Tech Talk for Tuesday October 13th 2020

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Morning Technical Notes for Tuesday October 13th

Vietnam ETF (VNM) moved above $15.20 extending an intermediate uptrend.

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Wills Tower Watson (WLTW), a NASDAQ 100 stock moved above $218.58 to an all-time high extending an intermediate uptrend.

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Pre-opening Comments for Tuesday October 13th

U.S. equity indices moved lower this morning. S&P500 futures were down 6 points in pre-opening trade.

Index futures were virtually unchanged following release of the September U.S. Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.4% in August. Actual was an increase of 0.2%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.4% in August. Actual was an increase of 0.2%

Walt Disney gained $6.33 to $131.30 after announcing a reorganization of its media division.

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JP Morgan Chase added $1.38 to $103.80 after reporting higher than consensus third quarter earnings.

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Blackrock added $23.61 to $638.50 after reporting higher than consensus third quarter earnings.

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Micron advanced $1.11 to $51.79 after Deutsche Bank upgraded the stock from Hold to Buy.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/10/11/stock-market-outlook-for-october-13-2020/

Technical Notes for October 12th

FAANG stocks + Microsoft led the advance by broadly based U.S. equity indices yesterday. Apple was a prominent leader in anticipation of news today about its new 5G iPhone.

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Consumer Discretionary SPDRs (XLY) moved above $153.81 to an all-time high extending an intermediate uptrend.

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Materials SPDRs (XLB) moved briefly above $66.82 to an all-time high extending an intermediate uptrend, but retreated in late trading.

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Healthcare SPDRs (XLV) moved above $109.31 to an all-time high extending an intermediate uptrend.

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Global Timber iShares (WOOD) moved above $68.05 extending an intermediate uptrend.

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EAFE iShares (EFA) moved above $66.02 extending an intermediate uptrend.

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Ford (F), an S&P 100 stock moved above $7.74 extending an intermediate uptrend.

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Colgate Palmolive (CL), an S&P 100 stock moved above $80.10 to an all-time high extending an intermediate uptrend.

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IDEXX Laboratories (IDXX), a NASDAQ 100 stock moved above $407.86 to an all-time high extending an intermediate uptrend.

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Cintas (CTAS), a NASDAQ 100 stock moved above $307.65 to an all-time high extending an intermediate uptrend.

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CDW Corp (CDW), a NASDAQ 100 stock moved above $128.79 extending an intermediate uptrend.

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Verisk Analytics (VRSK), a NASDAQ 100 stock moved above $193.32 to an all-time high extending an intermediate uptrend.

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Synopsys (SNPS), a NASDAQ 100 stock moved above $230.12 to an all-time high extending an intermediate uptrend.

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T Mobile (TMUS), a NASDAQ 100 stock moved above $119.20 to an all-time high extending an intermediate uptrend.

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Surprising weakness in the grain ETN yesterday!!

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for October 12th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 12th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 12th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInveting.com for a link to the weekly Technical Scoop . Headline reads, “Destabilizing swan, eery comparison, golden best, supply predictor, miraculous recovery, stimulus whipsaw” Following is the link:

https://www.enrichedinvesting.com/wp-content/uploads/2020/10/Destabilizing-swan-eery-comparison-golden-best-supply-predictor-miraculous-recovery-stimulus-whipsaw.pdf

 

S&P 500 Momentum Barometer

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The Barometer added 3.61 to 78.71 yesterday. It remains intermediate overbought, but has yet to shows signs of rolling over.

 

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




7 Responses to “Tech Talk for Tuesday October 13th 2020”

  1. Larry/ON Says:

    Re Today’s Tech Talk – The FAANG + M stocks have been a long-term no-brainer winning holding for investors. Narrowing it down I am positive on AAPL and MSFT. Semis are once again leading the market with SOXX making new all-time highs. SHOP is testing its’ all-time high. I’ve been saying the same thing on the website for a long, long time.

  2. Steph Says:

    But Larry , you keep getting stopped out of those names and reload when they’re 10% higher. Your posts suggest your chasing nickels and dimes and leaving dollars on the table. Please provide evidence like Ron/bc

  3. Larry/ON Says:

    Steph if you look at my post from eight days ago you can determine the price I paid for AAPL and I cashed out today and rotated to other names and lightened up a little. Don’t make any assumptions. Tech is by far the best sector bet and it keeps paying off. I’m up 60% YTD across all my portfolios. If you are doing better then my hat is off to you.

  4. Steph Says:

    Larry, I don’t assume I simply look at the facts. The fact are your comments posted on this very website. I’m always looking for ideas and track comments in a spreadsheet.

  5. Steph Says:

    Ron/bc. You have a superb track record. Would love your charts on SPX & USD correlation. Trust your golf is going well out in the prettiest provincial capital city.

  6. Ron/BC Says:

    Steph

    Here is a 1 yr chart of the $SPX with the $USD overlaid in pink. Also see the ratio chart of $SPX:$USD above plus the basic MACD above & RSI 8.Also note the U.S.$ dotted line overlaid the $SPX and see the large Inverse Head and Shoulder pattern it has formed lately. Everyone and his dog is bearish the U.S.$ and this pattern suggests price could easily rally from here trashing all the U.S.$ shorts. But I am biased on the U.S.$ as I have all my RIF money there so realize I maybe looking at it with colored glasses. But when everyone is on one side of the boat it does tend to tip over.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p98637357645&a=682178007

    The 2nd chart is a very long term one going back about 40 years. Note the $U.S.$ has had higher lows and higher highs since the 2008 lows. I’m not with the bearish U.S.$ group at all. Too many on the short side for that.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&st=1975-08-24&id=p89928242638&a=804475651

  7. Larry/ON Says:

    Since the pandemic hit you are looking at a negative correlation between SPX and $USD. If USD is to strengthen either the market goes down or that relationship breaks. $CAD has been correlated with SPX.

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