Tech Talk for Wednesday October 11th 2023
Equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EDT.
Index futures added 5 points after the September Producer Price Index was released at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.7% in August. Actual was an increase of 0.5%. On a year-over-year basis, consensus was an increase of 1.6% versus a gain of 1.6% in August. Actual was an increase of 2.2%. Excluding food and energy, consensus was a gain of 0.2% versus a gain of 0.2% in August. Actual was an increase of 0.3%. On a year-over-year basis, consensus for core PPI was an increase of 2.3% versus a gain of 2.2% in August. Actual was an increase of 2.7%.
Texas Instruments dropped $2.07 to $155.59 after Oppenheimer downgraded the stock from Outperform to Perform.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0011-3.png "clip_image001[1]")
Pioneer Natural Resources added $4.29 to $241.70 after Exxon Mobil agreed to purchase the company in an all-stock deal priced at $253.00 per share. Value of the offer is estimated at $59.5 billion.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0021-5.png "clip_image002[1]")
Take Two Interactive gained $2.76 to $148.00 after Raymond James upgraded the stock from Market Perform to Outperform. Target is $170.
EquityClock's Daily Comment
Headline reads "Signs of upside exhaustion in the US Dollar and interest rates is allowing what can at least be considered to be an oversold bounce in stocks".
https://equityclock.com/2023/10/10/stock-market-outlook-for-october-11-2023/
Technical Notes
Alphabet $GOOG and $GOOGL, NASDAQ 100 stocks moved above $139.93 and $139.16 respectively extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Oct.10th 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 10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Follow The MONEY! Major Buying Opportunity Emerging | Your Daily Five (10.10.23)
Follow The MONEY! Major Buying Opportunity Emerging | Your Daily Five (10.10.23) - YouTube
Are Oversold Conditions Real? The Bullish Percent Says So | Halftime by Chaikin Analytics (10.10.23)
Equities will see an upside towards the end of the year: New York Life Investments’ Lauren Goodwin
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 11.80 to 11.60. It remains Oversold.
The long term Barometer plunged 19.80 to 21.60. It remains Oversold. Daily trend remains down.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.33 to 16.81. It remains Oversold.
The long term Barometer dropped 13.27 to 20.35. It remains Oversold. Daily trend remains down.
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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