Tech Talk for Wednesday October 30th 2024

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

Index futures were unchanged following release of third quarter GDP at 8:30 AM EDT. Consensus calls for a 3.1% annualized growth rate versus a 3.0% growth rate in the second quarter. Actual was 2.8%.

Chipotle dropped $2.20 to $58.19 after reporting less than consensus third quarter revenues.

Visa gained $6.56 to $288.44 after reporting higher than consensus fiscal fourth quarter earnings. The company also raised its dividend from $0.53 to $0.59 per share.

Advanced Micro Devices dropped $11.73 to $154.60 after offering fourth quarter guidance below consensus.

First Solar plunged $9.27 to $190.40 after reporting less than consensus third quarter results. The company also lowered guidance for the fourth quarter.

EquityClock's Daily Stock Market

Outlook for October 30th

Home prices are rolling over earlier than average heading into the Fall, a trajectory that bodes poorly for wealth creation through the back half of the year. See:

https://equityclock.com/2024/10/29/stock-market-outlook-for-october-30-2024/

Technical Notes

Alphabet $GOOG moved above $170.44 and $GOOGL moved above $169.16 renewing an intermediate uptrend. After the close, the company reported higher than consensus third quarter revenues and earnings The stock added to gains after the close.

Consumer Staples SPDRs $XLP moved below $80.47 completing a double top pattern.

American Tower $AMT an S&P 100 stock moved below $215.43 completing a Head & Shoulders pattern.

Ross Stores $ROST an S&P 100 stock moved below$138.91 extending an intermediate downtrend.

NextEra Energy $NEE an S&P 100 stock moved below $79.66 completing a double top pattern.

Canadian Tire $CTC.A. TO a TSX 60 stock completed a double top pattern on a move below Cdn$156.08.

BCE $BCE.TO a TSX 60 stock moved below $44.83 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 29th 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 29th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 29th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Top 5 Breadth Indicators You Can’t Afford to Ignore! David Keller

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How Much Longer Can the Bull Market Run? Kevin Mahn

How Much Longer Can the Bull Market Run? - YouTube

Is Bitcoin A Buy Into The Election? What The Chart Says! Guy Adami, Dan Nathan and Carter Worth

Is Bitcoin A Buy Into The Election? What The Chart Says! - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 5.00 to 54.40. It remains Neutral. Daily trend continues down.

The long term Barometer dropped 1.20 to 72.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped another 1.35 to 69.51. It remains Overbought. Daily trend remains down.

The long term Barometer dropped 2.69 to 77.58. 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