{"id":180345,"date":"2024-10-02T02:22:00","date_gmt":"2024-10-02T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=180345"},"modified":"2024-10-02T08:44:03","modified_gmt":"2024-10-02T12:44:03","slug":"tech-talk-for-wednesday-october-2nd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/10\/02\/tech-talk-for-wednesday-october-2nd-2024\/","title":{"rendered":"Tech Talk for Wednesday October 2nd 2024"},"content":{"rendered":"

Pre-opening Comments for Wednesday October 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 16 points at 8:30 AM EDT.<\/em><\/p>\n

WTI Crude Oil<\/b> added $2.38 to $72.21 per barrel due to growing tensions between Israel and Iran.<\/em><\/p>\n

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Nike <\/b>dropped $4.43 to $84.70 after reporting less than consensus fiscal first quarter earnings and after withholding guidance for fiscal 2025.<\/em><\/p>\n

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Humana<\/b> dropped $68.75 to $210.90 due to Medicare Advantage troubles.<\/em><\/p>\n

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Ford <\/b>slipped another $0.05 to $10.70 following start of the East Coast port strike that will impair the company\u2019s production.<\/em><\/p>\n

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EquityClock\u2019s Stock Market Outlook for October 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

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

The trend of hiring is showing the weakest performance in the history of the Job Openings and Labor Turnover (JOLT) survey. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/10\/01\/stock-market-outlook-for-october-2-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Crude oil prices and energy equity prices<\/b> moved sharply higher following launch of a missile attack on Israel by Iran. The VIX Index spiked higher.<\/p>\n

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Turkey iShares<\/b> $TUR moved below $35.10 extending an intermediate downtrend.<\/p>\n

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Corn<\/b> ETN $CORN moved above $18.50 completing a reverse Head &Shoulders pattern.<\/p>\n

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Raytheon Technologies<\/b> $RTX an S&P 100 stock moved above $123.70 to an all-time high extending an intermediate uptrend. One of many defense stocks that moved higher!<\/p>\n

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Ross Stores<\/b> $ROSS a NASDAQ 100 stock moved below $148.23 completing a double top pattern.<\/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 October 1st<\/sup> 2024<\/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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for October 1st<\/sup> 2024<\/p>\n

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

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

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

Daily Seasonal\/Technical Sector Trends for October 1st<\/sup> 2024<\/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

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

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

A lot of good things going for the market in the near term, says SoFi’s Liz Young Thomas<\/b><\/p>\n

A lot of good things going for the market in the near term, says SoFi’s Liz Young Thomas \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Bill Baruch\u2019s SPX Support & Resistance Levels<\/b><\/p>\n

Bill Baruch\u2019s SPX Support & Resistance Levels \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Port strike will push U.S. into a recession if it lasts more than a month: Sea-Intelligence CEO<\/b><\/p>\n

Port strike will push U.S. into a recession if it lasts more than a month: Sea-Intelligence CEO \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

The volatility of the VIX has picked substantially, says RBC’s Amy Wu Silverma<\/b><\/p>\n

The volatility of the VIX has picked substantially, says RBC’s Amy Wu Silverman \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Equities tend to rally after election uncertainty is resolved, says Goldman’s David Kostin<\/b><\/p>\n

Equities tend to rally after election uncertainty is resolved, says Goldman’s David Kostin \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

CHART THIS with David Keller, CMT Tuesday 10\/1\/24<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=VFjQA0ISXSY<\/a><\/p>\n

 <\/p>\n

Chart of the day<\/strong><\/font>: CRB Index (Commodity iShares: GSG)<\/p>\n

See changes in technical score above from -2 to +4<\/p>\n

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 <\/p>\n

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

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The intermediate term Barometer dropped 5.20 to 79.00. It remains Overbought.<\/p>\n

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The long term Barometer dropped 2.80 to 78.20. It remains Overbought.<\/p>\n

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

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The intermediate term Barometer added 2.24 to 80.72. It remains Overbought. Daily trend remains up.<\/p>\n

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The long term Barometer added 1.35 to 79.37. It remains Overbought. Daily trend remains up.<\/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 Wednesday October 2nd   U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points at 8:30 AM EDT. WTI Crude Oil added $2.38 to $72.21 per barrel due to growing tensions between Israel and Iran. Nike dropped $4.43 to $84.70 after reporting less than consensus fiscal first […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-180345","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180345","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=180345"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180345\/revisions"}],"predecessor-version":[{"id":180355,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180345\/revisions\/180355"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=180345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=180345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=180345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}