Tech Talk for Friday October 11th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were up 4 points at 8:35 AM EDT.

S&P 500 futures added 7 points following release of the U.S. September Producer Price Index at 8:30 AM EDT. Consensus called for a 0.1% increase versus a 0.2% gain in August. Actual was unchanged. On a year-over-year basis, consensus was a 1.6% versus a 1.7% gain in August. Actual was a 1.8% increase. Excluding food and energy, consensus was a 0.2% increase versus a 0.3% gain in August. Actual was a 0.2% increase.

The Canadian Dollar added 0.29 to US72.84 cents following release of Canada's September Employment Report at 8:30 AM EDT. Consensus was a 29,800 increase versus a 22,100 gain in August. Actual was a 46,700 increase. Consensus for the September Unemployment Rate was an increase to 6.7% from 6.6% in August. Actual was a slip to 6.5%

Tesla dropped $15.52 to $238.77 after initial impression of its Robotaxi was under whelming.

JP Morgan added $1.97 to $214.81 after reporting a 3% increase in third quarter earnings. Wells Fargo gained $1.92 to $59.67 despite reporting an 11% decline in third quarter earnings. Both banks reported higher than consensus trading profits.

EquityClock's Stock Market Outlook for October 11th

Initial Claims just jumped to the highest level for October since the period following on the onset of pandemic restrictions in 2020 and 2021. See:

https://equityclock.com/2024/10/10/stock-market-outlook-for-october-11-2024/

Editor's Note: Next Tech Talk report is released on Monday October 21st

Technical Notes

S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$53.69 to an all-time high extending an intermediate uptrend.

20+ Treasury Bond iShares $TLT moved below intermediate support at $94.23.

Illumina $ILMN a NASDAQ 100 stock moved above $144.02 completing a double bottom pattern.

Okta $OKTA a NASDAQ 100 stock moved above $76.59 completing a double bottom pattern. .

Canadian Natural Resources $CNQ.TO a TSX 60 stock moved above intermediate resistance at Cdn$50.26.

Toronto Dominion Bank $TD.TO a TSX 60 stock moved below Cdn$83.68 completing a short term double top pattern. Responding to a larger than expected U.S. Federal Government fine.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 10th 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 October 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

You Can’t Afford to Miss These Breakout Stocks! Tom Bowley

Note comment on Semiconductors and the Travel sector

You Can’t Afford to Miss These Breakout Stocks! - YouTube

Expect a 3-handle on the Fed funds rate by the middle of next year, says Wharton’s Jeremy Siegel

Expect a 3-handle on the Fed funds rate by the middle of next year, says Wharton’s Jeremy Siegel - YouTube

Bank earnings: How will the Fed cut affect outlooks? Macrae Sykes

Bank earnings: How will the Fed cut affect outlooks? - YouTube

CHART THIS with David Keller, CMT Thursday 10/10/24 David Keller

https://www.youtube.com/shorts/WGFSLFxSA_o

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.60 to 71.00. It remains Overbought.

The long term Barometer dropped 1.00 to 75.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 3.14 to 80.72. It remains Overbought.

The long term Barometer added 1.35 to 79.37. 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