Tech Talk for Friday November 17th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:30 AM EST.

Today is the last trade day for November listed options, futures and futures options.

Index futures unchanged following release of the October U.S. Housing Starts report at 8:30 AM EST. Consensus was a slip to 1.345 million units from 1.358 million units in September. Actual was an increase to 1.372 million units

Applied Materials plunged $11.83 to $142.98 on a report that the company is under federal investigation due to its trade with China.

Gap Inc advanced $2.05 to $15.70 after reporting higher than consensus third quarter results.

Ross Stores gained $7.16 to 127.31 after reporting higher than consensus third quarter results. The company also offered positive guidance.

Analog Devices advanced $3.48 to $183.32 after Morgan Stanley upgraded the stock to Overweight.

EquityClock's Daily Comment

Headline reads "While stocks look exhausted in the short-term, an upside bias is normal through the week of US Thanksgiving".

https://equityclock.com/2023/11/16/stock-market-outlook-for-november-17-2023/

Wolf on Bay Street interview

Don Vialoux was interviewed by Wolfgang Klein and Jack Hardill for the show on Thursday. The show is released at 7:00 PM EST on Saturday on Corus Radio 640.

Technical Notes

U.S. Oil and Gas Exploration and Production SPDRs $XOP moved below $134.99 completing a double top pattern. Responding to lower crude oil prices.

ConocoPhillips $COP an S&P 100 stock moved below intermediate support at $111.11.

Silver ETN $SLV moved above $21.72 setting an intermediate uptrend.

Wheaton Precious Metals $WPM a TSX 60 stock moved above $45.60 resuming an intermediate uptrend.

General Electric $GE an S&P 100 stock moved above $117.88 to a five year high extending an intermediate uptrend.

American Tower $AMT an S&P 100 stock moved above $198.80 extending an intermediate uptrend.

Cisco $CSCO a Dow Jones Industrial Average stock moved below $51.09 extending an intermediate downtrend. The company lowered second quarter guidance.

Algonquin Power $AQN.TO a TSX 60 stock moved above a reverse Head & Shoulders pattern on a move above Cdn$8.11.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov16th 2023

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 Nov.16th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 16th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Three Ways to Stay on the Right Side of the Market | The Final Bar (11.15.23)

Three Ways to Stay on the Right Side of the Market | The Final Bar (11.15.23) - YouTube

Unpacking the S&P 500 Rally and the Catalyst to Higher Markets | Trading Places (11.16.23)

https://www.youtube.com/watch?v=I9j62KCDGJI

BMO’s bullish bet on Biotech

https://www.youtube.com/watch?v=TJb4xNVKgvw

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 3.20 to 66.80. It remains Overbought.

The long term Barometer slipped 1.00 to 51.00. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 1.32 to 57.71. It remains Neutrtal.

The long term Barometer dropped 1.76 to 41.41. It remains Neutral.

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