Tech Talk for Wednesday November 11th 2020

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Morning Technical Notes for Wednesday November 11th

Gold stocks are under technical pressure. Gold iShares (XGD) moved below $21.02 extending an intermediate downtrend. Franco-Nevada, a TSX 60 stock moved below Cdn$175.85 extending an intermediate downtrend. Wheaton Precious Metals (WPM), a TSX 60 stock moved below US$43.89 extending an intermediate downtrend.

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Nutrien (NTR), a TSX 60 stock moved above $55.42 extending an intermediate uptrend.

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Telus (T), a TSX 60 stock moved above $24.82 resuming an intermediate uptrend.

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Pre-opening Comments for Wednesday November 11th

U.S. equity index futures were higher this morning. S&P 500 futures were up 29 points in pre-opening trade.

Goldman Sachs has announced its target price for the S&P 500 Index by the end of 2021 at 4,300. The target is based on eventual benefits of a COVID 19 vaccine and a gridlock U.S. government.

Great Canadian Gaming (GC) is expected to open higher after the company accepted a takeover offer from Apollo in a deal valued at $3.3 billion. Each share is valued at Cdn$39.00 per share.

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Lyft added $2.11 to $38.16 after reporting higher than consensus quarterly revenues. Target on the stock was raised by Wedbush and JP Morgan.

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Charles Schwab advanced $0.47 to $46.89 after Deutsche Bank upgraded the stock from Hold to Buy.

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Blackrock gained $5.57 to $666.17 after Deutsche Bank raised its target price from $685 to $795.

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EquityClock’s Daily Comment

Following is a link:

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

Note seasonality on U.S. Job Openings.

 

Technical Notes for November 10th

Base metal stocks continue to move higher. Rio Tinto, the largest base metals producer in the world moved above $63.14 and is testing an 11 year high at $66.55.

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S&P/TSX REIT iShares moved above $15.84 resuming an intermediate uptrend.

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Verizon (VZ), a Dow Jones Industrial Average stock moved above $60.85 to an all-time high extending an intermediate uptrend.

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Agnico-Eagle Mines (AEM), a TSX 60 stock moved below $US$73.69 completing a Head & Shoulders pattern.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for November 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 10th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Greg Schnell’s Comments on Big Tech Names

Greg notes, “Apple and Amazon large cap tech names breaking down”. Following is a link:

https://www.gregschnell.com/aapl-and-amazon-large-cap-tech-name-breaking-down/

 

S&P 500 Momentum Barometer

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The Barometer added another 2.61 to 78.96 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added another 2.03 to 69.01 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 Wednesday November 11th 2020”

  1. Larry/ON Says:

    Everyone who sold tech yesterday and bought US banks instead is now being whipsawed. This is where the market is just pickpocketing small investors who react to these moves and get in late. The best is to have a plan and stick to it. If you want to trade in this market you have to be very nimble.
    As far as Canadian banks go they are still doing well today but are overbought. There is also the matter of the gap on November 9th on the DJIA and on the banks as part of that. Gap fills are something I read about and then you have the notion of a “breakaway gap” which is rare and I don’t think will apply now because these stocks are up near or over RSI 70. If you look at QQQ you have the Nov 4th gap that only partially filled yesterday. I would be curious hear from anyone knowledgeable about gaps.

  2. bruce Says:

    tnx Larry……interesting observations…..I believe we had an island reversal in the s and p on monday which was negated this morning…..

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