{"id":160717,"date":"2022-11-03T02:22:00","date_gmt":"2022-11-03T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=160717"},"modified":"2022-11-03T07:45:52","modified_gmt":"2022-11-03T11:45:52","slug":"tech-talk-for-thursday-november-3rd-2022","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2022\/11\/03\/tech-talk-for-thursday-november-3rd-2022\/","title":{"rendered":"Tech Talk for Thursday November 3rd 2022"},"content":{"rendered":"

Pre-opening Comments for Thursday November 3rd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 26 at 7:30 AM EDT.<\/em><\/p>\n

Responses in currency markets to the Federal Reserve\u2019s decision released yesterday are continuing this morning<\/b>. The U.S. Dollar Index has strengthened relative to all developed world currencies. The Canadian Dollar is down another 0.27 to US72.54 cents.<\/em><\/p>\n

The Canadian government is scheduled to release a mini-budget at 4:00 PM EDT today;.<\/em><\/b><\/p>\n

Bank of England\u2019s interest rate for large banks<\/b> released at 8:00 AM EDT is expected to increase from 2.25% to 3.00%. <\/em><\/p>\n

Third quarter U.S. Non-farm Productivity report<\/b> released at 8:30 AM EDT is expected to increase 0.5% versus a drop of 4.1% in the second quarter. <\/em><\/p>\n

U.S. September Trade Deficit<\/b> released at 8:30 AM EDT is expected to increase to $71.10 billion from $67.40 billion in August. <\/em><\/p>\n

Canadian September Merchandise Trade<\/b> released at 8.30 AM EDT is expected to increase to $3.45 billion from $1.52 billion in August. <\/em><\/p>\n

Booking<\/b> $BKNG gained $86.82 after reporting higher than consensus third quarter results. The company also offered positive guidance on travel bookings for the fourth quarter<\/em><\/p>\n

\"clip_image001\"<\/a><\/p>\n

MGM Resorts<\/b> $MGM dropped $1.21 to $33.90 after reporting a surprising third quarter loss. <\/em><\/p>\n

\"clip_image002\"<\/a><\/p>\n

Roku $ROKU<\/b> plunged $9.57 to 44.75 after lowering fourth quarter guidance. <\/em><\/p>\n

\"clip_image003\"<\/a><\/p>\n

eBay<\/b> $EBAYadded $2.04 to $41.00 after reporting higher than consensus third quarter earnings. <\/em><\/p>\n

\"clip_image004\"<\/a><\/p>\n

 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

 <\/p>\n

Headline reads \u201cShort-term rising trend of the S&P 500 Index stemming from the mid-October low has been broken<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2022\/11\/02\/stock-market-outlook-for-november-3-2022\/<\/em><\/a><\/p>\n

 <\/p>\n

Response to the FOMC announcement at 2:00 PM EDT<\/strong><\/font><\/p>\n

The Fed Reserve increase the Fed Fund Rate by 0.75 to 3.75%-4.00% as anticipated. It also indicated that more data points are needed before additional changes are made. Responses were as follows:<\/p>\n

S&P 500 Index initially moved higher after 2:00 PM, but closed sharply lower.<\/p>\n

\"image\"<\/a><\/p>\n

U.S. Dollar Index ETN moved lower after 2:00 PM, but closed sharply higher.<\/p>\n

\"image\"<\/a><\/p>\n

Yield on 10 year Treasuries moved lower after 2:00 PM, but recovered to turn slightly positive<\/p>\n

\"image\"<\/a><\/p>\n

Industrial commodity ETN GSG moved slightly higher after 2:00 PM, but closed slightly lower.<\/p>\n

\"image\"<\/a><\/p>\n

Gold ETN GLD moved sharply higher after 2:00 PM, but closed sharply lower.<\/p>\n

\"image\"<\/a><\/p>\n

Silver ETN SVR tracked the gold ETN<\/p>\n

\"image\"<\/a><\/p>\n

Gold equities and related ETFs followed the price of gold and silver<\/p>\n

\"image\"<\/a><\/p>\n

The Canadian Dollar in U.S. Dollars moved sharply higher after 2:00 PM, but closed sharply lower <\/p>\n

\"image\"<\/a><\/p>\n

 <\/p>\n

Technical Notes for yesterday<\/strong><\/font><\/p>\n

Editor\u2019s Note:<\/b> All of the following technical events occurred before the FOMC announcements at 2:00 PM yesterday.<\/em><\/p>\n

Aerospace & Defense ETF $PPA moved above $79.44 extending an intermediate uptrend. Aerospace & Defense ETF $ITA moved above $108.64 extending an intermediate uptrend.<\/p>\n

\"image\"<\/a><\/p>\n

\"image\"<\/a><\/p>\n

IBM $IBM a Dow Jones Industrial Average stock moved above $139.34 extending an intermediate uptrend. <\/p>\n

\"image\"<\/a><\/p>\n

Bank of America $BAC an S&P 100 stock moved above $36.50 extending an intermediate uptrend. <\/p>\n

\"image\"<\/a><\/p>\n

CCL Industries $CCL.B.TO a TSX 60 stock moved below $62.58 extending an intermediate downtrend. <\/p>\n

\"image\"<\/a><\/p>\n

 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for November 2nd<\/sup> 2022<\/p>\n

\"spx<\/a><\/p>\n

Green: Increase from previous day<\/p>\n

Red: Decrease from previous day<\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for November 2nd<\/sup> 2022<\/p>\n

\"crb<\/a><\/p>\n

Green: Increase from previous day<\/p>\n

Red: Decrease from previous day<\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for November 2nd<\/sup> 2021 <\/p>\n

\"xlk<\/a><\/p>\n

Green: Increase from previous day<\/p>\n

Red: Decrease from previous day<\/p>\n

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

Link from Mark Bunting<\/em><\/strong><\/font> and www.uncommonsenseinvestor.com<\/a><\/p>\n

How to Preserve Your Capital in Inflationary Times – Uncommon Sense Investor<\/a><\/p>\n

 <\/p>\n

Tom Bowley<\/font><\/em><\/strong> discusses \u201cPositive Divergences vs the Fed<\/em><\/strong>\u201d. Includes a comment on seasonality for U.S. equity markets in the month of November with a focus on Industrials.<\/p>\n

Positive Divergences vs. The Fed | Tom Bowley | Trading Places (11.01.22) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Market Buzz by Greg Schnell<\/font><\/em><\/strong><\/p>\n

https:\/\/www.youtube.com\/watch?v=u_vMhwqDHI0<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"image\"<\/a><\/p>\n

The intermediate term Barometer dropped 12.20 to 50.20. It changed from Overbought to Neutral on a drop below 60.00.<\/p>\n

\"image\"<\/a><\/p>\n

The long term Barometer dropped 3.60 to 34.40. It remains Oversold.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/font><\/p>\n

\"image\"<\/a><\/p>\n

The intermediate term Barometer slipped 8.47 to 48.31. It remains Neutral.<\/p>\n

\"image\"<\/a><\/p>\n

The long term Barometer dropped 6.36 to 30.51. It remains Oversold. <\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Thursday November 3rd U.S. equity index futures were lower this morning. S&P 500 futures were down 26 at 7:30 AM EDT. Responses in currency markets to the Federal Reserve\u2019s decision released yesterday are continuing this morning. The U.S. Dollar Index has strengthened relative to all developed world currencies. The Canadian Dollar is […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-160717","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/160717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=160717"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/160717\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=160717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=160717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=160717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}