Pre-opening Comments for Thursday November 9th
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points at 8:30 AM EST.
Walt Disney advanced $1.25 to $85.75 after reporting higher than consensus fiscal fourth quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0011-4.png "clip_image001[1]")
Take Two jumped $7.52 to $150.99 after reporting higher than consensus quarterly revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0021-5.png "clip_image002[1]")
Lyft dropped $0.53 to $10.19 after acknowledging a decline in active rider growth.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0031-4.png "clip_image003[1]")
Twilio gained $4.20 to $60.01 after reporting higher than consensus third quarter revenues. The company also offered positive fourth quarter guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0041-3.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “Wholesale inventories remain on a contractionary path, a scenario that, in modern history, has only ever been seen during economic recessions”.
https://equityclock.com/2023/11/08/stock-market-outlook-for-november-9-2023/
Technical Notes
Apple $AAPL a Dow Jones Industrial Average stock moved above intermediate resistance at $182.34.
Synopsys $SNPS a NASDAQ 100 stock moved above $502.66 to an all-time high extending an intermediate uptrend.
Oracle $ORCL an S&P 100 stock moved intermediate resistance at $110.92.
O’Reilly Automotive $ORLY a NASDAQ 100 stock moved above $975.72 to an all-time high extending an intermediate uptrend.
Gasoline ETN $UGA moved below $60.69 extending an intermediate downtrend.
Natural Gas ETN $UNG moved below $6.42 extending an intermediate downtrend.
Suncor $SU.TO a TSX 60 stock moved below $43.35 completing a double top pattern.
Constellation Software $CSU.TO a TSX 60 stock moved above Cdn$2,904.03 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Nov.8th 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 Nov.8th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 8th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
NASDAQ Gains For 7th Straight Day Due to These Factors | Trading Places (11.07.23)
NASDAQ Gains For 7th Straight Day Due to These Factors | Trading Places (11.07.23) – YouTube
5 MUST SEE Stocks With Positive Trends in Momentum and RSI | Your Daily Five (11.07.2023)
5 MUST SEE Stocks With Positive Trends in Momentum and RSI | Your Daily Five (11.07.2023) – YouTube
Market is UP After 10% Correction, Is a V Bottom In Place? | Moxie Indicator Minutes (11.07.23)
Why Are Higher Interest Rates A Big Deal? | The Final Bar (11.07.23)
Why Are Higher Interest Rates A Big Deal? | The Final Bar (11.07.23) – YouTube
When Will The S&P 500 Prove a New Uptrend? | Your Daily Five (11.08.23)
When Will The S&P 500 Prove a New Uptrend? | Your Daily Five (11.08.23) – YouTube
Top Ten Hidden Features of StockCharts, Features 1-5 | The Final Bar (11.08.23)
https://www.youtube.com/watch?v=1aVZgIpjmJM
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.80 to 46.00. It remains Neutral.
The long term Barometer dipped 0.40 to 39.80. It changed from Neutral to Oversold on a move below 40.00.
TSX Momentum Barometers
The intermediate term Barometer dropped 2.20 to 40.09. It remains Neutral.
The long term Barometer dropped 2.20 to 34.80. 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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November 9th, 2023 at 9:05 am
RonBC
Thanks for the CPG chart the other day… oil back to summer prices essentially and oil stocks back to the slaughterhouse. A reminder for myself and some self talk : It’s so easy to get caught up in geopolitics aspect, narratives about oil stocks and oil market etc. At the end of the day all that matters is price action and the closing trade to book a profit. Everything else is just commentary and virtual numbers on a screen that are green or red..I know I have lost sight of prices action thanks to commentary like ‘gobs of free cash flow…can raise dividends x%…can buy back nearly all outstanding shares… Saudi needs $85-90 oil… unrest in middle east, Russia…Chinese demand…”
Sometimes the less you know the better! Ok self rant over… haha
November 9th, 2023 at 12:27 pm
Vik
A wise man once said “If it’s obvious it’s obviously wrong” is so true. I’ve found that with most everything. The reason it’s true is everyone who is going to invest in a hot item has already done so other than the “Dumb Money” that is always late to the party. Those type love the stock story and jump in just before the party is over. They are more concerned with their image than common sense so want to look smart as the news story peaks. High price to pay………….
https://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=2&mn=0&dy=0&id=p93978557647&a=673066442
November 9th, 2023 at 1:01 pm
Vic
“Believe nothing you hear, and only one half that you see.” So wrote Edgar Allan Poe in 1845. I believe Warren Buffet has used this expression. Works for me.
November 9th, 2023 at 2:37 pm
Doug P
Yes that’s another good saying that cuts through the b.s……………..
November 9th, 2023 at 3:07 pm
Doug and Ron/BC
Thanks for your input. Good points. Reminds of the pot stocks run a few years ago. By the time average Joe was interested and buying the party was ending. Smart money and big money was on the way out by then…