Tech Talk for Thursday November 14th 2024

Pre-opening Comments for Thursday November 14th

U.S. equity index futures were mixed this morning. S&P 500 futures were down 1 point at 8:35 AM EDT.

S&P 500 futures dropped 8 points following release of the October U.S. Producer Price Index at 8:30 AM EST. Consensus was a 0.2% increase versus no change in September. Actual was a 0.2% increase. On a year-over-year basis, consensus was a 2.3% increase versus a 1.8% increase in September. Actual was a 2.4% increase. Excluding food and energy, consensus was a 0.3% increase versus a 0.2% increase in September. Actual was a 0.3% increase. On a year-over-year basis, consensus for core PPI was a 2.9% increase versus a 2.8% increase in September Actual was a 3.1% increase.

Beazer Homes advanced $2.44 to $34.40 after the company reported higher than consensus fiscal fourth quarter revenues.

Walt Disney advanced $8.47 to $111.19 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

Cisco dropped $0.16 to $59.02 after reporting lower fourth quarter revenues.

EquityClock's Stock Market Outlook for November 14th

CPI results continue to reiterate a discerning consumer mentality, requiring a focus on Consumer Services companies over Consumer Goods during this prime end-of-year spending period. See:

https://equityclock.com/2024/11/13/stock-market-outlook-for-november-14-2024/

Technical Notes

Canadian Dollar dropped below US71.55 to a four year low extending a long term downtrend.

Europe iShares $IEV moved below $52.76 extending an intermediate downtrend.

S&P 100 and NASDAQ 100 stocks moving above resistance extending intermediate uptrends included Intuit on a move above $703.15 (to an all-time high), MongoDB on a move above $300.00, Workday on a move above $300.00, Charles Schwab on a move above $78.90 and Okta on a move above $79.47 (completing a double bottom pattern).

KLA Corp $KLAC a NASDAQ 100 stock moved below $646.82 extending an intermediate downtrend.

Linde $LIN a NASDAQ 100 stock moved below $453.50 setting an intermediate downtrend.

Links offered by valued providers

Small Caps EXPLODING! How to Profit from the Russell 2000 Breakout: Guy Adami, Danny Moses and Liz Young

https://www.youtube.com/watch?v=TFHTsJnStyY&t=131s

Are Extremely Overbought Conditions Good or Bad for Stocks? David Keller

Are Extremely Overbought Conditions Good or Bad for Stocks? - YouTube

What Trump win means for Canada and the loonie: Financial Post

What Trump win means for Canada and the loonie - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.80 to 62.40. It remains Overbought.

The long term Barometer slipped 0.40 to 71.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped another 3.17 to 52.05. It remains Neutral. Daily downtrend was extended.

The long term Barometer slipped another 0.90 to 69.68. It remains Overbought. 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