Tech Talk for Friday November 8th 2024

U.S. equity index futures were mixed this morning. S&P 500 futures down 2 points at 8:35 AM EST.

The Canadian Dollar was unchanged at US71.90 cents following release of Canada's October Employment Report at 8:30 AM EST. Consensus was a 27,200 increase versus a 46,700 gain in September. Actual was a 14,500 increase. Consensus was an increase in the Unemployment to 6.6% from 6.5% in September. Actual was unchanged at 6.5%.

AirBNB advanced $10.14 to $157.41 after reporting higher than consensus third quarter revenues.

Pinterest dropped $4.19 to $29.75 after lowering guidance.

DraftKings dropped $2.74 to $36.24 after lowering guidance.

Expedia advanced $8.97 to $183.10 after raising its full year outlook.

EquityClock's Stock Market Outlook for November 8th

The fundamentals surrounding Agriculture are failing to present a backdrop that is enticing to the seasonal trade in the industry through the end of the year. See:

https://equityclock.com/2024/11/07/stock-market-outlook-for-november-8-2024/

Responses to FOMC Announcement

At 2:00 PM EST yesterday, the FOMC lowered the Fed Fund Rate by 0.25% to 4.50%-4.75% Response to the news was as follow:

S&P 500 recorded a modest gain after 2:00 PM

The U.S. Dollar ETN recorded a slight drop

20+ Treasury Bond ETF price was virtually unchanged

Bank SPDRs $KBE and $KRE moved lower

Gold prices moved modestly higher. Ditto for gold equity ETFs (e.g. GDX)

Technical Notes

Canada iShares $EWC moved above US$42.17 to an all-time high extending an intermediate uptrend.

Global Base Metals iShares $XBM.TO moved above Cdn$22.95 setting a new intermediate uptrend.

Match Group $MTCH a NASDAQ 100 stock plunged below $33.37 completing a double top pattern. The company reported lower than consensus third quarter earnings.

American Electric Power $AEP a NASDAQ 100 stock moved below $95.95 completing a Head & Shoulders pattern

Shopify $SHOP.TO a TSX 60 stock moved above Cdn$115.93 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 7th 2024

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 November 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

It's GAME ON for These Stocks: Joe Rabil

It's GAME ON for These Stocks - YouTube

What to expect in the first 100 days of Trump's 2nd term: CBC News

What to expect in the first 100 days of Trump's 2nd term - YouTube

Trump's Victory Sent Stocks SOARING: Tom Bowley

Trump’s Victory Sent Stocks SOARING - YouTube

Navigating the Post-Election Rally: Guy Adami, Dan Nathan and Carter Worth

Navigating the Post-Election Rally - YouTube

S&P 500 in a 'mania' as stock-market rally overshoots, says Wall Street bear

https://www.marketwatch.com/story/s-p-500-in-a-mania-as-stock-market-rally-overshoots-says-wall-street-bear-eb83e771?mod=mw_pushly&send_date=20241107

S&P 500 Momentum Barometers

The intermediate term Barometer added another 2.00 to 64.50. It remains Overbought. Daily trend is up.

The long term Barometer slipped 0.20 to 74.40. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added another 4.81 to 68.33. It remains Overbought. Daily trend is up.

The long term Barometer added 1.69 to 76.02. It remains Overbought.

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