Pre-opening Comments for Wednesday October 25^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:30 AM EDT.

The Bank of Canada will update strategy on its lending rate to Canada’s banks at 10:00 AM EDT

Microsoft advanced $14.88 to $345.31 after reporting higher than consensus fiscal first quarter revenues and earnings.

Texas Instruments dropped $6.62 to $140.30 after reporting less than consensus third quarter earnings. The company also lowered fourth quarter guidance.

Visa added $2.10 to $236.75 after reporting higher than consensus third quarter results. The company also raised fourth quarter guidance, increased its dividend and announced approval of a $25 billion share buyback program.

Canadian National Railway dropped $2.05 to Cdn$142.83 after reporting less than consensus third quarter earnings.

EquityClock’s Daily Comment

Headline reads “The underperformance of high-beta presents concern pertaining to the risk-on time of year for stocks through the next six months”.

https://equityclock.com/2023/10/24/stock-market-outlook-for-october-25-2023/

 

Technical Notes

Healthcare SPDRs $XLVmoved below $126.88 extending an intermediate downtrend.

General Electric $GE an S&P 100 stock moved above intermediate resistance at $113.74 following release of higher than consensus third quarter results.

Three Dow Jones Industrial Average stocks broke support extending intermediate downtrends (despite the 205 point gain by the Average). Cisco $CSCO moved below $52.15.Chevron $CVX moved below $158.99. Travelers $TRV moved below $158.50.

Bank of America $BAC an S&P 100 stock moved below $25.47 extending an intermediate downtrend.

Danaher $DHR an S&P 100 stock moved below $195.62 extending an intermediate downtrend.

Teck Resources $TECK $TECK.B.TO a TSX 60 stock moved below US$37.01 and Cdn$50.09 extending an intermediate downtrend.

Toronto Dominion Bank $TD.TO a TSX 60 stock moved below Cdn$77.57 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.24^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 24^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 24^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Seasonality in equity markets

StockCharts TV – YouTube

 

You Must Be Aware of How Wall Street is Rotating Money | Trading Places (10.24.23)

You Must Be Aware of How Wall Street is Rotating Money | Trading Places (10.24.23) – YouTube

 

Commodities And Bitcoin Gather Steam With Strong Rotation | Sector Spotlight (10.24.23)

https://www.youtube.com/watch?v=0urI9AcH3z8

 

Technical Chart of the Day

US Bitcoin: Technical score is 6

Intermediate trend: Up Score: 2

Strength relative to the S&P 500: Up Score: 2

20 Day Moving Average: Above Score: 1

Daily Momentum (Stochastics, RSI, MACD): Up Score: 1

Total Score:6

 

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.40 to 17.00. It remains Oversold.

The long term Barometer added 1.00 to 32.40. It remains Oversold.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 1.76 to 25.11. It remains Oversold.

The long term Barometer slipped 0.88 to 29.07. It remains Oversold.

 

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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