Tech Talk for Wednesday November 15th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points at 8:35 AM EST.

S&P 500 futures slipped 5 points following release of economic news at 8:30 AM EST:

U.S. October Producer Price Index was expected to increase 0.1% versus a gain of 0.5% in September. Actual was a decrease of 0.5%. Excluding food and energy, October PPI was expected to increase 0.2% versus a gain of 0.3% in September. Actual was an increase of 0.1%

U.S. October Retail Sales were expected to drop 0.1% versus a gain of 0.7% in September. Actual was a drop of 0.1%.

November Empire State Manufacturing Survey was expected to recover to -2.60 from -4.60 in October. Actual was a recovery to +9.10.

Loblaw Companies (L-TO $123.03) is expected to open higher after reporting higher than consensus third quarter earnings.

Molson Coors added $0.24 to $59.98 after Moody's upgraded its senior debt to Baa2.

Advanced Auto Parts dropped $2.36 to $55.78 after the company reduced its full year outlook.

EquityClock's Daily Comment

Headline reads "With the bearish thesis breaking down, portfolio managers may be forced to neutralize negative bets further through the weeks ahead".

https://equityclock.com/2023/11/14/stock-market-outlook-for-november-15-2023/

Technical Notes

Long term U.S. Treasury yields moved below 4.53% completing a short term Head & Shoulders pattern following release of the lower than consensus October CPI report at 8:30 AM EST.

The U.S. Dollar Index and its related ETN: UUP broke below a modified double top pattern on a move below $29.61

Lower interest rates and weakness in the U.S. Dollar prompted strength in U.S. equity prices. Prominent U.S. listed ETFs moving above intermediate resistance included XLK (all-time high), SMH (all-time high), XLY, XLI, XLF, XLC, EFA, RSP, SOXX, PPA

S&P 100 and NASDAQ 100 stocks moving above intermediate resistance included AMZN, LULU, AXP, BK, MELI, C, TTWO, CDW, FAST, PCAR, MCHP

Base metal stocks moving above intermediate resistance in response to a drop in the U.S. Dollar included BHP, Rio Tinto, VALE and Teck Resources. Teck also responded to sale of its Canadian coal assets.

Canadian Financial Services iShares $XFN.TO moved above intermediate resistance at Cdn$43.20 .

Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$184.43 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov14th 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 Nov.14th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 14th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Futures Scream Higher With Tame Inflation Data | Trading Places (11.14.23)

Futures Scream Higher With Tame Inflation Data | Trading Places (11.14.23) - YouTube

Sector Rotation and Macro Insights for the Economic Cycle! | Sector Spotlight (11.13.23)

Sector Rotation and Macro Insights for the Economic Cycle! | Sector Spotlight (11.13.23) - YouTube

There’s incredible potential for growth in India, says Mobius Investment’s Mark Mobius

There’s incredible potential for growth in India, says Mobius Investment’s Mark Mobius - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer jumped 18.40 to 66.40. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer advanced 9.40 to 51.00. It remains Neutral. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer jumped 15.42 to 57.71. Daily uptrend resumed.

The long term Barometer advanced 5.29 to 44.05. It changed from Oversold to Neutral on a move above 40.00.

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