Pre-opening Comments for Tuesday November 15th
U.S. equity index futures were higher this morning. S&P 500 futures were up 77 points in pre-opening trade.
Equity index futures moved higher following release of economic news at 8:30 AM EST. October Producer Price Index was expected to increase 0.4% versus a gain of 0.4% in September. Actual was an increase of 0.2% On a year-over-year basis October PPI was expected to increase 8.3% versus 8.5% in September. Actual was an increase of 8.0% Excluding food and energy, October Producer Price Index was expected to increase 0.4 % versus a gain of 0.3% in September. Actual was unchanged . On a year-over-year basis, October PPI was expected to increase 7.2% versus a gain of 7.2% in September. Actual was an increase of 6.7%. November Empire State Manufacturing Survey was expected to improve to -7.00 from -9.10 in October. Actual was an improvement to +4.5.
Taiwan Semiconductor advanced $4.50 to $77.20 after Berkshire Hathaway announced accumulation of the stock in the third quarter.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0011-6.png "clip_image001[1]")
Home Depot slipped $2.92 to $304.00 after lowering fiscal fourth quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0021-6.png "clip_image002[1]")
Louisiana Pacific advanced $5.50 to $64.40 after Berkshire Hathaway announced accumulation of the stock in the third quarter.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0031-6.png "clip_image003[1]")
EquityClock’s Daily Comment
Headline reads “Major benchmarks are testing resistance at their summer highs, a logical point for near-term digestion before the next period of seasonal strength begins”.
http://www.equityclock.com/2022/11/14/stock-market-outlook-for-november-15-2022/
Technical Notes for yesterday
NASDAQ Biotech iShares $IBB moved above $134.99 and $135.35 completing a long term reverse Head & Shoulders pattern.
Caterpillar $CAT a Dow Jones Industrial Average stock moved above $238.42 to an all-time high extending an intermediate uptrend.
Comcast $CMCSA an S&P 100 stock moved above $34.26 completing a base building pattern.
AbbVie $ABBV an S&P 100 stock moved above $153.99 extending an intermediate uptrend.
Oracle $ORCL an S&P 100 stock moved above $79.47 extending an intermediate uptrend.
Netlflix $NFLX a NASDAQ 100 stock moved above $305.63 extending an intermediate uptend.
Magna International $MG.TO a TSX 60 stock moved above $83.77 resuming an intermediate uptrend.
Silver stocks continue to respond to higher silver prices. Hecla Mining $HL moved above $5.17 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 14th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 14th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 14th 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued provider
Mary Ellen McGonagle sees “Sharp reversals and how to capitalize”.
Sharp Reversals And How To Capitalize | Mary Ellen McGonagle | The MEM Edge (11.11.22) – YouTube
Leslie Jouflas discusses “Monitoring key S&P 500 levels”.
Monitoring Key S&P 500 Levels | Leslie Jouflas, CMT | Your Daily Five (11.14.22) – YouTube
Teal Linde’s top market picks
Teal Linde’s Top Market Picks – YouTube
Lisa Riesman says “Conditions may be right for another nickel squeeze”. Also a discussion on copper, lithium and aluminum
Conditions may be ripe for another Nickel squeeze – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 3.20 to 78.80. It remains Overbought.
The long term Barometer dropped 3.00 to 52.40. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.24 to 72.88. It remains Overbought.
The long term Barometer dropped 6.78 to 44.49. It remains Neutral.
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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November 15th, 2022 at 8:21 am
CAT – All-time high. What does that tell you?
November 15th, 2022 at 8:58 am
Jeremy Siegal – The lower inflation data moves up the Fed pivot. Inflation is “over” and the Fed is relying on lagging indicators. The Fed is going to go 50 bps and that should be “the absolute pause.” The 10 year yield has peaked. Money supply biggest six month decline since WWII. The market is like “a coiled spring” waiting for the Fed to finally acknowledge that it’s done hiking.