Tech Talk for Friday October 6th 2023

Monday (October 9th) is Canadian Thanksgiving.  We shall return on Tuesday (10th) with the next Tech Talk report.

Pre-opening Comments for Friday October 6th

Equity index futures were higher this morning. S&P 500 futures were down 30 points at 8:35 AM EDT.

Index futures plunged 33 points following release of the September Employment Report at 8:30 AM EDT. Consensus for Non-farm Payrolls was a drop to 170,000 from upwardly revised 227,000 in August. Actual was an increase of 336,000. Consensus for the Unemployment Rate was a slip to 3.7% from 3.8% in August. Actual was unchanged at 3.8%. Consensus for Hourly Earnings was an increase of 0.3% from 0.2% in August. Actual was an increase of 0.2% On a year-over-year basis, consensus for Hourly Earnings was an increase of 4.3% versus a gain of 4.3% in August. Actual was an increase of 4.2%.

The Canadian Dollar added 0.05 to US72.92 cents following release of Canada's September Employment Report at 8:30 AM EDT. Consensus was an increase in employment by 20,000 versus a gain of 39,900 in August. Actual was an increase of 63,800. Consensus was an increase in the Unemployment Rate to 5.6% from 5.5% in August. Actual was unchanged at 5.5%.

Levi Strauss slipped $0.35 to $12.86 after reporting less than consensus fiscal third quarter revenues and earnings.

Pioneer Natural Resources added $1.03 to $215.99 on news that Exxon Mobil is considering purchase of the company. Value of the offer, if made, would approximate $60 billion.

AutoZone dropped $28.91 to $2498.01 after Oppenheimer downgraded the stock from Outperform to Perform.

EquityClock's Daily Comment

Headline reads "Short-term breadth indicators indicate that this market is oversold around levels of significant support".

https://equityclock.com/2023/10/05/stock-market-outlook-for-october-6-2023/

Wolf on Bay Street

Don Vialoux was a guest on "Wolf on Bay Street" available on Saturday at 7:00 PM EDT on Corus Radio 640. Focus was on an outlook for North American equity markets to the end of the year.

Technical Notes

Crude oil prices and gasoline prices plunged.

Ironically, natural gas ETN $UNG moved above intermediate resistance at $7.16 and natural gas futures broke above $3.02 per MMBtu extending an intermediate uptrend.

Texas Instruments $TXN an S&P 100 stock moved below $157.37 extending an intermediate downtrend.

Keurig Dr. Pepper $KDP an S&P 100 stock moved below $30.26 extending an intermediate downtrend.

Kraft Heinz $KHC an S&P 100 stock moved below $32.42 extending an intermediate downtrend.

Schlumberger $SLB an S&P 100 stock moved below intermediate support at $55.29, Responding to lower crude oil prices?

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.5th 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 October 5th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 5th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

This is How "Higher Rates For Longer" Could Impact The Market | Trading Places (10.05.23)

https://www.youtube.com/watch?v=9QUj60V0dXQ

The Most Important Moving Average To Boost Your Investing Success | Stock Talk (10.05.23)

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

Major indexes could hit new 2023 lows if jobs data comes in hot, says Ritholtz’s Josh Brown

https://www.youtube.com/watch?v=1BYfJUJXXkY

Uranium Rally Gains Power in September

Sprott Uranium Report: Uranium Rally Gains Power in September

Mark Hulbert: The stock market is building up to a major 'buy' signal

https://www.marketwatch.com/story/the-stock-market-is-building-up-to-a-major-buy-signal-d30fc7bd?mod=mw_pushly&send_date=20231005

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.20 to 12.40. It remains Oversold.

The long term Barometer slipped 0.80 to 36.60. It remains Oversold. Daily downtrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 1.82 to $13.72. It remains Oversold.

The long term Barometer added 1.46 to 30.53. It remains Oversold.

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