Tech Talk for Friday October 4th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 30 points at 8:35 AM EDT.

Index futures added 16 points following release of the U.S. September Employment Report at 8:30 AM EDT. Consensus for Non-farm Payrolls was a 144,000 increase versus a 142,000 in August. Actual was a 254,000 increase. Consensus for the September Unemployment Rate was unchanged from August at 4.2%. Actual was a drop to 4.1%. Consensus for September Average Hourly Earnings was a 0.3% increase versus a 0.4% gain in August. Actual was a 0.4% increase.

Humana dropped another $0.84 to $240.96 after Bank of America downgraded the stock to sell.

SilverCrest Metals added $1.10 to $10.39 after agreeing to a merger with Coeur Mining in a deal valued at $1.7 billion.

Apogee Enterprises gained $5.86 to $74.29 after issuing positive earnings guidance.

Rivian dropped $0.95 to $9.83 after lowering its production outlook.

Equity Clock – Market Outlook for October 4, 2024

The fundamentals behind the seasonal trade in Natural Gas continue to evolve favourably, warranting the ongoing accumulation of exposure to the commodity. See:

https://equityclock.com/2024/10/03/stock-market-outlook-for-october-4-2024/

Technical Notes

Energy SPDRs $XLE responded to increasing Middle East conflict pressures. WTI Crude 0il gained more than 3%. XLE moved above intermediate resistance at $91.24.

Adobe $ADBE an S&P 100 stock moved below $500.00 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 3rd 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 3rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 3rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

September ISM services beats expectations with best number since February ’23

September ISM services beats expectations with best number since February ’23 - YouTube

Tech Earnings Could Drive Market "Much, Much Higher"

Tech Earnings Could Drive Market "Much, Much Higher" - YouTube

October will be a ‘hard month’ for PMI data: Economist

October will be a ‘hard month’ for PMI data: Economist - YouTube

Don’t Miss These Under the Radar Stocks! Tom Bowley

Note seasonality study

Don’t Miss These Under the Radar Stocks! - YouTube

Valuation Bubble Trouble? Guy Adami and Dan Nathan

Note chart showing changes in third quarter earnings expectations.

Valuation Bubble Trouble? - YouTube

CHART THIS with David Keller, CMT Thursday 10/3/24

https://www.youtube.com/watch?v=s1v9BFzUleo

Chart of the day: Gasoline ETN (UGA)

Technical score increased from 0 to 6 when intermediate trend changed from down to up, strength relative to S&P 500 changed from neutral to positive, units remained above their 20 day moving average and daily momentum indicators (Stochastics, RSI, MACD) continued moving higher. Related commodities (i.e. crude oil heating oil, natural gas) and their related equities/ETFs also recorded positive technical action.

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.00 to 73.20. It remains Overbought.

The long term Barometer dropped 1.80 to 75.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 0.90 to 80.72. It remains Overbought. Daily trend remains up.

The long term Barometer was unchanged at 78.92. 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