Tech Talk for Friday November 1st 2024

U.S equity index futures were higher this morning. S&P 500 futures were up 26 points at 8:35 AM EDT.

S&P 500 futures added 5 points following release of the October Employment Report at 8:30 AM EDT. Consensus for Non-farm Payrolls was 100,000 versus 254,000 in September. Actual was 12,000. Consensus for the Unemployment Rate was unchanged from September at 4.1%. Actual was unchanged. Consensus for Average Hourly Earnings was a 0.3% increase versus an upwardly revised 0.3% gain in September. Actual was a 0.4% gain.

Intel added $1.75 to $23.27 after offering positive fourth quarter guidance.

Apple dropped $3.46 to $222.45 despite reporting higher than consensus third quarter revenues and earnings.

Amazon gained $7.42 to $193.94 after reporting higher than consensus third quarter results. The company also offered positive guidance.

Air Canada is expected to open higher after reporting higher than consensus third quarter earnings. The company also raised guidance for the fourth quarter.

EquityClock's Stock Market Outlook for November 1st

November tends to be a strongly positive month for stocks with the S&P 500 Index gaining an average of 1.9%, based on performance from the past five decades. See:

https://equityclock.com/2024/10/31/stock-market-outlook-for-november-1-2024/

Technical Notes

EAFE iShares $EFA moved below $79.38 extending an intermediate downtrend. Led by a

South Korea iShares $EWY on a break below $59.97!

Emerging Markets ETF $ZEM.TO moved below Cdn$22.42 completing a double top pattern.

Materials SPDRs $XLB moved below $98.84 completing a double top pattern.

Global Base Metals iShares$XBM.TO moved below Cdn$21.48 completing a double top pattern. Individual base metals stocks breaking intermediate support included Southern Copper $SCCO one of the world's largest copper miners on a move below $110.27 and Lundin Mining $LUN.TO on a move below Cdn$13.52.

Notable individual U.S. stocks moving below intermediate support included Microsoft on a move below $408.17, Procter & Gamble on a move below $165.30 and Regeneron on a move below $875.22.

Open Text $OTEX a TSX 60 stock moved below US$32.42 and US$31.01 setting an intermediate downtrend.

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 31st 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 31st 2024

Green: Increase from previous day

Red: Decrease from previous day

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S&P 500 Momentum Barometers

The intermediate term Barometer plunged 7.00 to 47.60. It remains Neutral. Daily downtrend was extended

The long term Barometer dropped 2.80 to 69.20. It remains Overbought. Daily downtrend was extended

TSX Momentum Barometers

The intermediate term Barometer plunged 10.06 to 57.21. It changed from Overbought to Neutral on a move below 60.00. Daily downtrend was extended.

The long term Barometer dropped 4.10 to 72.97. It remains Overbought. Daily downtrend was established.

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