Tech Talk for Monday November 10th 2025
U.S. equity index futures were higher this morning. S&P 500 futures were up 64 points at 8:30 AM EST. Futures responded to passage of a bill by the Senate that was required to end the lock down of Federal Government services. Now, the agreement returns to the House of Representatives for a vote on a combined Congressional Bill.
U.S. and Canadian equity exchanges are open for trade tomorrow, but trading activity is expected to be limited. Veterans Day in the U.S. is a federal government holiday. Federal government services and most banks are closed. Remembrance Day in Canada is a statutory holiday in most provinces except Ontario, Quebec and Manitoba. Most government services and federal government regulated services (e.g. banks) are closed. Next Tech Talk report is released on Wednesday November 12th
Nvidia advanced $5.90 to $194.05 after Citigroup raised its target price from $210 to $220.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/11/clip_image0011-1.png "clip_image001[1]")
EquityClock's Market Outlook for November 10th
Looking at November 20th as a potentially important day to buy stocks. See:
https://equityclock.com/2025/11/08/stock-market-outlook-for-november-10-2025/
Technical Scoop for November 10th
from David Chapman and www.EnrichedInvesting.com
https://enrichedinvesting.com/library/
The Bottom Line
U.S. equity indices recovered sharply in the second half of trading on Friday: That's when Democrat members in the Senate offered a proposal to end the federal government shutdown.
Prior to the news, price levels for U.S. and Canadian equity indices, related ETFs and individual equities extended losses for the week. The TSX Composite Index moved below support at 29,802.49 and its 50 day moving average completing a double top pattern. The S&P 500 Index broke below its 50 day moving average but recovered in late trading. The VIX Index spiked to 22.80%, but dropped back to 19.08% in late trading. See the following MarketWatch comment for additional background: https://www.marketwatch.com/story/the-shutdown-is-starting-to-bite-the-economy-top-trump-aide-warns-the-senate-is-struggling-to-make-a-deal-3104a8da?mod=mw_pushly&send_date=20251107
Look for volatility, measured by the VIX Index, to remain elevated this week pending evolution of political events in Washington.
Consensus for Earnings and Revenues for S&P 500 companies
Source: www.factset.com
Analyst earnings and revenue estimates increased significantly again last week thanks to updates following "blow out" earnings released by Microsoft, Alphabet, Apple and Amazon: 91% of S&P 500 companies have reported third quarter results to date: 82% exceeded consensus earnings estimates and 77% exceeded consensus revenue estimates.
- Consensus for third quarter 2025 earnings gains advanced to 13.1% from 10.7% from the previous week. Consensus for third quarter revenue growth increased to 8.3% from 7.9%
- Consensus for fourth quarter 2025 earnings slipped to 7.5% from7.6%. Revenue growth increased to 7.1% from 6.6%. For all of 2025, consensus for earnings growth increased to 11.6% from 11.2%. Consensus for revenue gains increased to 6.8% from 6.6%.
- Consensus for first quarter 2026 earnings growth remained at 11.8%. Consensus for revenue gains increased to 7.7% from 7.4%.
- Consensus for second quarter 2026 earnings growth slipped to 12.7% from 12.8%. Consensus for revenue growth increased to 6.8% from 6.4%.
- For all of 2026, consensus for earnings growth slipped to 13.7% from 14.0%. Consensus for revenue growth increased to 6.9% from 6.8%.
Economic News This Week
U.S. economic data from Federal Government sources are unavailable due to the shutdown.
Bank of Canada's Summary of Deliberations is released at 1:30 PM EST on Wednesday.
Selected Earnings News This Week
Eleven S&P 500 companies (including two Dow Jones Industrial Average companies: Cisco and Walt Disney) and three TSX 60 companies are scheduled to release quarterly results this week.
(Bolded companies are TSX 60 companies)
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 7th 2025
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 November 7th 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 7th 2025
Green: Increase from previous day
Red: Decrease from previous day
Changes last week
Technical Notes for Friday
Australia iShares (EWA) moved below $26.33 completing a double top pattern.
S&P 500 and NASDAQ 100 stocks moving below support setting/extending an intermediate downtrend on Friday included JD.com (JD) on a move below $31.35, Trade Desk (TTD) on a move below $43.10, PayPal (PYPL) on a move below $65.24, NXP Semiconductor (NXPI), Data General (DG) on a move below $95.34, Intuit (INTU) on a move below $641.23, Analog Devices (ADI) on a move below $224.71
Links offered by valued providers
Money Talks with Michael Campbell for November 8th
https://mikesmoneytalks.ca/category/mikes-content/complete-show/
Is It Time To Go To Cash? Mark Leibovit
https://www.howestreet.com/2025/11/is-it-time-to-go-to-cash-mark-leibovit/
Crash & Burn Stocks: How to Trade the Rebound: Valuetrendcanada
https://www.youtube.com/watch?v=dHLi8JbHLLQ
What Interest Rate Cuts Really Mean: Tim Wood
https://www.howestreet.com/2025/11/what-interest-rate-cuts-really-mean-tim-wood/
Natural Gas Surge, M&A Shakeups, and Canada's Energy Policy Pivot: Ninepoint Partners
Natural Gas Surge, M&A Shakeups, and Canada's Energy Policy Pivot - YouTube
After a Volatile Week in the Markets - Here’s Where I Found Strength! Mary Ellen McGonagle
https://www.youtube.com/watch?v=WDG4_ODolCQ
Market Breaks Down, Then Reverses; A Big Bear Market Ahead? Tom Bowley
https://www.youtube.com/watch?v=sweebJ3Y-j4
Weekly Update with Larry Berman – November 8, 2025
https://www.youtube.com/watch?v=egx-3mEBOnc
S&P 500 Rebounds Above 50-Day After Volatile Week | CHART THIS with Dave Keller (Nov 7, 2025)
https://www.youtube.com/watch?v=Q_9yTjVd__Q
This Week in Money: Ross Clark, Jim Rickards, Victor Adair
Why Millionaires Ready to Flee New York and London: Bob Hoye
https://www.howestreet.com/2025/11/why-millionaires-ready-to-flee-new-york-and-london-bob-hoye/
Danielle Park on CBC Weekend Business Panel
https://www.howestreet.com/2025/11/danielle-on-cbc-weekend-business-panel-9/
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.20 on Friday and gained 3.00 last week to 44.00. It returned to neutral from oversold on a recovery above 40.00.
The long term Barometer added 3.00 on Friday and was unchanged last week at 56.00. It remains neutral
TSX Momentum Barometers
The intermediate term Barometer added 4.72 on Friday and slipped 2.07 last week to remain neutral.
The long term Barometer added 0.94 on Friday but slipped 2.45 last week to 77.83. 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
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