Tech Talk for Wednesday November 1st 2023

U.S. equity index futures were mixed this morning. S&P 500 futures were down 1 point at 8:35 AM EDT.

S&P 500 Index futures recovered 12 points following the Treasury Department's refunding announcement at 8:30 AM

Paycom Software dropped $76.92 to $168.05 after the company reduced guidance below consensus for 2024.

Yum China dropped $4.91 to $47.65 after reporting less than consensus third quarter results.

Match dropped $2.85 to $31.75 after the company lowered guidance.

Advanced Micro Devices slipped $0.26 to $98.24 after announcing less than consensus fourth quarter guidance.

EquityClock's Daily Comment

Headline reads "November is the first of the best six months of the year timeframe for the equity market.  The S&P 500 Index has averaged a gain of 1.8% in this second to last month of the year".

https://equityclock.com/2023/10/31/stock-market-outlook-for-november-1-2023/

Technical Notes

ExxonMobil $XOM a Dow Jones Industrial Average stock moved below $104.83 extending an intermediate downtrend.

Amgen $AMGN a Dow Jones Industrial Average stock moved below intermediate support at $259.67.

Canadian Tire $CTC.A. TO a TSX 60 stock moved below Cdn$133.46 to a three year low extending an intermediate downtrend.

Cameco $CCO.TO a TSX 60 stock moved above Cdn$56.87 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.31st 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 31st 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 31st 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Seasonality is Dropping Big Bomb on Real Estate Sector | Sector Spotlight (10.30.23)

Seasonality is Dropping Big Bomb on Real Estate Sector | Sector Spotlight (10.30.23) - YouTube

Will It Be a Trick Or a Treat At The Fed Meeting? | Trading Places (10.31.23)

Will It Be a Trick Or a Treat At The Fed Meeting? | Trading Places (10.31.23) - YouTube

There will be a year-end rally, says Hightower’s Stephanie Link

There will be a year-end rally, says Hightower’s Stephanie Link - YouTube

The Final Bar with David Keller, CMT | Guest Tony Dwyer | 4pm ET, 1pm PT | Oct. 31st, 2023

The Final Bar with David Keller, CMT | Guest Tony Dwyer | 4pm ET, 1pm PT | Oct. 31st, 2023 - YouTube

Chart of the Day

Technical score on WTI Crude Oil dropped from 0 to -4 when price dropped below $83.21

Intermediate trend: from up to down: Score: +2 to -2

Strength relative to S&P 500: Unchanged at Neutral: Score: 0

Above/Below 20 day MA: Remains below 20 day MA Score: -1

Daily momentum (Stochastics, RSI, MACD): trending down. Score: -1

Total Score from 0 to -4

S&P 500 Momentum Barometers

The Intermediate term Barometer advanced 6.20 to 20.60. Nice bounce above the previous low at 8.60, typical of a confirmed intermediate low for the S&P 500 Index!

The long term Barometer advanced 3.20 to 31.60. Another indicator that implies a likely intermediate low by the S&P 500 Index

TSX Momentum Barometers

The intermediate term Barometer slipped 1.32 to 24.67. It remains Oversold.

The long term Barometer added 0.44 to 30.84. It remains Oversold. More technical evidence that an intermediate bottom has been reached.

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