Tech Talk for Tuesday November 7th 2023

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:35 AM EDT.

Index futures were unchanged following release of the September U.S. Trade report. Consensus was a deficit of $60.00 billion versus a deficit of $58.30 billion in August. Actual was a deficit of $61.5 billion.

Trip Advisor gained $1.92 to $18.03 after reporting higher than consensus third quarter revenues and earnings.

Crescent Point Energy dropped $0.51 to $10.43 after announcing purchase of Hammerhead Energy for Cdn$2.55 billion.

Sanmina dropped $5.31 to $47.50 after the company warned that it faces "headwinds for the next couple of quarters".

EquityClock's Daily Comment

Headline reads "Short-term seasonal norms suggest a digestion of early November strength until the weeks surrounding the US Thanksgiving holiday".

https://equityclock.com/2023/11/06/stock-market-outlook-for-november-7-2023/

Technical Notes

Technology SPDRs $XLK moved above intermediate resistance at $172.83

Emerging Markets iShares $EEM moved above intermediate resistance at $38.67

South Korea iShares $EWY moved above intermediate resistance at $59.88.

Starbucks $SBUX a Dow Jones Industrial Average stock moved above resistance at $103.91.

CGI Group $GIB a TSX 60 stock moved above intermediate resistance at US$101.60.

Loblaw Companies $L.TO a TSX 60 stock moved above intermediate resistance at $121.24.

Nikkei Average moved above 32,550.65 completing a double bottom pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.6th 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.6th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 6th 2023

Green: Increase from previous day

Red: Decrease from previous day

Chart of the Day

Technical score for the Nikkei Average increased from 0 to 6:

Trend changed from down to up on completion of a double bottom: Score: -2 to +2

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

Trades above its 20 day MA Score: 1

Daily momentum (Stochastics, RSI, MACD trending up Score: 1

New Score: 6

Seasonal influences turn positive on November 13th

S&P 500 Momentum Barometers

The intermediate term Barometer dipped 3.80 to 46.60. It remains Neutral.

The long term Barometer eased 2.00 to 41.80. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 6.17 to 51.54. It remains Neutral.

The long term Barometer slipped 1.76 to 39.65. It returned to Oversold from Neutral on a move below 40.00.

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