan Event? Nov. 12, 2026
https://talkdigitalnetwork.substack.com/p/mark-leibovit-has-the-stock-market
The AI Trade Is Fragmenting. Nvidia Isn’t the Whole Story. Mary Ellen McGonagle
The AI Trade Is Fragmenting. Nvidia Isn’t the Whole Story. (stockcharts.com)
AI Stocks Rebound, But Keep An Eye on Key Support Levels: Tom Bowley
https://www.youtube.com/watch?v=8FqOqZ_JE8I
This Week in Money: Ross Clark, Eric Hadik, Jim Willie
HoweStreet.com Weekly Recap – November 14, 2026 (substack.com)
Bob Hoye: Why You Shouldn’t Be Cheering For Lower Interest Rates.
FOMO Trap Hits Wall Street – Nov. 13, 2026
https://talkdigitalnetwork.substack.com/p/bob-hoye-why-you-shouldnt-be-cheering
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.20 on Friday and gained 9.80 last week to 71.80. It remains Overbought. Daily uptrend was extended.
The short term (20 days) Barometer added 1.00 on Friday and gained 7.40 last week to 68.60. It remains Overbought.
The long term Barometer added 1.80 on Friday and gained 5.60 last week to 66.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 1.87 on Friday and gained 4.21 last week to 54.21. It remained Neutral.
The short term (20 days) Barometer added 1.40 on Friday and dropped 4.14 last week to 52.80. It remained Neutral.
The long term Barometer added 1.40 on Friday dropped 2.73 last week to 52.80. It remained 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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Equity Clock Publications