Tech Talk for Tuesday October 22nd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points at 8:30 AM EDT.

Nucor dropped $4.41 to $151.70 after reporting lower third quarter earnings. The company also offered lower fourth quarter revenue guidance.

Zion Bancorp added $2.86 to $52.30 after reporting higher than consensus third quarter results.

Nike added $$0.40 to $81.77 after extending its partnership deal with sports franchises.

General Motors added $0.34 to $49.27 after reporting higher than consensus third quarter results.

EquityClock's Stock Market Outlook for October 22nd

The market is increasingly pricing in a Trump win. See:

https://equityclock.com/2024/10/21/stock-market-outlook-for-october-22-2024/

Technical Notes

Solar ETN $TAN moved below $37.33 to a four year low extending an intermediate downtrend.

Nvidia $NVDA moved above $140.75 to an all-time high extending an intermediate uptrend.

ON Semiconductor $ON a NASDAQ 100 stock moved below $66.18 setting an intermediate downtrend.

Texas Instruments $TXN an S&P 100 stock moved below $195.67 completing a double top pattern.

General Dynamics $GD an S&P 100 stock moved above $239.09 to an all-time high extending an intermediate uptrend.

Fortis $FTS.TO a TSX 60 stock moved above Cdn$66.29 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 21st 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 21st 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 21st 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The U.S. continues to surprise to the upside, says Ed Yardeni

The U.S. continues to surprise to the upside, says Ed Yardeni - YouTube

Bitcoin, Energy & Election Speculation: What Charts Are Saying: Guy Adami, Liz Young

https://www.youtube.com/watch?v=M0FtfKyrdoY

CHART THIS with David Keller, CMT Monday 10/21/24

https://www.youtube.com/watch?v=3hnyHwlFsA8

Market still in ‘buy the dip’ mode, says Fundstrat’s Tom Lee

Market still in ‘buy the dip’ mode, says Fundstrat’s Tom Lee - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.60 to 71.60. It remains Overbought.

The long term Barometer dropped 2.00 to 77.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 1.35 to 78.92. It remains Overbought.

The long term Barometer added 0.45 to 80.72. 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