{"id":180721,"date":"2024-10-23T02:22:00","date_gmt":"2024-10-23T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=180721"},"modified":"2024-10-23T08:54:23","modified_gmt":"2024-10-23T12:54:23","slug":"tech-talk-for-wednesday-october-23rd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/10\/23\/tech-talk-for-wednesday-october-23rd-2024\/","title":{"rendered":"Tech Talk for Wednesday October 23rd 2024"},"content":{"rendered":"

Pre-opening Comments for Wednesday October 23rd<\/sup><\/strong><\/font><\/em><\/p>\n

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

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 14 points at 8:30 AM EDT.<\/em><\/p>\n

Bank of Canada issues an economic outlook statement at 9:45 AM EDT.<\/b> Consensus calls for a 0.50% drop in the Bank\u2019s lending rate. <\/em><\/p>\n

McDonald\u2019s <\/b>dropped $21.69 to $293.00 after confirming an E.coli outbreak at 10 of its western U.S. restaurants had infected 49 people and killed one person.<\/em><\/p>\n

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Starbucks <\/b>dropped $3.82 to $93.25 after issuing an earnings warning for its fiscal fourth quarter. The company also withdrew its fiscal 2025 guidance. The stock completed a double top pattern on a move below $94.18.<\/em><\/p>\n

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Texas Instruments<\/b> added $7.24 to $201.21after reporting higher than consensus third quarter results. <\/em><\/p>\n

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Enphase <\/b>dropped $7.23 to $85.00 after reporting less than consensus third quarter results.<\/em><\/p>\n

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EquityClock\u2019s Stock Market Outlook for October 23rd<\/sup><\/strong><\/font><\/em><\/p>\n

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Homebuilding stocks seasonally flourish between now and the spring, but the technicals and fundamentals are not providing the setup to be excited by this trade. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/10\/22\/stock-market-outlook-for-october-23-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Home Builders SPDRs<\/b> $XHB moved below $119.05 completing a double top pattern.<\/p>\n

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Weakness in Home Builders was triggered with a drop by DR Horton<\/b> $DHI) on a move below $181.62 and $181.27 completing a short term Head & Shoulders pattern.<\/p>\n

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MMM <\/b>$MMM a Dow Jones Industrial Average stock moved above $140.72 to a three year high following release of better than consensus third quarter results and after offering positive fourth quarter guidance. The stock came under profit taking pressures shortly after release of results. <\/p>\n

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General Motors<\/b> $GM an S&P 100 stock moved above $50.37 after reporting higher than consensus third quarter results. <\/p>\n

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Philip Morris<\/b> an S&P 100 stock moved above $126.80 to an all-time high extending an intermediate uptrend.<\/p>\n

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Verizon <\/b>$VZ a Dow Jones Industrial Average stock moved below $39.07 completing a short term Head & Shoulders pattern. The company reported less than consensus third quarter results.<\/p>\n

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Danaher<\/b> $DHR an S&P 500 stock moved below $260.83 completing a double top pattern.<\/p>\n

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George Weston<\/b> $WN.TO a TSX 60 stock moved below Cdn$217.34 completing a double top pattern.<\/p>\n

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 <\/p>\n

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

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 <\/p>\n

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

Equity Indices and Related ETFs<\/strong><\/font><\/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 22nd<\/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

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

Daily Seasonal\/Technical Sector Trends for October 22nd<\/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

CHART THIS with David Keller, CMT Tuesday 10\/22\/24<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=sz-6TuG_740<\/a><\/p>\n

 <\/p>\n

Legendary investor Paul Tudor Jones: I am clearly not going to own any fixed income<\/b><\/p>\n

Legendary investor Paul Tudor Jones: I am clearly not going to own any fixed income \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Stock Volatility Ahead? Guy Adami and Dan Nathan<\/b><\/p>\n

Stock Volatility Ahead? \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Seasonals have set up a nice cyclical trade from now through 2025, says Renaissance’s Jeff deGraaf<\/b><\/p>\n

Seasonals have set up a nice cyclical trade from now through 2025, says Renaissance’s Jeff deGraaf \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 5.60 to 66.00. It remains Overbought. Daily trend has turned down.<\/p>\n

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The long term Barometer dropped 1.80 to 76.00. It remains Overbought.<\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 0.45 to 78.48. It remains Overbought.<\/p>\n

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The long term Barometer dropped 2.24 to 78.48. It remains Overbought.<\/p>\n

<\/b><\/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 Wednesday October 23rd U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points at 8:30 AM EDT. Bank of Canada issues an economic outlook statement at 9:45 AM EDT. Consensus calls for a 0.50% drop in the Bank\u2019s lending rate. McDonald\u2019s dropped $21.69 to $293.00 after confirming […]<\/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-180721","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180721","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=180721"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180721\/revisions"}],"predecessor-version":[{"id":180731,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180721\/revisions\/180731"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=180721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=180721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=180721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}