Tech Talk for Wednesday November 29th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 23 points at 8:35 AM EST.
Index futures were unchanged following release of updated third quarter real GDP at 8:30 AM EST. Consensus was an annualized increase of 4.9%, unchanged from the previous estimate. Actual was an annualized increase of 5.2%.
Intuit gained $1.93 to $567.00 after reporting higher than consensus fiscal first quarter results.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0011-12.png "clip_image001[1]")
Jabil dropped $12.68 to $118.00 after lowering its fiscal first quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0021-15.png "clip_image002[1]")
Open Text added $2.22 to Cdn$57.00 after announcing sale of its application modernization and connectivity software business for US$2.28 billion cash.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0031-12.png "clip_image003[1]")
Alimentation Couche-Tard is expected to open lower after reporting lower than consensus fiscal second quarter revenues.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/11/clip_image0041-11.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The trend of shipping activity in the US continues to get worse".
https://equityclock.com/2023/11/28/stock-market-outlook-for-november-29-2023/
Technical Notes
Dow Jones Industrial Average SPDRs ($DIA) moved above $354.32 extending an intermediate uptrend. Testing its all-time high at $356.07
Gold Miners ETF $GDX moved above $30.16 completing a reverse Head & Shoulders pattern.
Junior Gold Miners ETF $GDXJ moved above $37.08 extending an intermediate uptrend.
TSX Gold Miners iShares $XGD.TO moved above Cdn$17.92 completing a reverse Head & Shoulders pattern.
Barrick Gold $ABX.TO a TSX 60 stock moved above Cdn$23.51 and US$17.14 completing reverse Head & Shoulders patterns.
Aerospace & Defense iShares $ITA moved above $118.84 to an all-time high extending an intermediate uptrend.
Metals & Mining SPDRs $XMA moved above $53.90 resuming an intermediate uptrend.
Platinum ETN $PPLT moved above intermittent resistance at $86.99.
Colgate $CL an S&P 100 stock moved above intermediate resistance at $77.88
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Nov.28th 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.28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Decoding The S&P’s Monthly Behavior With Sector Rotation and Insights! | Sector Spotlight (11.27.23)
What Are The Chances Of A Market Crash? This Indicator Says ZERO! | Trading Places (11.28.23) Note comments on the Dow Jones Transportation Average.
Markets should continue to move higher into year end, says Citi’s Stuart Kaiser
Markets should continue to move higher into year end, says Citi’s Stuart Kaiser - YouTube
BofA’s Savita Subramanian on why the S&P 500 will hit 5,000 by end of 2024
BofA’s Savita Subramanian on why the S&P 500 will hit 5,000 by end of 2024 - YouTube
The market will breach summer highs before year-end, says Morgan Stanley’s Andrew Slimmon
The market will breach summer highs before year-end, says Morgan Stanley’s Andrew Slimmon - YouTube
Does This Rally Have More Legs? Energy Ready To Roll | Your Daily Five (11.28.23)
Note comment on gold.
Does This Rally Have More Legs? Energy Ready To Roll | Your Daily Five (11.28.23) - YouTube
There are very few hurdles to upset the current rally, says NB Private Wealth’s Shannon Saccocia
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.40 to 76.40. It remains Overbought. Daily trend remains up.
The long term Barometer added 0.80 to 58.00. It remains Neutral. Daily trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 1.32 to 62.11.It remains Overbought.
The long term Barometer added 2.64 to 47.14. It remains Neutral. Daily trend remains 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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