Tech Talk for Tuesday October 8th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points at 8:35 AM EDT.

S&P 500 futures were unchanged following release of the August U.S. trade report at 8:30 AM EDT. Consensus was a $70.8 billion deficit versus a $78.8 billion deficit in July. Actual was a $70.4 billion deficit.

Pepsico dropped $1.97 to $165.24 after lowering revenue guidance.

Sage Therapeutics dropped $0.83 to $5.89 after saying it will cease development of Alzheimer's treatment

Honeywell added $6.17 to $209.50 after announcing spin off of its advanced materials business

Qualcomm dropped $2.05 to $164.89 after KeyBanc downgraded the stock from Overweight to Sector Weight.

EquityClock's stock market outlook for October 8th

Bond prices and rate sensitive sectors may be rolling over from significantly overbought levels, but their rising intermediate-term trends are far from being broken. See:

https://equityclock.com/2024/10/07/stock-market-outlook-for-october-8-2024/

Technical Notes

Energy SPDRs $XLE moved above $93.74 extending an intermediate uptrend.

Energy SPDRs are responding to higher crude oil prices. Crude oil ETN $USO moved above $79.17 extending an intermediate uptrend. Responding to growing Middle East tensions and strength in Hurricane Milton in the Gulf of Mexico!

The $VIX spiked higher, a short term early warning sign for U.S. equity indices. See additional comments on the link by David Keller offered below.

Lithium ETN $LIT moved above $46.57 extending an intermediate uptrend.

Biotech ETF $BBH moved below $174.18 completing a double top pattern.

Gilead $GILD an S&P 100 stock moved above $85.10 to a nine year high extending an intermediate uptrend.

Consolidated Energy $CEIX a NASDAQ 100 stock moved above $107.60 extending an intermediate uptrend.

Imperial Oil $IMO.TO a TSX 60 stock moved above Cdn$105.45 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 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 October 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Weekly Update with Larry Berman – October 5, 2024

Weekly Update with Larry Berman – October 5, 2024 - YouTube

CHART THIS with David Keller, CMT Monday 10/7/24: David Keller

https://www.youtube.com/watch?v=9atmwSv9bt8

Wycoffe Analytics comment on NASDAQ

https://www.youtube.com/shorts/GfUz42G-WAE

Chart of the day: S&P Utilities SPDRs (XLU)

Technical score dropped from 6 to 2 when strength relative to the S&P 500 changed from Positive to Neutral and daily momentum (Stochastics, RSI, MACD) turned down. Long term U.S. treasuries (e.g. TLT, IEF) also were notably weaker, breaking 50 day moving averages.

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 7.60 to 68.40. It remains Overbought. Daily trend has turned down.

The long term Barometer dropped 3.00 to 74.20. It remains Overbought. Daily trend has turned down.

TSX Momentum Barometers

The intermediate term Barometer dropped 5.38 to 77.13. It remains Overbought. Daily trend has rolled over.

The long term Barometer added 0.45 to 80.27. It remains Overbought. Daily trend remains 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