{"id":170223,"date":"2023-10-03T02:22:00","date_gmt":"2023-10-03T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=170223"},"modified":"2023-10-03T10:00:12","modified_gmt":"2023-10-03T14:00:12","slug":"tech-talk-for-tuesday-october-3rd-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/10\/03\/tech-talk-for-tuesday-october-3rd-2023\/","title":{"rendered":"Tech Talk for Tuesday October 3rd 2023"},"content":{"rendered":"

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

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 23 points at 8:30 AM EDT.<\/em><\/p>\n

Point Biopharma<\/b> jumped $5.67 to $12.35 after Eli Lilly offered to purchase the company at $12.50 per share. Value of the offer is $1.4 billion.<\/em><\/p>\n

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McCormick<\/b> dropped $2.32 to $72.40 after reporting less than consensus fiscal third quarter earnings.<\/em><\/p>\n

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Apple<\/b> slipped $1.15 to $172.60 after Citigroup removed the stock from its \u201cTop Pick\u201d list.<\/em><\/p>\n

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Nvidia<\/b> added $1.05 $448.81 after KeyCorp raised its target price to $750.<\/em><\/p>\n

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 <\/p>\n

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

Headline reads \u201cLow volatility ETFs certainly not providing the refuge to mitigate the normal volatility at this time of year<\/strong>\u201d.<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/10\/02\/stock-market-outlook-for-october-3-2023\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Broadly based Canadian and U.S. indices and related ETFs have dropped to a level where their return this year is virtually nil<\/b>. TSX Composite Index currently at 19,177.18 was at 19,384.92 on December 31st<\/sup>. S&P 500 Equal Weight ETF currently at $140.07 was at $140.54 on December 31st<\/sup><\/p>\n

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Australia iShares<\/b> $EWA moved below $21.18 extending an intermediate downtrend. <\/p>\n

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Copper miners ETF<\/b> $COPX moved below $35.48 setting an intermediate downtrend. <\/p>\n

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U.S. REITs iShares<\/b> $IYR moved below $76.86 extending an intermediate downtrend.<\/p>\n

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NASDAQ Biotech iShares $IBB moved below $120.50 extending an intermediate downtrend<\/b><\/p>\n

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<\/b><\/p>\n

<\/b><\/p>\n

<\/b><\/p>\n

Dow Jones Industrial Average stocks <\/b>moving intermediate support <\/b>included<\/p>\n

MMM<\/b> $MMM on a move below $91.02 to a 10 year low, JP Morgan<\/b> $JPM on a move below $142.65 and Honeywell <\/b>$HON on a move below $183.23 and $182.27.<\/p>\n

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S&P 100 stocks<\/b> moving below intermediate support included General Electric<\/b> $GE on amove below $109.94 completing a double top pattern, Danaher<\/b> $DHR on a move below $242.96, Wells Fargo<\/b> $WFC on a move below $40.30 and Duke Energy<\/b> $DUK on a move below $86.04 <\/p>\n

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TSX 60 stocks <\/b>moving below intermediate support included Brookfield Infrastructure<\/b> $BIP on a move below US$29.03 to a three year low, Enbridge<\/b> $ENB.TO on a move below Cdn$44.86 to an 18 month low extending an intermediate downtrend and Telus <\/b>$T.TO on a move below Cdn$21.93.<\/p>\n

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

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

Daily Seasonal\/Technical Equity Trends for Oct.2nd<\/sup> 2023<\/p>\n

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

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

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

<\/em><\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for October 2nd<\/sup> 2023<\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for October 2nd<\/sup> 2023 <\/p>\n

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

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

<\/em><\/p>\n

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

This is the ONLY Sector Showing STRENGTH Right Now | DecisionPoint Trading Room (10.02.23)<\/b><\/p>\n

This is the ONLY Sector Showing STRENGTH Right Now | DecisionPoint Trading Room (10.02.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

This is Why You Need to BE VERY CAREFUL Where You Invest Right Now! | Your Daily Five (10.02.23)<\/b><\/p>\n

This is Why You Need to BE VERY CAREFUL Where You Invest Right Now! | Your Daily Five (10.02.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Ed Yardeni expects 2024 to be a strong growth year<\/b><\/p>\n

Ed Yardeni expects 2024 to be a strong growth year \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

The Final Bar with David Keller, CMT | 4pm ET, 1pm PT | Oct. 2nd, 2023<\/b><\/p>\n

The Final Bar with David Keller, CMT | 4pm ET, 1pm PT | Oct. 2nd, 2023 \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 3.20 to 12.20. It remains Oversold. Daily downtrend was extended.<\/p>\n

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The long term Barometer dropped 1.40 to 39.20. It changed from Neutral to Oversold on a drop below 40.00. Daily downtrend was extended.<\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 5.29 to 16.30. It remains Oversold. Daily downtrend was extended.<\/p>\n

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The long term Barometer dropped 4.41 to 31.72. It remains Oversold. Daily downtrend was extended. <\/p>\n

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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 Tuesday October 3rd U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points at 8:30 AM EDT. Point Biopharma jumped $5.67 to $12.35 after Eli Lilly offered to purchase the company at $12.50 per share. Value of the offer is $1.4 billion. McCormick dropped $2.32 to $72.40 […]<\/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-170223","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/170223","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=170223"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/170223\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=170223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=170223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=170223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}