Tech Talk for Tuesday November 4th 2025

U.S. equity index futures were sharply lower this morning. S&P 500 futures were down 79 points at 8:30 AM EDT.

Today is Election Day in the U.S. and Federal Budget Day in Canada.

Franco-Nevada (FNV) added $1.01 to US$188.88 after reporting record third quarter revenues and earnings.

Starbucks (SBUX) gained $1.54 to $82.50 after announcing a joint venture with a company in China.

Clorox (CLX) added $2.86 to $112.00 after reporting higher than consensus third quarter results. Seasonal influences are favourable until March 28th. See seasonality chart at www.EquityClock.com

Palantir dropped $3.97 to $203.21 despite reporting record third quarter revenues and earnings. The company also offered favourable guidance.

EquityClock's Market Outlook for November 4th

US Supreme Court ruling on tariffs could be highly influential to the performance of the dollar, stocks, and bonds in the near-term. See:

https://equityclock.com/2025/11/03/stock-market-outlook-for-november-4-2025/

Technical Notes

U.S. Dollar Index ETN (UUP) moved above $27.92 and $28.11 completing a reverse Head & Shoulders pattern. Conversely, the Canadian Dollar dropped US$0.22 to US71.15 cents, a seven month low.

Home Builders SPDRs (XHB) moved below $103.39 setting an intermediate downtrend.

Global Timber iShares (WOOD) moved below $68.69 extending an intermediate downtrend.

S&P 100 and NASDAQ 100 stocks breaking resistance extending an intermediate uptrend include IDEXX Laboratories (IDXX) on a move above $688.12, Tesla (TSLA) on a move above $470.75 and Mongo DB (MDB) on a move above $688.12. Seasonal influences on IDEXX are favourable until March 1st. Seasonal influences for Tesla and Mongo DB are favourable until mid-February. See seasonality charts at www.EquityClock.com

S&P 100 and NASDAQ 100 stocks breaking support extending an intermediate downtrend include Home Depot (HD) on a move below $374.78 and UnitedHealth Group (UNH) on a move below $332.60

WSP Global (WSP.TO) a TSX 60 stock moved below Cdn$269.15 and Cdn$266.35 completing a double top pattern.

Canadian Pacific (CP.TO) a TSX 60 stock moved below Cdn$99.61 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 3rd 2025

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 3rd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 3rd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The S&P 500 could reach 7,500 by year-end, says Fundstrat’s Tom Lee

The S&P 500 could reach 7,500 by year-end, says Fundstrat’s Tom Lee - YouTube

Earnings Growth Will Be Better Than Expected, Morgan Stanley’s Wilson Says

Earnings Growth Will Be Better Than Expected, Morgan Stanley’s Wilson Says - YouTube

Market Events This Week: Earnings, Jobs Report, M&A Heat Up: Kevin Green

Market Events This Week: Earnings, Jobs Report, M&A Heat Up - YouTube

10 Stocks With Surging Momentum | Weekly Market Recap: Tom Bowley

10 Stocks With Surging Momentum | Weekly Market Recap - YouTube

Thorne: Overweight Portfolios on A.I., Top Picks in NVDA, MU & CCJ

Thorne: Overweight Portfolios on A.I., Top Picks in NVDA, MU & CCJ - YouTube

What Are We Euphoric About? Guy Adami and Dan Nathan

https://www.youtube.com/watch?v=kFfc256MMZY

Market weakness under the surface: Here’s what you need to know: CNBC

Market weakness under the surface: Here’s what you need to know - YouTube

Brian Belski’s bull case for the market

Brian Belski’s bull case for the market - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.20 to 38.80. It changed from Neutral to Oversold on a drop below 40.00.

The long term Barometer dropped 1.20 to 54.30. It remains Neutral. Daily trend is down.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.35 to 57.75. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer was unchanged at 80.00. 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