Pre-opening Comments for Wednesday October 2nd
U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points at 8:30 AM EDT.
WTI Crude Oil added $2.38 to $72.21 per barrel due to growing tensions between Israel and Iran.
Nike dropped $4.43 to $84.70 after reporting less than consensus fiscal first quarter earnings and after withholding guidance for fiscal 2025.
Humana dropped $68.75 to $210.90 due to Medicare Advantage troubles.
Ford slipped another $0.05 to $10.70 following start of the East Coast port strike that will impair the company’s production.
EquityClock’s Stock Market Outlook for October 2nd
The trend of hiring is showing the weakest performance in the history of the Job Openings and Labor Turnover (JOLT) survey. See:
https://equityclock.com/2024/10/01/stock-market-outlook-for-october-2-2024/
Technical Notes
Crude oil prices and energy equity prices moved sharply higher following launch of a missile attack on Israel by Iran. The VIX Index spiked higher.
Turkey iShares $TUR moved below $35.10 extending an intermediate downtrend.
Corn ETN $CORN moved above $18.50 completing a reverse Head &Shoulders pattern.
Raytheon Technologies $RTX an S&P 100 stock moved above $123.70 to an all-time high extending an intermediate uptrend. One of many defense stocks that moved higher!
Ross Stores $ROSS a NASDAQ 100 stock moved below $148.23 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 1st 2024
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 1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
A lot of good things going for the market in the near term, says SoFi’s Liz Young Thomas
A lot of good things going for the market in the near term, says SoFi’s Liz Young Thomas – YouTube
Bill Baruch’s SPX Support & Resistance Levels
Bill Baruch’s SPX Support & Resistance Levels – YouTube
Port strike will push U.S. into a recession if it lasts more than a month: Sea-Intelligence CEO
The volatility of the VIX has picked substantially, says RBC’s Amy Wu Silverma
The volatility of the VIX has picked substantially, says RBC’s Amy Wu Silverman – YouTube
Equities tend to rally after election uncertainty is resolved, says Goldman’s David Kostin
Equities tend to rally after election uncertainty is resolved, says Goldman’s David Kostin – YouTube
CHART THIS with David Keller, CMT Tuesday 10/1/24
https://www.youtube.com/watch?v=VFjQA0ISXSY
Chart of the day: CRB Index (Commodity iShares: GSG)
See changes in technical score above from -2 to +4
$&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.20 to 79.00. It remains Overbought.
The long term Barometer dropped 2.80 to 78.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.24 to 80.72. It remains Overbought. Daily trend remains up.
The long term Barometer added 1.35 to 79.37. It remains Overbought. Daily 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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Equity Clock Publications