{"id":170280,"date":"2023-10-04T02:22:00","date_gmt":"2023-10-04T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=170280"},"modified":"2023-10-04T08:51:44","modified_gmt":"2023-10-04T12:51:44","slug":"tech-talk-for-wednesday-october-4th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/10\/04\/tech-talk-for-wednesday-october-4th-2023\/","title":{"rendered":"Tech Talk for Wednesday October 4th 2023"},"content":{"rendered":"

Pre-opening Comments for Wednesday October 4th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 10 points at 8:30 AM EDT.<\/em><\/p>\n

Economic focus today<\/b> is on the September ISM Non-Manufacturing PMI released at 10:00 AM EDT. Consensus calls for a slip to 54.0 from 54.5 in August.<\/em><\/p>\n

Cal-Maine<\/b> dropped $6.00 to $41.50 after reporting less than consensus fiscal first quarter earnings.<\/em><\/p>\n

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Apple<\/b> dropped $1.64 to $170.76 after KeyBanc downgraded the stock from Overweight to Sector Weight.<\/em><\/p>\n

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Intel<\/b> gained $0.67 to $36.36 after announcing plans for an initial public offering of its program chip unit. <\/em><\/p>\n

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Fluor <\/b>added $0.70 to $35.32 after UBS upgraded the stock from Neutral to Buy. Target was increased from $35 to $47.<\/em><\/p>\n

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 <\/p>\n

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

Headline reads \u201cRising rates will remain a headwind against stocks until the market comes to a consensus that the economy is slowing<\/strong>\u201d<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/10\/03\/stock-market-outlook-for-october-4-2023\/<\/em><\/a><\/p>\n

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

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

Signs of stock market capitulation? The VIX Index (better known as the \u201cFear Index\u201d) soared.to a five month high. <\/p>\n

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Dow Jones Industrial Average moved below its December 30th<\/sup> 2022 close at 33,147.25 implying a year-to-date change of less than zero.<\/p>\n

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TSX Composite Index moved below 19,155.77 and S&P\/TSE 60 Index moved below 1,151.42 setting intermediate downtrends.<\/p>\n

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The Canadian Dollar $CDW moved below US73.02 extending an intermediate downtrend.<\/p>\n

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Nikkei Average dropped below 31,275.25 completing a modified double top pattern<\/p>\n

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China iShares $FXI moved below $25.85 extending an intermediate downtrend. <\/p>\n

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Agriculture ETF $MOO moved below $76.67 extending an intermediate downtrend.<\/p>\n

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Lumber ETF $WOOD moved below $7152 setting an intermediate downtrend.<\/p>\n

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Palladium ETF $PALL moved below $109.08 extending an intermediate downtrend. <\/p>\n

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S&P 100 stocks moving below intermediate support included GM, GS, CRM, CAT, EMR, BAC and MET<\/p>\n

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NASDAQ 100 stocks moving below intermediate support included CPRT and REGN<\/p>\n

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TSX Financials iShares $XFN.TO moved below Cdn$41.73 extending an intermediate downtrend.<\/p>\n

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TSX 60 stock moving below intermediate support included $BMO.TO, CM.TO, NA.TO, GIB and FNV.TO<\/p>\n

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 <\/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 Oct.3rd<\/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: www.EquityClock.com<\/a><\/p>\n

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for October 3rd<\/sup> 2023<\/p>\n

\"clip_image020\"<\/a><\/b> <\/b><\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for October 3rd<\/sup> 2023 <\/p>\n

\"clip_image022\"<\/a><\/p>\n

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

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

 <\/p>\n

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

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

Watch For Signs of Market Bottom As Market Breadth Conditions Crumble | The Final Bar (10.02.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=Uh60z6nxLHQ<\/a><\/p>\n

 <\/p>\n

Are You Looking for the BIG Capitulation Day? | Trading Places (10.03.23)<\/b><\/p>\n

Are You Looking for the BIG Capitulation Day? | Trading Places (10.03.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Ed Yardeni explains why the bond vigilantes aren’t happy<\/b><\/p>\n

Ed Yardeni explains why the bond vigilantes aren’t happy \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

\"clip_image023\"<\/a><\/p>\n

The intermediate term Barometer dropped another 3.60 to 8.60. It remains Oversold. Daily downtrend was extended.<\/p>\n

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The long term Barometer dropped another 3.00 to 36.20. It remains Oversold, Daily downtrend was extended. <\/p>\n

 <\/p>\n

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

\"clip_image025\"<\/a><\/p>\n

The intermediate term Barometer dropped another 0.44 to 15.86. It remains Oversold. Daily downtrend was extended.<\/p>\n

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The long term Barometer dropped another 3.52 to 28.19. It remains Oversold. Daily downtrend was extended. <\/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 Wednesday October 4th U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EDT. Economic focus today is on the September ISM Non-Manufacturing PMI released at 10:00 AM EDT. Consensus calls for a slip to 54.0 from 54.5 in August. Cal-Maine dropped $6.00 to […]<\/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-170280","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/170280","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=170280"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/170280\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=170280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=170280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=170280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}