Tech Talk for Friday October 27th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:35 AM EDT.
S&P 500 Index futures added 7 points following release of the September Core PCE Price Index. Consensus was an increase of 0.3% versus a gain of 0.1% in August. Actual was an increase of 0.3%. On a year-over-year basis, consensus was an increase 3.7% versus a gain of 3.9% in August. Actual was an increase of 3.7%.
Amazon added $6.41 to $125.98 after reporting higher than consensus third quarter results.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0011-10.png "clip_image001[1]")
Ford dropped $0.45 after reporting less than consensus third quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0021-12.png "clip_image002[1]")
Intel gained $2.73 to $35.25 after reporting higher than consensus third quarter results. The company also raised guidance for the fourth quarter.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0031-8.png "clip_image003[1]")
Chipotle advanced $33.53 to $1840.00 after reporting higher than consensus third quarter results.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0041-10.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "Today marks the average start to the best six months of the year for stocks. Over the past five decades, the S&P 500 Index has gained an average of 8.12% between October 27th and May 5th".
https://equityclock.com/2023/10/26/stock-market-outlook-for-october-27-2023/
Technical Notes
TSX Composite Index moved below 18,847.09 to a 13 month low extending an intermediate downtrend. Also, TSX 60 Index moved below 1,130.77 to a 13 month low
Dow Jones Industrial Average $INDU moved below 32,846.94 extending an intermediate downtrend. Its related SPDRs $DIA moved below $328.30.
Communication Services SPDRs $XLC moved below $64.31 and $64.16 completing a double top pattern.
QQQ Trust $QQQ moved below $351.36 extending an intermediate downtrend.
Technology SPDRs $XLK moved below $160.61 extending an intermediate downtrend.
S&P 100 stocks breaking support and setting intermediate downtrends included
Apple $AAPL on a move below $167.62.Charter Communications $CHTR on a move below $425.43 and $407.57,Fox $FOX on a move below $27.62, FOXA on a move below $29.72, Altria $MO on a move below $40.91, Nvidia $NVDA on a move below $403.08.
NASDAQ 100 stocks breaking support and setting intermediate downtrends included TakeTwo $TTWO on a move below $135.73, Advanced Micro Devices $AMD on a move below $94.46
Waste Connection $WCN.TO a TSX 60 stock moved below Cdn$179.08 and Cdn$178.20 setting an intermediate downtrend.
First Quantum Minerals $FM.TO a TSX 60 stock moved below Cdn$28.87 and Cdn$28.13 setting an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Oct.26th 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 26th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 26th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
NASDAQ NOSEDIVES, Down Over 2% At The Close! | The Final Bar (10.25.23)
NASDAQ NOSEDIVES, Down Over 2% At The Close! | The Final Bar (10.25.23) - YouTube
Market’s At RISK in The Mega Cap Bloodbath! | Moxie Indicator Minutes (10.26.23)
Market’s At RISK in The Mega Cap Bloodbath! | Moxie Indicator Minutes (10.26.23) - YouTube
Oppenheimer’s John Stoltzfus breaks down his S&P 500 $4,900 year end price target
Oppenheimer’s John Stoltzfus breaks down his S&P 500 $4,900 year end price target - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.60 to 15.20. It remains Oversold.
The long term Barometer dropped 1.00 to 28.40. It remains Oversold. Daily downtrend was extended
TSX Momentum Barometers
The intermediate term Barometer slipped 0.88 to 24.67. It remains Oversold.
The long term Barometer dropped 1.78 to 27.75. It remains Oversold, Daily downtrend was extended.
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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