Tech Talk for Thursday October 26th 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points at 8:35 AM EDT.
Index futures recovered 10 points following release of preliminary third quarter GDP at 8:30 AM EDT. Consensus was an annualized increase of 4.7% .Actual was an increase of 4.9%.
IBM gained $1.62 to 138.70 after reporting higher than consensus third quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0011-9.png "clip_image001[1]")
Hasbro dropped $5.75 to $48.96 after reporting less than consensus third quarter revenues and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0021-11.png "clip_image002[1]")
Canadian Pacific Kansas City (CP.TO $96.20) is expected to open lower after reporting less than consensus third quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0031-7.png "clip_image003[1]")
Whirlpool dropped $7.07 to $118.54 after lowering guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0041-9.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The cost of borrowing has become hinged in recent days to the gyrations in the price of oil".
https://equityclock.com/2023/10/25/stock-market-outlook-for-october-26-2023/
Next Canadian Association for Technical Analysis meeting
Next video presentation is tonight at 8:00 PM EDT. Speaker is Dave Landry. Everyone is welcome. Not a member of CATA? Contact https://canadianata.ca/
Technical Notes
The Canadian Dollar $CDW moved below US72.57 cents extending an intermediate downtrend. The Bank of Canada maintained its lending rate to major Canadian banks at 5.00%.
Microsoft $MSFT a Dow Jones Industrial Average stock moved above intermediate resistance at $340.86
Honeywell $HON a Dow Jones Industrial Average stock moved below $179.13 extending an intermediate downtrend
Salesforce.com $CRM a Dow Jones Industrial Average stock moved below $197.42 extending an intermediate downtrend.
Alphabet $GOOG an S&P 100 stock moved below $$128.19 and $127.00. $GOOGL moved below $127.22 and $126.38 setting an intermediate downtrend.
Amazon $AMZN an S&P 100 stock moved below $123.04 extending an intermediate downtrend.
Other NASDAQ 100 stocks extending an intermediate downtrend included CSX $CSX on a move below $29.45, Qualcomm $QCOM on a move below $105.51, IDEXX Laboratories $IDXX on a move below $420.22, Cognizant on a move below $64.41, Biogen $BIIB on a move below $248.41, Accenture $ACN on a move below $293.27 and Zoom $ZM on a move below $60.45.
S&P 100 stocks moving below support and extending an intermediate downtrend include Accenture $ACN on a move below $293.27, Dow $DOW on a move below $47.73 and Philip Morris $PM on a move below $90.07
India ETF $PIN moved below $22.87 completing a Head & Shoulders pattern
Restaurant Brands International $QSR.TO a TSX 60 stock moved above intermediate resistance at Cdn$93.62.
TSX technology iShares $XIT.TO moved below Cdn$42.00 and Cdn$41.92 extending an intermediate downtrend.
CGI Group $GIB a TSX 60 stock led the drop in XIT.TO by moving below $28.89 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Oct.25th 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 25th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 25th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
One Industry Group Showing New Signs of Strength | The Final Bar (10.24.23)
One Industry Group Showing New Signs of Strength | The Final Bar (10.24.23) - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.40 to 14.60. It remains Oversold.
The long term Barometer dropped 3.00 to 29.40. It remains Oversold. Daily downtrend was extended.
TSX Momentum Barometers
The intermediate term Barometer added 0.44 to 25.55. It remains Oversold.
The long term Barometer added 0.44 to 29.52. 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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