{"id":180611,"date":"2024-10-11T02:22:00","date_gmt":"2024-10-11T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=180611"},"modified":"2024-10-11T08:55:55","modified_gmt":"2024-10-11T12:55:55","slug":"tech-talk-for-friday-october-11th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/10\/11\/tech-talk-for-friday-october-11th-2024\/","title":{"rendered":"Tech Talk for Friday October 11th 2024"},"content":{"rendered":"

Pre-opening Comments for Friday October 11th<\/sup><\/strong><\/font><\/p>\n

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U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were up 4 points at 8:35 AM EDT.<\/p>\n

S&P 500 futures added 7 points following release of the U.S. September Producer Price Index at 8:30 AM EDT. <\/b>Consensus called for a 0.1% increase versus a 0.2% gain in August. Actual was unchanged. On a year-over-year basis, consensus was a 1.6% versus a 1.7% gain in August. Actual was a 1.8% increase. Excluding food and energy, consensus was a 0.2% increase versus a 0.3% gain in August. Actual was a 0.2% increase.<\/p>\n

The Canadian Dollar added 0.29 to US72.84 cents following release of Canada\u2019s September Employment Report at 8:30 AM EDT<\/b>. Consensus was a 29,800 increase versus a 22,100 gain in August. Actual was a 46,700 increase. Consensus for the September Unemployment Rate was an increase to 6.7% from 6.6% in August. Actual was a slip to 6.5%<\/p>\n

Tesla <\/b>dropped $15.52 to $238.77 after initial impression of its Robotaxi was under whelming. <\/p>\n

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JP Morgan<\/b> added $1.97 to $214.81 after reporting a 3% increase in third quarter earnings. Wells Fargo <\/b>gained $1.92 to $59.67 despite reporting an 11% decline in third quarter earnings. Both banks reported higher than consensus trading profits.<\/p>\n

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EquityClock\u2019s Stock Market Outlook for October 11th<\/sup><\/strong><\/font><\/p>\n

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Initial Claims just jumped to the highest level for October since the period following on the onset of pandemic restrictions in 2020 and 2021. See:<\/b><\/p>\n

https:\/\/equityclock.com\/2024\/10\/10\/stock-market-outlook-for-october-11-2024\/<\/a><\/p>\n

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Editor\u2019s Note:<\/b> Next Tech Talk report is released on Monday October 21st<\/sup><\/em><\/p>\n

Technical Notes<\/em><\/p>\n

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S&P\/TSX Information Technology iShares<\/b> $XIT.TO moved above Cdn$53.69 to an all-time high extending an intermediate uptrend. <\/p>\n

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20+ Treasury Bond iShares<\/b> $TLT moved below intermediate support at $94.23.<\/p>\n

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Illumina<\/b> $ILMN a NASDAQ 100 stock moved above $144.02 completing a double bottom pattern.<\/p>\n

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Okta <\/b>$OKTA a NASDAQ 100 stock moved above $76.59 completing a double bottom pattern. .<\/p>\n

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Canadian Natural Resources<\/b> $CNQ.TO a TSX 60 stock moved above intermediate resistance at Cdn$50.26.<\/p>\n

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Toronto Dominion Bank<\/b> $TD.TO a TSX 60 stock moved below Cdn$83.68 completing a short term double top pattern. Responding to a larger than expected U.S. Federal Government fine.<\/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 10th<\/sup> 2024<\/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

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

Daily Seasonal\/Technical Commodities Trends for October 10th<\/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 10th<\/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

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

You Can’t Afford to Miss These Breakout Stocks! Tom Bowley<\/b><\/p>\n

Note comment on Semiconductors and the Travel sector <\/b><\/p>\n

You Can’t Afford to Miss These Breakout Stocks! \u2013 YouTube<\/a><\/p>\n

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Expect a 3-handle on the Fed funds rate by the middle of next year, says Wharton’s Jeremy Siegel<\/b><\/p>\n

Expect a 3-handle on the Fed funds rate by the middle of next year, says Wharton’s Jeremy Siegel \u2013 YouTube<\/a><\/p>\n

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Bank earnings: How will the Fed cut affect outlooks? Macrae Sykes<\/b><\/p>\n

Bank earnings: How will the Fed cut affect outlooks? \u2013 YouTube<\/a><\/p>\n

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

https:\/\/www.youtube.com\/shorts\/WGFSLFxSA_o<\/a><\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 2.60 to 71.00. It remains Overbought.<\/p>\n

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The long term Barometer dropped 1.00 to 75.20. 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 3.14 to 80.72. It remains Overbought.<\/p>\n

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The long term Barometer added 1.35 to 79.37. It remains Overbought.<\/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 Friday October 11th U.S. equity index futures were lower this morning. S&P 500 futures were up 4 points at 8:35 AM EDT. S&P 500 futures added 7 points following release of the U.S. September Producer Price Index at 8:30 AM EDT. Consensus called for a 0.1% increase versus a 0.2% gain in […]<\/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-180611","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180611","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=180611"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180611\/revisions"}],"predecessor-version":[{"id":180619,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180611\/revisions\/180619"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=180611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=180611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=180611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}