Tech Talk for Thursday November 21st 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 31 points at 8:35 AM EST.

S&P 500 futures added 8 points following release of the November Philly Fed Index at 8:30 AM EST. Consensus was 6.3, down from 10.3 in October. Actual was -5.5

Nvidia dropped $2.44 to $143.45 despite reporting higher than consensus third quarter results and despite positive fourth quarter guidance. However, fourth quarter guidance was slightly less than consensus.

Snowflake advanced $23.85 to $152.97 after reporting higher than consensus third quarter revenues. The company also offered positive fourth quarter guidance.

Dream Finders Homes added $2.27 to $30.18 following its selection to join the S&P SmallCap 600 Index.

Deere advanced $5.24 to $410.20 after reporting higher than consensus fiscal fourth quarter earnings.

EquityClock's Stock Market Outlook for November 21st

Consumer loan activity remains depressed and this remains a burden on the housing market. See:

https://equityclock.com/2024/11/20/stock-market-outlook-for-november-21-2024/

Response to article "Timing the Market is for Suckers" released in the National Post on November 20th 2024

The following comment was emailed to letters@nationalpost.com

The article is biased against investors who use "timing the market" strategies to outperform equity markets. None of the best known Canadian proponents for market timing strategies were interviewed for the article including Hap Sneddon, president of Castlemoore, Jon Vialoux, author of the daily blog www.EquityClock.com, Brooke Thackray, seasonality analyst at Horizons and myself, daily author of the free blog: www.timingthemarket.ca "Timing the market" is not for everyone. It requires a disciplined approach including identification of securities with timely seasonal and technical momentum characteristics and including the use of prudent money management skills to minimize risk.

Don Vialoux

Author of the free daily blog: www.timingthemarket.ca

Past President of the Canadian Society of Technical Analysts

Technical Notes

Target $TGT an S&P 100 stock moved below $130.45 to $164.20 extending an intermediate downtrend. Responded to lower than consensus third quarter results!

Natural Gas ETN $UNG moved above intermediate resistance at US$14.53. Canadian equivalent $HUN.TO also was notably higher. Responded to colder than average weather (including a snow storm) in mid-Canada and U.S.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 20th 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 November 20th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 20th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Be ALERT for Warning Signs – S&P 500 Downturn: Joe Rabil

Be ALERT for Warning Signs – S&P 500 Downturn - YouTube

S&P 500 will hit 7,500 by 2026: Strategist

S&P 500 will hit 7,500 by 2026: Strategist - YouTube

Evercore's Emanuel Sees S&P 500 at 6,600 by Mid-2025

Evercore's Emanuel Sees S&P 500 at 6,600 by Mid-2025 - YouTube

The State of Retail Investing with Robinhood's Steve Quirk

The State of Retail Investing with Robinhood's Steve Quirk - YouTube

Bitcoin hits new record near $95,000 as investors monitor Trump transition: CNBC Crypto World

Bitcoin hits new record near $95,000 as investors monitor Trump transition: CNBC Crypto World - YouTube

CHART THIS with David Keller, CMT Wednesday 11/20/24

https://www.youtube.com/watch?v=IWRv9o_hoFk

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.80 to 55.80. It remains Neutral.

The long term Barometer added 0.80 to 69.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 0.27 to 58.90. It remains Neutral.

The long term Barometer slipped 0.58 to 72.15. 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