Tech Talk for Tuesday October 25th 2022

October 25, 2022 / www.timingthemarket.ca / Article Link

U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade.

Cadence Design Systems $CDNS added $0.63 to $160.85 after reporting higher than consensus third quarter profits and revenues.

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Discover Financial Services $DFS dropped $1.23 to $94.63 after reporting lower than consensus third quarter results.

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United Parcel Services $UPS added $7.65 to $175.20 after reporting higher than consensus third quarter results.

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General Motors $GM gained $1.58 to $37.30 after reporting higher than consensus third quarter earnings.

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EquityClock's Daily Comment

Headline reads "The new 52-week high list of stocks has stopped falling, hinting of the conclusion of the near-term declining trend of the equity market".

http://www.equityclock.com/2022/10/24/stock-market-outlook-for-october-25-2022/

 

Technical Notes for yesterday

Dow Jones Industrial Average moved above its 50 day moving average extending an intermediate uptrend.

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Mexico iShares $EWW moved above $47.83 completing a double bottom pattern.

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Healthcare and Biotech equities and ETFs led the advance by U.S. equity prices. Pharma ETF $PPH moved above $70.05 setting an intermediate uptrend. Amgen moved above $255.99 to a 21 month high. Gilead $GILD moved above $68.81 extending an intermediate uptrend. Eli Lilly $LLY moved above $341.70 to an all-time high. Vertex $VRTX moved above $305.95 to an all-time high.

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Early signs of a recovery in European equity markets? Italy ETF $EWI moved above $23.23 completing a double bottom pattern. Other European indices and ETFs are close to completing a similar technical pattern or also have completed double bottom patterns (e,g, Europe iShares $IEV, German iShares $EWG and France iShares $EWQ).

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Selected Canadian oil stocks moved above intermediate resistance extending an intermediate uptrend. Cenovus $CVE.TO a TSX 60 stock moved above Cdn$26.42 extending an intermediate uptrend. Freehold Royalties $FRU.TO moved above $16.59 to an eight year high.

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Chinese related equities and ETFs listed on U.S. exchanges responded to the drop by the Chinese related equity indices (notably the Shanghai Composite Index and the Hang Seng Index) following adjustments to the country's political leadership. JD.com moved below $40.54 and Pinduoduo dropped below $44.82.

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Starbucks $SBUX a Dow Jones Industrial Average stock moved below intermediate support at $83.17 setting an intermediate downtrend. The stock is responding partially to its exposure to Chinese markets!

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O'Reilly $ORLY a NASDAQ 100 stock moved above $750.88 to an all-time high extending an intermediate uptrend.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 24th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 24th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 24th 2021

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Green: Increase from previous day

Red: Decrease from previous day

All changes in seasonality ratings are relative to the S&P 500 Index

 

Link offered by valued provider

Carl and Erin Swenlin discuss "Confidence in this rally". Note sector comments starting at 20 minutes in the presentation.

Confidence in This Rally | Carl & Erin Swenlin | The DecisionPoint Trading Room (10.24) – YouTube

Eric Nuttall's top market picks on BNNBloomberg for October 24th : MEG.TO, TVE.TO, BTE.TO All have similar improving intermediate term technical profiles.

Eric Nuttall’ Top Market Picks - YouTube

 

S&P 500 Momentum Barometers

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Intermediate term Barometer advanced 6.60 to 35.40 yesterday. It remains Oversold. Trend remains up.

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Long term Barometer added 2.20 to 24.80 yesterday. It remains Oversold. Trend remains up.

 

TSX Momentum Barometers

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Intermediate term Barometer slipped 0.42 to 34.75 yesterday. It remains Oversold. Trend remains up.

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Long term Barometer added 0.85 to 29.66 yesterday. It remains Oversold. Trend is 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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