Tech Talk for Tuesday October 3rd 2023

October 03, 2023 / www.timingthemarket.ca / Article Link

U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points at 8:30 AM EDT.

Point Biopharma jumped $5.67 to $12.35 after Eli Lilly offered to purchase the company at $12.50 per share. Value of the offer is $1.4 billion.

clip_image001[1]

McCormick dropped $2.32 to $72.40 after reporting less than consensus fiscal third quarter earnings.

clip_image002[1]

Apple slipped $1.15 to $172.60 after Citigroup removed the stock from its "Top Pick" list.

clip_image003[1]

Nvidia added $1.05 $448.81 after KeyCorp raised its target price to $750.

clip_image004[1]

 

EquityClock's Daily Comment

Headline reads "Low volatility ETFs certainly not providing the refuge to mitigate the normal volatility at this time of year".

https://equityclock.com/2023/10/02/stock-market-outlook-for-october-3-2023/

 

Technical Notes

Broadly based Canadian and U.S. indices and related ETFs have dropped to a level where their return this year is virtually nil. TSX Composite Index currently at 19,177.18 was at 19,384.92 on December 31st. S&P 500 Equal Weight ETF currently at $140.07 was at $140.54 on December 31st

clip_image001

clip_image002

Australia iShares $EWA moved below $21.18 extending an intermediate downtrend.

clip_image003

Copper miners ETF $COPX moved below $35.48 setting an intermediate downtrend.

clip_image004

U.S. REITs iShares $IYR moved below $76.86 extending an intermediate downtrend.

clip_image005

NASDAQ Biotech iShares $IBB moved below $120.50 extending an intermediate downtrend

clip_image006

Dow Jones Industrial Average stocks moving intermediate support included

MMM $MMM on a move below $91.02 to a 10 year low, JP Morgan $JPM on a move below $142.65 and Honeywell $HON on a move below $183.23 and $182.27.

clip_image007

clip_image008

S&P 100 stocks moving below intermediate support included General Electric $GE on amove below $109.94 completing a double top pattern, Danaher $DHR on a move below $242.96, Wells Fargo $WFC on a move below $40.30 and Duke Energy $DUK on a move below $86.04

clip_image009

clip_image010

TSX 60 stocks moving below intermediate support included Brookfield Infrastructure $BIP on a move below US$29.03 to a three year low, Enbridge $ENB.TO on a move below Cdn$44.86 to an 18 month low extending an intermediate downtrend and Telus $T.TO on a move below Cdn$21.93.

clip_image011

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.2nd 2023

clip_image014

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 2nd 2023

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 2nd 2023

clip_image018

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

This is the ONLY Sector Showing STRENGTH Right Now | DecisionPoint Trading Room (10.02.23)

This is the ONLY Sector Showing STRENGTH Right Now | DecisionPoint Trading Room (10.02.23) - YouTube

 

This is Why You Need to BE VERY CAREFUL Where You Invest Right Now! | Your Daily Five (10.02.23)

This is Why You Need to BE VERY CAREFUL Where You Invest Right Now! | Your Daily Five (10.02.23) - YouTube

 

Ed Yardeni expects 2024 to be a strong growth year

Ed Yardeni expects 2024 to be a strong growth year - YouTube

 

The Final Bar with David Keller, CMT | 4pm ET, 1pm PT | Oct. 2nd, 2023

The Final Bar with David Keller, CMT | 4pm ET, 1pm PT | Oct. 2nd, 2023 - YouTube

 

S&P 500 Momentum Barometers

clip_image019

The intermediate term Barometer dropped 3.20 to 12.20. It remains Oversold. Daily downtrend was extended.

clip_image020

The long term Barometer dropped 1.40 to 39.20. It changed from Neutral to Oversold on a drop below 40.00. Daily downtrend was extended.

 

TSX Momentum Barometers

clip_image021

The intermediate term Barometer dropped 5.29 to 16.30. It remains Oversold. Daily downtrend was extended.

clip_image022

The long term Barometer dropped 4.41 to 31.72. 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


More from the network:


Recent News

Gold stocks propelled by gain in metal and equities

May 13, 2024 / www.canadianminingreport.com

Big Gold producers report strong Q1/24 results

May 13, 2024 / www.canadianminingreport.com

Gold stocks decline as metal drop offsets equity risk on

May 06, 2024 / www.canadianminingreport.com

Canadian mining equity capital raising robust in 2023, early 2024

May 06, 2024 / www.canadianminingreport.com

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok