Tech Talk for Wednesday October 23rd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points at 8:30 AM EDT.

Bank of Canada issues an economic outlook statement at 9:45 AM EDT. Consensus calls for a 0.50% drop in the Bank's lending rate.

McDonald's dropped $21.69 to $293.00 after confirming an E.coli outbreak at 10 of its western U.S. restaurants had infected 49 people and killed one person.

Starbucks dropped $3.82 to $93.25 after issuing an earnings warning for its fiscal fourth quarter. The company also withdrew its fiscal 2025 guidance. The stock completed a double top pattern on a move below $94.18.

Texas Instruments added $7.24 to $201.21after reporting higher than consensus third quarter results.

Enphase dropped $7.23 to $85.00 after reporting less than consensus third quarter results.

EquityClock's Stock Market Outlook for October 23rd

Homebuilding stocks seasonally flourish between now and the spring, but the technicals and fundamentals are not providing the setup to be excited by this trade. See:

https://equityclock.com/2024/10/22/stock-market-outlook-for-october-23-2024/

Technical Notes

Home Builders SPDRs $XHB moved below $119.05 completing a double top pattern.

Weakness in Home Builders was triggered with a drop by DR Horton $DHI) on a move below $181.62 and $181.27 completing a short term Head & Shoulders pattern.

MMM $MMM a Dow Jones Industrial Average stock moved above $140.72 to a three year high following release of better than consensus third quarter results and after offering positive fourth quarter guidance. The stock came under profit taking pressures shortly after release of results.

General Motors $GM an S&P 100 stock moved above $50.37 after reporting higher than consensus third quarter results.

Philip Morris an S&P 100 stock moved above $126.80 to an all-time high extending an intermediate uptrend.

Verizon $VZ a Dow Jones Industrial Average stock moved below $39.07 completing a short term Head & Shoulders pattern. The company reported less than consensus third quarter results.

Danaher $DHR an S&P 500 stock moved below $260.83 completing a double top pattern.

George Weston $WN.TO a TSX 60 stock moved below Cdn$217.34 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

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 22nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 22nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

CHART THIS with David Keller, CMT Tuesday 10/22/24

https://www.youtube.com/watch?v=sz-6TuG_740

Legendary investor Paul Tudor Jones: I am clearly not going to own any fixed income

Legendary investor Paul Tudor Jones: I am clearly not going to own any fixed income - YouTube

Stock Volatility Ahead? Guy Adami and Dan Nathan

Stock Volatility Ahead? - YouTube

Seasonals have set up a nice cyclical trade from now through 2025, says Renaissance’s Jeff deGraaf

Seasonals have set up a nice cyclical trade from now through 2025, says Renaissance’s Jeff deGraaf - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.60 to 66.00. It remains Overbought. Daily trend has turned down.

The long term Barometer dropped 1.80 to 76.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 0.45 to 78.48. It remains Overbought.

The long term Barometer dropped 2.24 to 78.48. 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