Tech Talk for Wednesday October 2nd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points at 8:30 AM EDT.

WTI Crude Oil added $2.38 to $72.21 per barrel due to growing tensions between Israel and Iran.

Nike dropped $4.43 to $84.70 after reporting less than consensus fiscal first quarter earnings and after withholding guidance for fiscal 2025.

Humana dropped $68.75 to $210.90 due to Medicare Advantage troubles.

Ford slipped another $0.05 to $10.70 following start of the East Coast port strike that will impair the company's production.

EquityClock's Stock Market Outlook for October 2nd

The trend of hiring is showing the weakest performance in the history of the Job Openings and Labor Turnover (JOLT) survey. See:

https://equityclock.com/2024/10/01/stock-market-outlook-for-october-2-2024/

Technical Notes

Crude oil prices and energy equity prices moved sharply higher following launch of a missile attack on Israel by Iran. The VIX Index spiked higher.

Turkey iShares $TUR moved below $35.10 extending an intermediate downtrend.

Corn ETN $CORN moved above $18.50 completing a reverse Head &Shoulders pattern.

Raytheon Technologies $RTX an S&P 100 stock moved above $123.70 to an all-time high extending an intermediate uptrend. One of many defense stocks that moved higher!

Ross Stores $ROSS a NASDAQ 100 stock moved below $148.23 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 1st 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 1st 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 1st 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

A lot of good things going for the market in the near term, says SoFi’s Liz Young Thomas

A lot of good things going for the market in the near term, says SoFi’s Liz Young Thomas - YouTube

Bill Baruch's SPX Support & Resistance Levels

Bill Baruch's SPX Support & Resistance Levels - YouTube

Port strike will push U.S. into a recession if it lasts more than a month: Sea-Intelligence CEO

Port strike will push U.S. into a recession if it lasts more than a month: Sea-Intelligence CEO - YouTube

The volatility of the VIX has picked substantially, says RBC’s Amy Wu Silverma

The volatility of the VIX has picked substantially, says RBC’s Amy Wu Silverman - YouTube

Equities tend to rally after election uncertainty is resolved, says Goldman’s David Kostin

Equities tend to rally after election uncertainty is resolved, says Goldman’s David Kostin - YouTube

CHART THIS with David Keller, CMT Tuesday 10/1/24

https://www.youtube.com/watch?v=VFjQA0ISXSY

Chart of the day: CRB Index (Commodity iShares: GSG)

See changes in technical score above from -2 to +4

$&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.20 to 79.00. It remains Overbought.

The long term Barometer dropped 2.80 to 78.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 2.24 to 80.72. It remains Overbought. Daily trend remains up.

The long term Barometer added 1.35 to 79.37. 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