Tech Talk for Wednesday November 3rd 2021
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are waiting for news at 2:00 PM EDT from the Federal Reserve on interest rates and tapering of its bond purchases.
Index futures were virtually unchanged following release of the October ADP Employment Report at 8:15 AM EDT. Consensus was a gain of 395,000 versus an increase of 568,000 in September. Actual was an increase of 571,000.
T-Mobile advanced $2.70 to $118.50 after reporting higher than consensus quarterly earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/11/clip_image0011.png "clip_image001[1]")
Pfizer added $0.39 to $45.84 after the CDC backed its COVID 19 vaccine for children aged 5-11.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/11/clip_image0021-2.png "clip_image002[1]")
Bed Bath and Beyond jumped $12.90 to $29.68 after announcing a joint effort \with Kroger to set up an e-commerce in-store pilot.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/11/clip_image0031-1.png "clip_image003[1]")
New York Times advanced $2.20 to $58.00 after reporting higher than consensus third quarter results. The company also raised guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/11/clip_image0041-2.png "clip_image004[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/11/02/stock-market-outlook-for-november-3-2021/
Technical Notes released yesterday at
Small-caps breakout, providing a strong argument to be risk-on in investment portfolios. equityclock.com/2021/11/01/… $IWM $RUT $VTWO $IWN $IWO
Incyte $INCY a NASDAQ 100 stock moved below $64.08 extending an intermediate downtrend.
Goldman Sachs $GS an S&P 100 stock moved above $418.73 to an all-time high extending an intermediate uptrend.
Materials SPDRs $XLB moved above intermediate resistance at $86.25. Seasonality is strongly favourable to the first week in January. If a subscriber to equityclock.com/ see: charts.equityclock.com/mate…
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Nov.2nd 2021
Green: Increase from previous week
Red: Decrease from previous week
Commodities
Daily Seasonal/Technical Commodities Trends for Nov.2nd 2021
Green: Increase from previous week
Red: Decrease from previous week
Sectors
Daily Seasonal/Technical Sector Trends for Nov.2nd 2021
Green: Increase from previous week
Red: Decrease from previous week
All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)
Seasonality Chart of the Day from www.EquityClock.com
Seasonal influences for Canada's six largest banks represented by ZEB.TO are strongly positive on a real and relative basis until the end of November when banks report fourth quarter results
Units are moving higher partially in anticipation later this month of expected reduction or elimination of current OSFI restrictions on dividend payouts and share buybacks.
S&P 500 Momentum Barometer
The intermediate term Barometer added 3.21 to 69.28 yesterday. It remains Overbought and continues to trend up.
The long term Barometer slipped 1.81 to 72.89 yesterday. It remains Overbought.
TSX Momentum Barometer
The intermediate term Barometer added 1.16 to 62.62 yesterday. It remains Overbought.
The long term Barometer slipped 1.29 to 63.59 yesterday. It remains Overbought.
Disclaimer: Seasonality 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
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