Pre-opening Comments for Thursday November 2^nd 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points at 8:30 AM EDT.

Qualcomm advanced $4.00 to $114.86 after reporting higher than consensus fiscal fourth quarter results. The company also raised fiscal first quarter guidance.

DoorDash gained $5.58 to $81.50 after reporting higher than consensus third quarter earnings.

PayPal added $0.59 to $52.25 after reporting higher than consensus third quarter results.

Nutrien dropped $1.16 to US$53.00 after reporting less than consensus third quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Stocks are unwinding an extreme bearish bias that built up in the market in recent weeks, ahead of the best six months of the year timeframe for the asset class”.

https://equityclock.com/2023/11/01/stock-market-outlook-for-november-2-2023/

 

Impact of the FOMC Announcement after 2:00 PM EDT

FOMC decided to maintain its Fed Fund Rate at 5.25%-5.50%. Impact on key markets by the market close was as follows:

Yield on US Treasury Bonds declined.

U.S. Dollar Index and its related ETN initially moved higher, but closed lower

Broadly based U.S. equity indices moved higher. The NASDAQ Composite Index led the advance.

Gold initially moved lower, but closed mixed

The Canadian Dollar moved higher.

 

Technical Notes

U.S. Dollar Index unit $UUP moved above $30.07 prior to the FOMC announcement extending an intermediate uptrend.

Intel $INTC a Dow Jones Industrial Average stock moved above intermediate resistance at $37.22.

T Mobile $TMUS a NASDAQ 100 stock moved above $144.93 extending an intermediate uptrend.

Allstate $ALL an S&P 100 stock moved above $129.25 extending an intermediate uptrend.

 

Technical Chart of the Day

Technical score for Technologies SPDRs XLK improved from -2 to +2:

Intermediate trend: Down Score: -2

Strength relative to S&P 500: Neutral to Positive Score: 0 to +2

Moved above its 20 day Moving Average: Below to Above: Score: -1 to +1

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

New Total Score -2 to +2

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.1^st 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.1^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 1^st 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Signs of Top in Rates As Fed Says NO CHANGE | The Final Bar (11.01.23)

https://www.youtube.com/watch?v=D3ftZNX53Fk

 

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 4.60 to 25.20. It remains Oversold. Daily trend has turned higher, confirming a double bottom pattern.

The long term Barometer advance 2.40 to 34.00. It remains Oversold. Improvement by the daily score with a corresponding gain by the medium term Barometers adds evidence that the seasonal price low by the S&P 500 has been confirmed.

 

TSX Momentum Barometers

The intermediate term Barometer advanced 8.81 to 33.48. It remains Oversold. Its recovery from the October 5^th low has been extended.

The long term Barometer added 3.08 to 33.92. It remains Oversold. The improvement in daily data implies start of a recovery.

 

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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