Pre-opening Comments for Wednesday November 2^nd

U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade.

Focus today is the FOMC announcement on monetary policy at 2:00 PM EDT. Consensus calls for an increase in the Fed Fund Rate by 0.75% to 3.75%-4.00% and a $95 billion asset purchase.

Advanced Micro Devices $AMD added $2.41 to $62.07 after the company offered positive fourth quarter revenue guidance

AirBNB $ABNB dropped $7.50 to $101.55 after the company lowered fourth quarter guidance.

Match $MTCH jumped $7.24 to $51.14 after the company reported higher than consensus third quarter revenues and earnings.

Ceasar’s $CZR gained $2.41 to $46.80 after the company reported higher than consensus third quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “A sharp falloff in hires in September’s Job Openings and Labor Turnover report is presenting a skewed look at the state of demand for labor heading into the fall”.

http://www.equityclock.com/2022/11/01/stock-market-outlook-for-november-2-2022/

 

Technical Notes for yesterday

BMO Equal Weight Base Metals ETF $ZMT.TO moved above intermediate resistance at $45.87.

Simon Properties $SPG an S&P 100 stock moved above $114.03 extending an intermediate uptrend.

Monster Beverages $MNST a NASDAQ 100 stock moved above intermediate resistance at $94.23.

Regeneron $REGN a NASDAQ 100 stock moved above $761.04 to an all-time high extending an intermediate uptrend.

Silver stocks are responded to strength in silver prices. First Majestic $AG added moved above Cdn$9.02 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 1^st 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 1^st 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 1^st 2021

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.20 to 62.40 yesterday. It remains Overbought. Trend remains up.

The long term Barometer added 0.40 to 38.00 yesterday. It remains Oversold. Trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 4.24 to 56.78 from THURSDAY. It remains Neutral. Trend remains up.

The long term Barometer added 2.96 to 36.86 from THURSDAY. It remains Oversold. Trend remains up.

 

Disclaimer: Seasonality ratings 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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