Tech Talk for Tuesday November 10th 2020

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Pre-opening Comments for Tuesday November 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Eli Lilly added $4.42 to $146.75 after the FDA approved the company’s COVID 19 antibody treatment.

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Beyond Meat dropped $33.77 to $116.73 after reporting lower than consensus third quarter revenues and earnings.

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Raytheon Technologies added $1.53 to $66.52 after JP Morgan upgraded the stock from Neutral to Overweight. Target was increased from $66 to $79.

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Boeing advanced $6.79 to $186.00 after JP Morgan raised its target price from $155 to $190.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/09/stock-market-outlook-for-november-10-2020/

 

Technical Notes from Monday November 9th

S&P 500 Index moved above 3,588.11 to an all-time high extending its intermediate uptrend.

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Dow Jones Industrial Average also moved to an all-time high extending an intermediate uptrend.

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NASDAQ Composite Index also touched an all-time high, but subsequently came under profit taking pressures.

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Breakouts above intermediate resistance levels by S&P 500 stocks were too numerous to include in this report. Breakouts by Sector SPDRs included XLY, XLI, XLF, XLE and XLP with XLY, XLI and XLP touching all-time highs.

Nikkei Average moved above $24,445.50 to a 29 year high at 24,839.84 extending an intermediate uptrend.

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Funds for equity purchases came from the bond market.

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Funds for equity purchases also came from precious metals. The Gold ETN (GLD) briefly moved below intermediate support at $173.77 extending an intermediate downtrend.

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Selected ETFs that recorded above average gains yesterday

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 9th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 9th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 9th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to this weekly report.

Headline reads,” Election challenges, gridlock love, considerable resistance, long bull, precious poise, dollar hit, oil nowhere”. Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2020/11/Election-challenges-gridlock-love-considerable-resistance-long-bull-precious-poise-dollar-hit-oil-nowhere.pdf

 

S&P 500 Momentum Barometer

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The Barometer added another 11.89 to 76.35 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added another 5.84 to 66.98 yesterday. It remains intermediate 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




2 Responses to “Tech Talk for Tuesday November 10th 2020”

  1. Bman/Van Says:

    Markets bounced off the recent bottom in a hurry last week, but feels over extended this week based on valuations and recovery prospects. Looking for a pullback to reload and tech could be the best option. Anyone have an idea what would be a good level to start to accumulate some tech and what are your signals?

  2. Ron/BC Says:

    Bman/Van

    Here is a chart of XLK with the SPY and QQQ overlaid for comparison. Price has been in a sideways consolation pattern since early August between $109 and $127. Price ran up towards the top of that range yesterday and has rolled over along with most indicators as well. The chart does look like it wants to pullback further towards $109. Those are my observations on it in any case. The key price points are $109 and $127.

    https://stockcharts.com/h-sc/ui?s=XLK&p=D&yr=1&mn=0&dy=0&id=p12373738502&a=673066156

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