{"id":170934,"date":"2023-11-02T02:22:00","date_gmt":"2023-11-02T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=170934"},"modified":"2023-11-02T14:40:55","modified_gmt":"2023-11-02T18:40:55","slug":"tech-talk-for-thursday-november-2nd-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/11\/02\/tech-talk-for-thursday-november-2nd-2023\/","title":{"rendered":"Tech Talk for Thursday November 2nd 2023"},"content":{"rendered":"

Pre-opening Comments for Thursday November 2nd<\/sup> 2023<\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 34 points at 8:30 AM EDT.<\/em><\/p>\n

Qualcomm<\/b> advanced $4.00 to $114.86 after reporting higher than consensus fiscal fourth quarter results. The company also raised fiscal first quarter guidance. <\/em><\/p>\n

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DoorDash<\/b> gained $5.58 to $81.50 after reporting higher than consensus third quarter earnings. <\/em><\/p>\n

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PayPal<\/b> added $0.59 to $52.25 after reporting higher than consensus third quarter results. <\/em><\/p>\n

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Nutrien<\/b> dropped $1.16 to US$53.00 after reporting less than consensus third quarter revenues and earnings. <\/em><\/p>\n

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 <\/p>\n

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

Headline reads \u201cStocks are unwinding an extreme bearish bias that built up in the market in recent weeks, ahead of the best six months of the year timeframe for the asset class<\/strong>\u201d.<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/11\/01\/stock-market-outlook-for-november-2-2023\/<\/em><\/a><\/p>\n

 <\/p>\n

Impact of the FOMC Announcement after 2:00 PM EDT<\/strong><\/font><\/p>\n

FOMC decided to maintain its Fed Fund Rate at 5.25%-5.50%. Impact on key markets by the market close was as follows:<\/p>\n

Yield on US Treasury Bonds declined. <\/p>\n

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U.S. Dollar Index and its related ETN initially moved higher, but closed lower<\/p>\n

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Broadly based U.S. equity indices moved higher. The NASDAQ Composite Index led the advance. <\/p>\n

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Gold initially moved lower, but closed mixed<\/p>\n

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The Canadian Dollar moved higher.<\/p>\n

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 <\/p>\n

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

U.S. Dollar Index<\/b> unit $UUP moved above $30.07 prior to the FOMC announcement extending an intermediate uptrend. <\/p>\n

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Intel<\/b> $INTC a Dow Jones Industrial Average stock moved above intermediate resistance at $37.22.<\/p>\n

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T Mobile<\/b> $TMUS a NASDAQ 100 stock moved above $144.93 extending an intermediate uptrend.<\/p>\n

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Allstate <\/b>$ALL an S&P 100 stock moved above $129.25 extending an intermediate uptrend. <\/p>\n

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 <\/p>\n

Technical Chart of the Day<\/strong><\/font><\/p>\n

Technical score for Technologies SPDRs XLK improved from -2 to +2:<\/p>\n

Intermediate trend: Down Score: -2<\/p>\n

Strength relative to S&P 500: Neutral to Positive Score: 0 to +2<\/p>\n

Moved above its 20 day Moving Average: Below to Above: Score: -1 to +1<\/p>\n

Daily Momentum (Stochastics, RSI, MACD): Up Score: +1<\/p>\n

New Total Score -2 to +2<\/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 Nov.1st<\/sup> 2023<\/p>\n

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

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for Nov.1st<\/sup> 2023<\/p>\n

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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 November 1st<\/sup> 2023 <\/p>\n

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

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

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

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

Signs of Top in Rates As Fed Says NO CHANGE | The Final Bar (11.01.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=D3ftZNX53Fk<\/a><\/p>\n

 <\/p>\n

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

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The intermediate term Barometer advanced 4.60 to 25.20. It remains Oversold. Daily trend has turned higher, confirming a double bottom pattern.<\/p>\n

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The long term Barometer advance 2.40 to 34.00. It remains Oversold. Improvement by the daily score with a corresponding gain by the medium term Barometers adds evidence that the seasonal price low by the S&P 500 has been confirmed. <\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer advanced 8.81 to 33.48. It remains Oversold. Its recovery from the October 5th<\/sup> low has been extended.<\/p>\n

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The long term Barometer added 3.08 to 33.92. It remains Oversold. The improvement in daily data implies start of a recovery.<\/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 2nd 2023 U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points at 8:30 AM EDT. Qualcomm advanced $4.00 to $114.86 after reporting higher than consensus fiscal fourth quarter results. The company also raised fiscal first quarter guidance. DoorDash gained $5.58 to $81.50 after reporting […]<\/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-170934","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/170934","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=170934"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/170934\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=170934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=170934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=170934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}