Tech Talk for Wednesday October 4th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EDT.

Economic focus today is on the September ISM Non-Manufacturing PMI released at 10:00 AM EDT. Consensus calls for a slip to 54.0 from 54.5 in August.

Cal-Maine dropped $6.00 to $41.50 after reporting less than consensus fiscal first quarter earnings.

Apple dropped $1.64 to $170.76 after KeyBanc downgraded the stock from Overweight to Sector Weight.

Intel gained $0.67 to $36.36 after announcing plans for an initial public offering of its program chip unit.

Fluor added $0.70 to $35.32 after UBS upgraded the stock from Neutral to Buy. Target was increased from $35 to $47.

EquityClock's Daily Comment

Headline reads "Rising rates will remain a headwind against stocks until the market comes to a consensus that the economy is slowing"

https://equityclock.com/2023/10/03/stock-market-outlook-for-october-4-2023/

Technical Notes

Signs of stock market capitulation? The VIX Index (better known as the "Fear Index") soared.to a five month high.

Dow Jones Industrial Average moved below its December 30th 2022 close at 33,147.25 implying a year-to-date change of less than zero.

TSX Composite Index moved below 19,155.77 and S&P/TSE 60 Index moved below 1,151.42 setting intermediate downtrends.

The Canadian Dollar $CDW moved below US73.02 extending an intermediate downtrend.

Nikkei Average dropped below 31,275.25 completing a modified double top pattern

China iShares $FXI moved below $25.85 extending an intermediate downtrend.

Agriculture ETF $MOO moved below $76.67 extending an intermediate downtrend.

Lumber ETF $WOOD moved below $7152 setting an intermediate downtrend.

Palladium ETF $PALL moved below $109.08 extending an intermediate downtrend.

S&P 100 stocks moving below intermediate support included GM, GS, CRM, CAT, EMR, BAC and MET

NASDAQ 100 stocks moving below intermediate support included CPRT and REGN

TSX Financials iShares $XFN.TO moved below Cdn$41.73 extending an intermediate downtrend.

TSX 60 stock moving below intermediate support included $BMO.TO, CM.TO, NA.TO, GIB and FNV.TO

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.3rd 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 3rd 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 3rd 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Watch For Signs of Market Bottom As Market Breadth Conditions Crumble | The Final Bar (10.02.23)

https://www.youtube.com/watch?v=Uh60z6nxLHQ

Are You Looking for the BIG Capitulation Day? | Trading Places (10.03.23)

Are You Looking for the BIG Capitulation Day? | Trading Places (10.03.23) - YouTube

Ed Yardeni explains why the bond vigilantes aren’t happy

Ed Yardeni explains why the bond vigilantes aren’t happy - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 3.60 to 8.60. It remains Oversold. Daily downtrend was extended.

The long term Barometer dropped another 3.00 to 36.20. It remains Oversold, Daily downtrend was extended.

TSX Momentum Barometers

The intermediate term Barometer dropped another 0.44 to 15.86. It remains Oversold. Daily downtrend was extended.

The long term Barometer dropped another 3.52 to 28.19. It remains Oversold. Daily downtrend was extended.

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