Tech Talk for Friday November 1st 2019

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Pre-opening Comments for Friday November 1st

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

Index futures moved higher following release of the October employment report released at 8:30 AM EDT. Consensus for October Non-farm Payrolls was 75,000 versus an upwardly revised 180,000 in September. Actual was 128,000. Consensus for the October Unemployment Rate was 3.6% versus 3.5% in September. Actual was 3.6%. Consensus for October Average Hourly Earnings was an increase of 0.2% versus a gain of 0.4% in September. Actual was an increase of 0.2%..

Exxon Mobil added $0.33 to $67.90 after reporting higher than consensus third quarter revenues and earnings.

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AT&T (T $38.49) is expected to open higher after JP Morgan raised its target price on the stock to $42 from $39.

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US Steel added $0.61 to $12.12 after reporting higher than consensus third quarter revenues and less than consensus loss.

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Colgate Palmolive (CL $68.60) is expected to open higher after reporting higher than consensus third quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/10/31/stock-market-outlook-for-november-1-2019/

 

StockTwits released yesterday @EquityClock

Kraft Heinz $KHC, an S&P 100 stock moved above $29.76 completing a base building pattern.

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Facebook $FB , a NASDAQ 100 stock moved above $193.10 on higher than consensus quarterly results

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Encana $ECA, a TSX 60 stock moved below $3.91 U.S. to a 3 year low after announcing a change in location of head office to U.S. The company also plans to change its name.

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SNC Lavalin $SNC.CA, a TSX 60 stock moved above $21.18 completing a base building pattern

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Amgen $AMGN, a NASDAQ 100 stock moved above $210.57 to an all-time high extending an intermediate uptrend

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Merck $MRK, a Dow Jones Industrial stock moved above $86.77 to an all-time high extending an intermediate uptrend.

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Canadian energy ETF $XEG.CA is under technical pressure with several of its components (e.g. $ECA.CA $SU.CA) moving below short term support levels.

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BMO Equal Weight Canadian Energy ETF $ZEO.CA moved below $38.91 extending an intermediate downtrend

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Idexx Labs $IDXX, a NASDAQ 100 stock moved above $292.17 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 31st 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 31st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 31st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Dow and S&P 500 are guaranteed to rise at least another 5% in the next 2 months — if this 70-year-old pattern holds

Following is a link to a Market Watch comment released yesterday:

https://www.marketwatch.com/story/the-stock-market-is-guaranteed-to-rise-at-least-another-5-in-the-next-2-months-if-this-70-year-old-trend-holds-2019-10-31?mod=home-page

 

S&P 500 Momentum Barometer

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The Barometer dropped 4.01 to 65.93 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer advanced 5.02 to 52.05 yesterday (thanks partially to strength in precious metal stocks) and remains intermediate neutral.

 

Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com 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

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One Response to “Tech Talk for Friday November 1st 2019”

  1. Larry/ON Says:

    SP500 – Looking at the chart it looks ripe for a short-term pull-back to the 3,000-3,020 level. RSI very close to 70. This blog site has been very quiet lately.

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