{"id":180758,"date":"2024-10-24T02:22:00","date_gmt":"2024-10-24T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=180758"},"modified":"2024-10-24T08:50:26","modified_gmt":"2024-10-24T12:50:26","slug":"tech-talk-for-thursday-october-24th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/10\/24\/tech-talk-for-thursday-october-24th-2024\/","title":{"rendered":"Tech Talk for Thursday October 24th 2024"},"content":{"rendered":"

Pre-opening Comments for Thursday October 24th<\/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 28 points at 8:30 AM EDT.<\/em><\/p>\n

Canada\u2019s major chartered banks lowered their prime lending rate by 50 basis points,<\/b> matching a drop in the Bank of Canada\u2019s interest rate.<\/em><\/p>\n

Tesla<\/b> gained $20.10 to $233.75 after reporting higher than consensus third quarter results. The company also raised fourth quarter guidance.<\/em><\/p>\n

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Lam Research<\/b> advanced $3.54 to $76.60 after reporting higher than consensus fiscal first quarter revenues and profits.<\/em><\/p>\n

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O\u2019Reilly<\/b> dropped $37.34 to $1161.91 after lowering guidance. <\/em><\/p>\n

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Canadian Pacific Kansas City<\/b> (CP.TO $Cdn109.07) is expected to open lower after reporting less than consensus third quarter revenues and earnings. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Stock Market Outlook for October 24th<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

Equity prices are vulnerable here as yields and the US Dollar Index reach up to levels of declining trendline resistance. See: <\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/10\/23\/stock-market-outlook-for-october-24-2024\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

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

U.S. Dollar Index ETN<\/b> $UUP moved above $29.20 to an all-time high extending an intermediate uptrend.<\/p>\n

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Consumer Discretionary SPDRs<\/b> $XLY moved below $194.39 completing a double top pattern.<\/p>\n

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AT&T<\/b> $T an S&P 100 stock moved above $22.06 to an all-time high extending an intermediate uptrend.<\/p>\n

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Costar<\/b> $CSGP a NASDAQ 100 stock moved below $70.87 extending an intermediate downtrend.<\/p>\n

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MMM <\/b>$MMM a Dow Jones Industrial Average stock moved below intermediate support at $127.12 despite reporting higher third quarter results.<\/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 23rd<\/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 23rd<\/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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for October 23rd<\/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

What’s the BEST Market Visualization Tool? David Keller<\/b><\/p>\n

What’s the BEST Market Visualization Tool? \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Why the Next Recession Will be the Worst Ever, with David Rosenberg<\/b><\/p>\n

Why the Next Recession Will be the Worst Ever, with David Rosenberg \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Bank of Canada cuts its interest rate by 50 bps<\/b><\/p>\n

Bank of Canada cuts its interest rate by 50 bps \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Wouldn\u2019t pre-position for any election outcome at this point, says iCapital’s Anastasia Amoroso<\/b><\/p>\n

Wouldn\u2019t pre-position for any election outcome at this point, says iCapital’s Anastasia Amoroso \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

CHART THIS with David Keller, CMT Wednesday 10\/23\/24<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=rmHf6gTtIdI<\/a><\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 2.40 to 63.60. It remains Overbought. Daily trend is down<\/p>\n

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The long term Barometer dropped 2.00 to 74.00. It remains Overbought.<\/p>\n

 <\/p>\n

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

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The intermediate term Barometer dropped 2.69 to 75.78. It remains Overbought.<\/p>\n

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The long term Barometer slipped 0.90 to 77.58. It remains Overbought.<\/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 Thursday October 24th U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points at 8:30 AM EDT. Canada\u2019s major chartered banks lowered their prime lending rate by 50 basis points, matching a drop in the Bank of Canada\u2019s interest rate. Tesla gained $20.10 to $233.75 after reporting […]<\/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-180758","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180758","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=180758"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180758\/revisions"}],"predecessor-version":[{"id":180768,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/180758\/revisions\/180768"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=180758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=180758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=180758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}