Tech Talk for Friday November 3rd 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:35 AM EDT.

S&P 500 futures gained 19 points following release of the October U.S. Employment Report at 8:30 AM EDT. October Non-farm Payrolls was expected to drop to 188,000 from 336,000 in September. Actual was a drop to 150,000. October Unemployment Rate was expected to remain unchanged from September at 3.8%. Actual was an increase to 3.9%. October Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.2% in September. Actual was an increase of 0.2%. On a year-over-year basis, consensus was an increase of 4.0% versus a gain of 4.2% in September. Actual was an increase of 4.1%.

The Canadian Dollar added 0.13 to US72.93 cents following release of the October Canadian Employment Report at 8:30 AM EDT. Consensus for Employment Change was an increase of 20,000. Actual was an increase of 17,500. Consensus for the October Unemployment Rate was an increase to 5.6% from 5.5% in September. Actual was an increase to 5.7%.

Apple dropped $6.53 to $171.00 after reporting a decline in fiscal fourth quarter revenues.

Expedia advanced $8.39 to $103.23 after reporting higher than consensus third quarter earnings.

Yelp added $2.27 to $44.80 after reporting higher than consensus quarterly earnings.

EquityClock's Daily Comment

Headline reads "The S&P 500 Index has retraced its recent losses to reach back to the upper limit of its short-term declining trend channel".

https://equityclock.com/2023/11/02/stock-market-outlook-for-november-3-2023/

Technical Notes

The Canadian Dollar spiked higher following news yesterday by the FOMC that triggered weakness in the U.S. Dollar Index. TSX Composite Index and related S&P/TSE 60 Index responded to U.S. Dollar weakness by moving smartly higher.

TSX 60 stocks moving above intermediate resistance included BCE, Telus, Shopify, Fortis, George Weston, Thomson Reuters, Rogers Communications and Enbridge.

Consumer Staples SPDRs $XLP moved above $68.55 completing a double bottom pattern.

Italy iShares $EWI moved above intermediate resistance at $30.83

S&P 100 stocks moving above resistance extending intermediate uptrends included

Starbucks $SBUX on a move above $95.66 and $99.72, Pepsico $PEP on a move above $165.44,

Exelon $EXC on a move above $40.67 and American International Group $AIG on a move above $63.65.

Walmart $WMT a Dow Jones Industrial Average stock moved above $165.85 to an all-time high extending an intermediate uptrend.

BMO Equal Weight Oil ETF $ZEO.TO moved above Cdn$66.60 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.2nd 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.2nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 2nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The S&P 500 Correction Is OVER! | Trading Places (11.02.23)

The S&P 500 Correction Is OVER! | Trading Places (11.02.23) - YouTube

Wharton’s Jeremy Siegel: I do think we’re going to have a year-end rally in 2023

Wharton’s Jeremy Siegel: I do think we’re going to have a year-end rally in 2023 - YouTube

Signs of Top in Rates As Fed Says NO CHANGE | The Final Bar (11.01.23)

Signs of Top in Rates As Fed Says NO CHANGE | The Final Bar (11.01.23) - YouTube

Monthly Charts Suggest Downside Risk is Limited | Sector Spotlight (11.01.23)

Monthly Charts Suggest Downside Risk is Limited | Sector Spotlight (11.01.23) - YouTube

Technical Chart of the Day

Technical score for TSX Infrastructure iShares increased from -2 to +2

Intermediate trend: Remains down Score: -2

Strength relative to SPX: Changed from Neutral to Positive. Score: 0 to +2

20 day Moving Average: Moved above 20 day. Score -1 to +1

Daily momentum (Stochastics, RSI, MACD): Up extended. Score: +1

New score -2 to +2

Seasonal influences turn favourable on November 15th

S&P 500 Momentum Barometers

The intermediate term Barometer jumped 16.00 to 41.20. It changed from Oversold to Neutral on a move above 40.00.

The long term Barometer advanced 6.60 to 40.60. It changed from Oversold to Neutral on a move above 40.00.

TSX Momentum Barometers

The intermediate term Barometer jumped 14.10 to 47.58. It changed from Oversold to Neutral on a move above 40.00.

The long term Barometer advanced 3.96 to 37.89. It remains Oversold. Daily uptrend was extended.

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