Tech Talk for Thursday October 31st 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 37 points at 8:35 AM EDT.

S&P 500 futures slipped 3 points following release of September U.S. Personal Income at 8:30 AM EDT. Consensus was a 0.4% increase versus a 0.2% gain in August. Actual was a 0.3% increase. Consensus for September U.S. Personal Spending was a 0.4 increase versus a 0.2% gain in August. Actual was a 0.5% increase.

The Canadian Dollar slipped 0.05 to US 71.85 cents following release of Canada's August GDP report at 8:30 AM EDT. Consensus was unchanged versus a 0.2% gain in July. Actual was unchanged

Microsoft dropped $16.03 to $416.50 after reporting higher than consensus fiscal first quarter expenses.

Meta Platform dropped $18.80 to $573.00 despite reporting higher than consensus third quarter earnings.

eBay dropped $4.52 to $58.11 after reporting less than consensus third quarter revenues.

EquityClock's Stock Market Outlook for October 31st

Credit balances in margin accounts, indicative of short positions, showed the second strongest September increase on record, a monthly surge that typically bodes well for stocks. See:

https://equityclock.com/2024/10/30/stock-market-outlook-for-october-31-2024/

Technical Notes

Europe iShares $IEV moved below intermediate support at $55.56.

Visa $V a Dow Jones Industrial Average stock moved above $293.07 to an all-time high extending an intermediate uptrend

Cadence Design Systems $CDNS a NASDAQ 100 stock moved above $287.47 resuming an intermediate uptrend.

Kraft Heinz $KHC an S&P 100 stock moved below $33.91 completing a double top pattern.

Eli Lilly $LLY an S&P 100 stock moved below $858.81 completing a double top pattern. The company reported less than consensus quarterly results.

CDW $CDW a NASDAQ 100 stock moved below $205.36 extending an intermediate downtrend.

Pepsico $PEP a NASDAQ 100 stock moved below $166.46 extending an intermediate downtrend.

American Electric Power $AEC a NASDAQ 100 stock moved below $97.04 completing a double top pattern.

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 30th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 30th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Time to shift from S&P 500 to TSX: Rosenberg Research

Time to shift from S&P 500 to TSX: Rosenberg Research - YouTube

A Simple Candle With BIG Meaning: Joe Rabil

A Simple Candle With BIG Meaning - YouTube

Microsoft & Meta Earnings Preview: Guy Adami, Dan Nathan and Liz Young Thomas

Microsoft & Meta Earnings Preview - YouTube

CHART THIS with David Keller, CMT Wednesday 10/30/24

https://www.youtube.com/watch?v=j_6p1LBGiO8

Gold versus Bitcoin: Carter Worth

Crypto vs Gold!! #crypto #bitcoin #gold #stockmarketnews #investing #sp500 - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.20 to 54.60. It remains Neutral.

The long term Barometer slipped 0.60 to 72.00. It remains Overbought. Daily trend remains down.

TSX Momentum Barometers

The intermediate term Barometer dropped another 2.24 to 67.26. It remains Overbought. Daily trend remains down.

The long term Barometer slipped 0.45 to 77.13. 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