{"id":180506,"date":"2024-10-08T02:22:00","date_gmt":"2024-10-08T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=180506"},"modified":"2024-10-08T08:51:31","modified_gmt":"2024-10-08T12:51:31","slug":"tech-talk-for-tuesday-october-8th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/10\/08\/tech-talk-for-tuesday-october-8th-2024\/","title":{"rendered":"Tech Talk for Tuesday October 8th 2024"},"content":{"rendered":"

Pre-opening Comments for Tuesday October 8th<\/sup><\/strong><\/font><\/em><\/p>\n

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

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 21 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures were unchanged following release of the August U.S. trade report at 8:30 AM EDT<\/b>. Consensus was a $70.8 billion deficit versus a $78.8 billion deficit in July. Actual was a $70.4 billion deficit.<\/em><\/p>\n

Pepsico<\/b> dropped $1.97 to $165.24 after lowering revenue guidance.<\/em><\/p>\n

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Sage Therapeutics<\/b> dropped $0.83 to $5.89 after saying it will cease development of Alzheimer\u2019s treatment<\/em><\/p>\n

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Honeywell<\/b> added $6.17 to $209.50 after announcing spin off of its advanced materials business<\/em><\/p>\n

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Qualcomm<\/b> dropped $2.05 to $164.89 after KeyBanc downgraded the stock from Overweight to Sector Weight.<\/em><\/p>\n

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EquityClock\u2019s stock market outlook for October 8th<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

Bond prices and rate sensitive sectors may be rolling over from significantly overbought levels, but their rising intermediate-term trends are far from being broken. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/10\/07\/stock-market-outlook-for-october-8-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Energy SPDRs<\/b> $XLE moved above $93.74 extending an intermediate uptrend. <\/p>\n

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Energy SPDRs<\/b> are responding to higher crude oil prices. Crude oil ETN<\/b> $USO moved above $79.17 extending an intermediate uptrend. Responding to growing Middle East tensions and strength in Hurricane Milton in the Gulf of Mexico!<\/p>\n

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The $VIX spiked higher<\/b>, a short term early warning sign for U.S. equity indices. See additional comments on the link by David Keller offered below.<\/p>\n

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Lithium ETN<\/b> $LIT moved above $46.57 extending an intermediate uptrend. <\/p>\n

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Biotech ETF<\/b> $BBH moved below $174.18 completing a double top pattern.<\/p>\n

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Gilead<\/b> $GILD an S&P 100 stock moved above $85.10 to a nine year high extending an intermediate uptrend. <\/p>\n

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Consolidated Energy<\/b> $CEIX a NASDAQ 100 stock moved above $107.60 extending an intermediate uptrend.<\/p>\n

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Imperial Oil<\/b> $IMO.TO a TSX 60 stock moved above Cdn$105.45 to an all-time high extending an intermediate uptrend.<\/p>\n

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 <\/p>\n

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

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 <\/p>\n

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

Daily Seasonal\/Technical Equity Trends for October 7th<\/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

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 7th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/b><\/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 7th<\/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

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

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

Weekly Update with Larry Berman – October 5, 2024<\/b><\/p>\n

Weekly Update with Larry Berman – October 5, 2024 \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

CHART THIS with David Keller, CMT Monday 10\/7\/24: David Keller<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=9atmwSv9bt8<\/a><\/p>\n

 <\/p>\n

Wycoffe Analytics comment on NASDAQ<\/b><\/p>\n

https:\/\/www.youtube.com\/shorts\/GfUz42G-WAE<\/a><\/p>\n

 <\/p>\n

Chart of the day<\/strong><\/font>: S&P Utilities SPDRs (XLU)<\/strong><\/font><\/p>\n

Technical score dropped from 6 to 2 when strength relative to the S&P 500 changed from Positive to Neutral and daily momentum (Stochastics, RSI, MACD) turned down. Long term U.S. treasuries (e.g. TLT, IEF) also were notably weaker, breaking 50 day moving averages.<\/p>\n

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

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

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

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The intermediate term Barometer dropped another 7.60 to 68.40. It remains Overbought. Daily trend has turned down.<\/p>\n

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The long term Barometer dropped 3.00 to 74.20. It remains Overbought. Daily trend has turned down. <\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 5.38 to 77.13. It remains Overbought. Daily trend has rolled over.<\/p>\n

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The long term Barometer added 0.45 to 80.27. It remains Overbought. Daily trend remains up.<\/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 Tuesday October 8th U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points at 8:35 AM EDT. S&P 500 futures were unchanged following release of the August U.S. trade report at 8:30 AM EDT. Consensus was a $70.8 billion deficit versus a $78.8 billion deficit in July. […]<\/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-180506","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180506","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=180506"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180506\/revisions"}],"predecessor-version":[{"id":180516,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180506\/revisions\/180516"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=180506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=180506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=180506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}