{"id":180378,"date":"2024-10-03T02:22:00","date_gmt":"2024-10-03T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=180378"},"modified":"2024-10-03T08:56:27","modified_gmt":"2024-10-03T12:56:27","slug":"tech-talk-for-thursday-october-3rd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/10\/03\/tech-talk-for-thursday-october-3rd-2024\/","title":{"rendered":"Tech Talk for Thursday October 3rd 2024"},"content":{"rendered":"<p><em><font size=\"5\"><strong>Pre-opening Comments for Thursday October 3<sup>rd<\/sup><\/strong><\/font><\/em><\/p>\n<p><strong><em><sup><font size=\"5\"><\/font><\/sup><\/em><\/strong><\/p>\n<p><em><b>U.S. equity index futures were lower this morning<\/b>. S&amp;P 500 futures were down 5 points at 8:30 AM EDT.<\/em><\/p>\n<p><em><b>Lockheed Martin<\/b> gained $5.77 to $608.97 after announcing a 4.8% dividend increase and a boost in its share buyback program.<\/em><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image0011-2.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image001[1]\" style=\"border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px\" border=\"0\" alt=\"clip_image001[1]\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image0011_thumb-2.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p><em><b>Levi Straus<\/b> dropped $2.12 to $18.94 after trimming its earnings guidance. <\/em><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image0021-2.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image002[1]\" style=\"border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px\" border=\"0\" alt=\"clip_image002[1]\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image0021_thumb-2.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p><em><b>Tesla<\/b> dropped $2.87 to $246.15 after reporting less than consensus third quarter deliveries.<\/em><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image0031-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image003[1]\" style=\"border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px\" border=\"0\" alt=\"clip_image003[1]\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image0031_thumb-1.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p><em><b>Chinese stocks listed on U.S. exchanges<\/b> moved lower. Chinese equity markets are closed for a holiday. Alibaba dropped $3.36 to $111.89.<\/em><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image004-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image004\" style=\"border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px\" border=\"0\" alt=\"clip_image004\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image004_thumb-1.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p>&#160;<\/p>\n<p><em><font size=\"5\"><strong>EquityClock\u2019s Stock Market Outlook for October 3<sup>rd<\/sup><\/strong><\/font><\/em><\/p>\n<p><strong><em><sup><font size=\"5\"><\/font><\/sup><\/em><\/strong><\/p>\n<p><em><b>Sell Rosh Hashanah and Buy Yom Kippur<\/b>. See:<\/em><\/p>\n<p><a href=\"https:\/\/equityclock.com\/2024\/10\/02\/stock-market-outlook-for-october-3-2024\/\"><em>https:\/\/equityclock.com\/2024\/10\/02\/stock-market-outlook-for-october-3-2024\/<\/em><\/a><\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><em><strong>Special Report<\/strong> <\/em><\/font><\/p>\n<p><em>Don Vialoux was asked recently for a timely update comment on current equity markets. Follow to the end of report for comment.<\/em> <\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><strong>Technical Notes<\/strong><\/font><\/p>\n<p><b>Healthcare Providers iShares<\/b> $IHF moved below $56.08 completing a double top pattern. <b>Healthcare SPDRs<\/b> $XLV completed a similar pattern.<\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image001-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image001\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image001\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image001_thumb-1.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p><b>Exxon Mobil<\/b> $XOM an S&amp;P 100 stock moved above $121.76 to an all-time high extending an intermediate uptrend. <\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image002-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image002\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image002\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image002_thumb-1.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p><b>Bristol-Myers<\/b> $BMY an S&amp;P 100 stock moved above $52.98 completing a reverse Head &amp; Shoulders pattern.<\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image003-2.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image003\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image003\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image003_thumb-2.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><strong>Trader\u2019s Corner<\/strong><\/font><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image005-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image005\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image005\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image005_thumb-1.png\" width=\"605\" height=\"483\" \/><\/a><\/p>\n<p>&#160;<\/p>\n<p><font size=\"4\"><strong>Equity Indices and Related ETFs<\/strong><\/font><\/p>\n<p>Daily Seasonal\/Technical Equity Trends for October 2<sup>nd<\/sup> 2024<\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image007-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image007\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image007\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image007_thumb-1.png\" width=\"701\" height=\"355\" \/><\/a><\/p>\n<p><em>Green: Increase from previous day<\/em><\/p>\n<p><em>Red: Decrease from previous day<\/em><\/p>\n<p><em>Source for all positive seasonality ratings: <\/em><a href=\"http:\/\/www.EquityClock.com\"><em>www.EquityClock.com<\/em><\/a><\/p>\n<p>&#160;<\/p>\n<p><font size=\"4\"><strong>Commodities<\/strong><\/font><\/p>\n<p>Daily Seasonal\/Technical Commodities Trends for October 2<sup>nd<\/sup> 2024<\/p>\n<p><b><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image009.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image009\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image009\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image009_thumb.png\" width=\"701\" height=\"411\" \/><\/a><\/b><\/p>\n<p><font color=\"#00ff00\">Green: Increase from previous day<b><\/b><\/font><\/p>\n<p>Red: Decrease from previous day<\/p>\n<p>&#160;<\/p>\n<p><font size=\"4\"><strong>Sectors<\/strong><\/font><\/p>\n<p>Daily Seasonal\/Technical Sector Trends for October 2<sup>nd<\/sup> 2024<\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image011.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image011\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image011\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image011_thumb.png\" width=\"701\" height=\"474\" \/><\/a><\/p>\n<p><em><font color=\"#00ff00\">Green: Increase from previous day<\/font><\/em><\/p>\n<p><em><font color=\"#ff0000\">Red: Decrease from previous day<\/font><\/em><\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><strong>Link offered by a valued provider<\/strong><\/font><\/p>\n<p><b>CHART THIS with David Keller, CMT Wednesday 10\/2\/24<\/b><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=HH5cN2bjYps\">https:\/\/www.youtube.com\/watch?v=HH5cN2bjYps<\/a><\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><strong>S&amp;P 500 Momentum Barometers<\/strong><\/font><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image012-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image012\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image012\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image012_thumb-1.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p>The intermediate term Barometer dropped 1.80 to 77.20. It remains Overbought.<\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image013.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image013\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image013\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image013_thumb.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p>The long term Barometer slipped 0.60 to 77.60. It remains Overbought.<\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><strong>TSX Momentum Barometers<\/strong><\/font><\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image014-1.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image014\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image014\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image014_thumb-1.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p>The intermediate term Barometer slipped 0.90 to 79.82. It remains Overbought.<\/p>\n<p><a href=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image015.png\"><img loading=\"lazy\" decoding=\"async\" title=\"clip_image015\" style=\"border-left-width: 0px; border-right-width: 0px; background-image: none; border-bottom-width: 0px; padding-top: 0px; padding-left: 0px; display: inline; padding-right: 0px; border-top-width: 0px\" border=\"0\" alt=\"clip_image015\" src=\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2024\/10\/clip_image015_thumb.png\" width=\"464\" height=\"288\" \/><\/a><\/p>\n<p>The long term Barometer slipped 0.45 to 78.92. It remains Overbought.<\/p>\n<p>&#160;<\/p>\n<p><font size=\"5\"><em><strong>Special Report<\/strong> <\/em><\/font><\/p>\n<p>&#160;<\/p>\n<p><em><b>Editor\u2019s Note:<\/b> By coincidence, EquityClock also commented on the phenomenon. See link above.<\/em> <\/p>\n<p><em><\/em>&#160; <\/p>\n<p><em><b>Old stock market trading folklore says \u201cSell Rosh Hashanah, buy Yom Kipper!\u201d<\/b> Historically, U.S. equity indices have recorded a brief downward correction during this period. This year the period is from the close on October 2<sup>nd<\/sup> to October 12<sup>th<\/sup>. What is likely to happen this year?<\/em> <\/p>\n<p><em><b>Chances are high that the folklore will come true again this year<\/b>. Consider the following concerning events this week:<\/em> <\/p>\n<ul>\n<li><em>Reporting on extent of damage from Hurricane Helene<\/em> <\/li>\n<li><em>Extension of a labour strike at East Coast U.S. Ports that started last Tuesday<\/em> <\/li>\n<li><em>Growing concerns about a military escalation in the conflict between Israel and Iran<\/em> <\/li>\n<li><em>Anticipation of a temporary slowdown in corporate earnings growth in the third quarter<\/em> <\/li>\n<\/ul>\n<p><em><b>A word of caution!<\/b> Consensus for third quarter results by S&amp;P 500 index companies calls for significantly lower than the 11.3% year-over-year earnings gain recorded in the second quarter. Third quarter earnings on a year-over-year basis are expected to slip to a 4.6% increase.<\/em> <\/p>\n<p><em><b>Fortunately, corporate news becomes favourable thereafter <\/b>Consensus calls<b> for e<\/b>arnings gains by S&amp;P 500 companies to accelerate in the fourth quarter<b> <\/b>with<b> <\/b>a 14.9% year-over-year increase.<b><\/b><\/em> <\/p>\n<p><em><b>Another reason for short term caution for U.S. equity prices is their historic weakness during the first three weeks in October prior to a U.S. Presidential Election.<\/b> Uncertainty about election results prompts higher than average volatility in U.S. equity prices. Not surprising, the Volatility Index ($VIX) spiked last week from 15.0% to 20.0%. Also note that U.S. equity indices have a history of moving higher from U.S. Presidential Election Day until at least June in the following year. <\/em><\/p>\n<p><em><b>Short term stock market volatility has prompted investors to consider other investment opportunities, notably commodities and their related equities and Exchange Traded Funds. <\/b>Commodity iShares (Symbol: GSG) broke to a two month high last week.<b> <\/b>Commodity prices reaching or exceeding two month highs last week included gold, silver, copper, natural gas, corn, wheat and soybeans. Strength in Commodity prices was prompted by news that the Peoples Bank of China has taken monetary steps to rejuvenate the Chinese economy. Chinese demand for commodities is expected to resume an upward trend. <\/em><\/p>\n<p><b><\/b><\/p>\n<p><em><b>Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n<p><a href=\"http:\/\/www.equityclock.com\"><em>www.equityclock.com<\/em><\/a><em> 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":"<p>Pre-opening Comments for Thursday October 3rd U.S. equity index futures were lower this morning. S&amp;P 500 futures were down 5 points at 8:30 AM EDT. Lockheed Martin gained $5.77 to $608.97 after announcing a 4.8% dividend increase and a boost in its share buyback program. Levi Straus dropped $2.12 to $18.94 after trimming its earnings [&hellip;]<\/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-180378","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180378","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=180378"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180378\/revisions"}],"predecessor-version":[{"id":180388,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180378\/revisions\/180388"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=180378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=180378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=180378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}