Tech Talk for Tuesday November 1st 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 41 points in pre-opening trade.

Goodyear Tire dropped $1.05 to $11.65 after the company reported lower than consensus third quarter earnings.

Stryker fell $11.10 to 218.14 after the company lowered its fourth quarter guidance.

Marriott Vacations added $2.22 to $149.88 after reporting higher than consensus third quarter earnings

Abiomed jumped $130.60 to $382.68 after Johnson & Johnson made an all-cash offer to acquire the company at $380.00 per share. Value of the offer is $16.6 billion.

EquityClock's Daily Comment

Headline reads "Over the past two decades, the S&P 500 Index has averaged a gain of 1.8% in November with 75% of periods showing a positive result".

http://www.equityclock.com/2022/10/31/stock-market-outlook-for-november-1-2022/

Link offered by a valued provider

Jim Cramer discusses Larry Williams' bullish call on U.S. markets that predicts higher equity prices to at least the end of the year.

https://www.youtube.com/watch?v=1TZIrMCntiQ

Technical Notes for yesterday

Agriculture ETF $COW.TO moved above Cdn$75.00 extending an intermediate uptrend. Units responded to higher grain prices after Russia once again halted shipping of Ukraine grain.

Regional Bank SPDRs $KRE moved above $64.20 resuming an intermediate uptrend.

UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved above $551.38 to an all-time high extending an intermediate uptrend.

Wal-Mart $WMT a Dow Jones Industrial Average stock moved above $142.72 extending an intermediate uptrend.

FedEx $FDX an S&P 100 stock moved above $161.42 completing an intermediate bottoming pattern.

American International Group $AIG an S&P 100 stock moved above $57.17 extending an intermediate uptrend.

BMO Oil & Gas ETF $ZEO.TO moved above $66.17 extending an intermediate uptrend.

Strength in ZEO.TO was helped by a breakout by ARC Resources $ARX.TO above $19.35 extending an intermediate uptrend.

Ross Stores $ROST a NASDAQ 100 stock moved above $95.83 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 31st 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 31st 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 31st 2021

Green: Increase from previous day

Red: Decrease from previous day

Link offered by a valued provider

John Kosar says "Opportunity knocks for U.S. stocks" Includes a focus on seasonality during the last 13 weeks in the year based on data from 1957.

Opportunity Knocks For US Stocks | John Kosar, CMT | Your Daily Five (10.31.22) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 2.13 to 62.20. It remains Overbought.

The long term Barometer slipped 1.28 to 37.60. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer added 0.91 from THURSDAY to 53.39. It remains Neutral. Trend remains up.

The long term Barometer was unchanged from THURSDAY at 33.90. It remains Oversold.

Note that data was adjusted to account for error recorded on Friday.

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