Tech Talk for Wednesday September 23rd 2020

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Morning Technical Notes for Wednesday September 23rd

Twitter (TWTR), a NASDAQ 100 stock moved above $48.42 extending an intermediate uptrend.

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Western Digital (WDC), a NASDAQ 100 stock moved above $39.26 setting an intermediate uptrend.

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Wheaton Precious Metals (WPM), a TSX 60 stock moved below US$48.42 completing a double top pattern.

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Ditto for another silver stock! Pan American Silver (PAAS) moved below US$31.79 completing a double top pattern.

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Pre-opening Comments for Wednesday September 23rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.

Nike advanced $10.23 to an all-time high at $127.10 following release of higher than consensus fiscal first quarter revenues and earnings. Target on the stock was raised by JP Morgan, Wedbush, Stifel Nicolaus and Deutsche Bank.

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KB Homes gained $0.53 to an all-time high at $41.03 after reporting higher than consensus fiscal third quarter revenues and earnings. Target on the stock was raised by JP Morgan and Wedbush.

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Lululemon gained $8.14 to $321.74 after the company announced plans to restart its share buyback program

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Johnson & Johnson advanced $3.78 to $147.99 after the company entered Phase 3 trials for its single dose COVID 19 vaccine.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/22/stock-market-outlook-for-september-23-2020/

Note seasonality chart on Existing Home Sales.

Technical Notes for Tuesday September 22nd

The U.S. Dollar Index and its related ETN: UUP completed a short term Reverse Head & Shoulders pattern on a move above 25.33

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Conversely, the Euro completed a short term Head & Shoulders pattern on a move below 117.54.

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CDW Corp (CDW), a NASDAQ 100 stock moved below $108.27 setting an intermediate downtrend.

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Metro (MRU), a TSX 60 stock moved above $61.27 to an all-time high extending an intermediate uptrend.

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Zoom (ZM), a NASDAQ 100 stock moved above $478.00 to an all-time high extending an intermediate uptrend.

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VALE (VALE), one of the largest base metal companies in the world moved below $10.54 completing a double top pattern.

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Coffee ETN (JJOFF) moved below intermediate support at $9.25.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for September 22nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for September 22nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 22nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer added 3.81 to 37.88 yesterday. It remains intermediate oversold.

 

TSX Momentum Barometer

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The Barometer added 4.97 to 44.02 yesterday. It changed back from intermediate oversold to intermediate neutral on a return to above 40.00.

 

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

MoneyShowNovember62020




5 Responses to “Tech Talk for Wednesday September 23rd 2020”

  1. Larry/ON Says:

    RON MIESELS
    The most likely end to the decline will be near the usual one-third pull-back of the previous rise, which suggests a target of 3,125 for the SPX, 25,500 for the Dow Jones Industrial Average, 12,260 for the Nasdaq and 15,000 for the S&P/TSX Composite Index. Looking at sectors, the most likely drivers of the decline will be the FAANG stocks for the SPX and the Nasdaq, and the financial stocks in Toronto. Historically and technically, Canadian banks are the first to start a new up-leg at the start of a bull market, stop rising at about mid-way through the bull, and they are the first to go down at the start of a bear market.
    https://www.theglobeandmail.com/investing/investment-ideas/article-sorry-investors-this-months-market-selloff-isnt-over-but-these/

  2. Larry/ON Says:

    Miesels has a typo in his article on Nasdaq he means 10,260

  3. Bman/Van Says:

    Given the current market technicals, agree Larry banks share could be too high for purchase at this point. Need to see how this negative market sentiment plays out given we are looking at a trend of potentially 3 weeks in a row the market being down. As Miesels and a number of technical analysist comment, it really depends if the market is able to hold at certain level (200d, 100d, 50d, etc…) Expect if we retrace the more recent lows from May, TD ($55), BNS ($50), RY ($83-84) represent good entry points for a long term hold and would be better to wait for the share to get back to where they are today before selling a call option for a larger capital gain if you get called away.

  4. Mary Says:

    Bman/Van and others
    Could you please post when it’s time to enter banks. Better investment than GIC…1 percent.
    Appreciate. Hope I will check the board on time.
    C

  5. Ron/BCb Says:

    Mary

    Interesting chart of ZEB.to. Price is basically at 24.70 support and the RSI 8 is oversold. Price may not hold here as there are some mixed signals here with bearish MACDs and all the moving averages rolling over so the best bet would be to buy a breakout over the downtrendline, not buy questionable support. But it is tempting….

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=6&dy=0&id=p68014990418&a=678874213

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