Tech Talk for Wednesday November 8th 2023

U.S. equity index futures were mixed this morning. S&P 500 futures were up 2 points at 8:30 AM EDT.

Traders are cautious ahead of US Federal Reserve Chair Jerome Powell's speech later today.

Gilead added $1.29 to $82.00 after reporting higher than consensus third quarter earnings. The company also offer positive guidance for the fourth quarter.

Rivian advanced $0.48 to $17.90 after reporting higher than consensus quarterly earnings.

Robinhood dropped $0.31 to $9.49 after reporting less than consensus third quarter revenues.

eBay dropped $1.72 to $39.05 after the company reported lower than consensus profit margins.

EquityClock's Daily Comment

Headline reads "The price of oil is presently within its weakest time of year, but the pullback that is being realized provides the opportunity to buy into weakness".

https://equityclock.com/2023/11/07/stock-market-outlook-for-november-8-2023/

Technical Notes

S&P 500 Index closed above its October 11th closing high at 4,373.60. Intermediate trend changed from Down to Neutral.

Energy SPDRs $XLE extended an intermediate downtrend following completion of a double top pattern.

NASDAQ 100 Index $NDX moved above intermediate resistance at 15,333.90.

U.S. Brokers iShares $IAI moved above intermediate resistance at $92.34.

US Oil Fund $USO moved below $73.34 completing a double top pattern.

Oil Services ETF $OIH moved below $318.12 completing a Head & Shoulders pattern.

Exxon Mobil $XOM a Dow Jones Industrial Average stock moved below$104.83 setting an intermediate downtrend.

Imperial Oil $IMO.TO a TSX 60 stock moved below Cdn$77.35 completing a double top pattern.

Schlumberger $SLB an S&P 100 stock moved below $54.81 completing a Head & Shoulders pattern.

Adobe $ADBE a NASDAQ 100 stock moved above $574.40 extending an intermediate uptrend.

Ross Stores $ROST a NASDAQ 100 stock moved above $122.36 extending an intermediate uptrend.

Metro $MRU.TO a TSX 60 stock moved above $74.41 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.7th 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.7th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 7th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

This Powerful Scan Finds Stocks Showing NEW Momentum | The DecisionPoint Trading Room (11.06.23)

This Powerful Scan Finds Stocks Showing NEW Momentum | The DecisionPoint Trading Room (11.06.23) - YouTube

Beware of false rally signals: Canaccord Genuity’s Tony Dwyer

Beware of false rally signals: Canaccord Genuity’s Tony Dwyer - YouTube

NASDAQ Gains For 7th Straight Day Due to These Factors | Trading Places (11.07.23)

NASDAQ Gains For 7th Straight Day Due to These Factors | Trading Places (11.07.23) - YouTube

This Key Resistance Level is Crucial for the S&P 500 | The Final Bar (11.06.23)

This Key Resistance Level is Crucial for the S&P 500 | The Final Bar (11.06.23) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.40 to 45.20. It remains Neutral.

The long term Barometer eased 1.60 to 40.20. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 9.25 to 42.29. It remains Neutral.

The long term Barometer dropped 2.64 to 37.00. It remains Oversold.

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