Tech Talk for Tuesday October 4th 2022
U.S. equity index futures were higher this morning. S&P 500 futures were up 59 points in pre-opening trade.
Bank of New York Mellon added $1.04 to $40.70 after Citigroup upgraded the stock from Neutral to Buy.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0011.png "clip_image001[1]")
Gilead gained $2.00 to $64.72 after JP Morgan upgraded the stock from Neutral to Overweight.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0021.png "clip_image002[1]")
Chipotle advanced $17.29 to $1521.99 after Deutsche Bank raised its target price from $1503 to $1708.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/10/clip_image0031.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "The S&P 500 Index is starting the new month and quarter with a bounce from its rising 200-week moving average, a variable hurdle that in modern history has only been broken during periods of defined economic recession".
http://www.equityclock.com/2022/10/03/stock-market-outlook-for-october-4-2022/
Technical notes for yesterday
Highlight yesterday was strength in precious metal prices in response to U.S. Dollar weakness.
Gold bullion advanced $30.00 per ounce
Silver ETN $SLV moved above $18.43 completing an intermediate base building pattern.
Canadian gold stocks led the advance by TSX Composite stocks
Barrick Gold completed a double bottom pattern by moving above Cdn$21.5. Agnico-Eagle competed a double bottom pattern by moving above Cdn$59.37. First Majestic $FR.TO a silver producer moved above US$11.28 extending an intermediate uptrend.
Israel iShares $EIS moved below $57.19 extending an intermediate downtrend.
VALE $VALE one of the largest base metal producers in the world moved above $13.82 completing a double bottom pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 3rd 2022
Green: Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 3rd 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 3rd 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Karl and Erin Swenlin say" Bear market rally ahead".
S&P 500 Momentum Barometers
The intermediate term Barometer gained 5.40 to 8.60 yesterday. It remains Oversold. Trend has turned up.
The long term Barometer added 4.60 to 16.80 yesterday. It remains Oversold. Trend has turned up.
TSX Momentum Barometers
The intermediate term Barometer jumped 11.44 to 32.63 yesterday. It remains Oversold. Trend has turned up.
The long term Barometer advanced 6.78 to 25.85 yesterday. It remains Oversold. Trend has turned up.
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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