Tech Talk for Thursday November 12th 2020

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Pre-opening Comments for Thursday November 12th

U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points in pre-opening trade.

Index futures were virtually unchanged following release of U.S. economic news at 8:30 AM EST. Consensus for the October Consumer Price Index was an increase of 0.1% versus a gain of 0.2%. Actual was unchanged. Excluding food and energy, consensus for the October Consumer Price Index was an increase of 0.2% versus a gain of 0.2% in September. Actual was unchanged. Consensus for Weekly Jobless Claims was 735,000 versus 751,000 last week. Actual was709,000.

Manulife Financial (MFC Cdn$21.44) is expected to open higher after reporting higher than consensus third quarter earnings.

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Loblaw Companies (L Cdn$66.66) is expected to open higher after reporting higher than consensus third quarter revenues and earnings.

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Nvidia added $1.82 to $538.54 after Deutsche Bank raised its target price from $450 to $500.

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Air Products and Chemicals slipped $0.34 to $280.50 after JP Morgan downgraded the stock from Overweight to Neutral.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/12/stock-market-outlook-for-november-12-2020/

 

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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Cameco (CCO.TO and CCJ), a TSX 60 stock moved above Cdn$13.02 and US$11.80 on news that the U.S. Senate has drafted a proposal to purchase uranium oxide for a reserve.

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Canadian Pacific (CP), a TSX 60 stock moved above Cdn$432.27 extending an intermediate uptrend.

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Algonquin Power (AQM). A TSX 60 stock moved above $21.62 to an all-time high extending an intermediate uptrend.

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Moderna (MRNA), a NASDAQ 100 stock moved above $81.37 after the company indicated plans to release shortly an update on its COVID 19 vaccine.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 11th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 11th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for November 11th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Market Buzz

Greg Schnell says, “This move is just getting started”. Focus is on the energy sector. Following is a link:

https://www.youtube.com/watch?v=U_-PV_Esc8s&feature=youtu.be&ab_channel=StockCharts

 

S&P 500 Momentum Barometer

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The Barometer added another 4.61 to 83.57 yesterday. It changed from intermediate overbought to extremely intermediate overbought on a move above 80.00.

 

TSX Momentum Barometer

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The Barometer added 0.80 to 69.81 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 Thursday November 12th 2020”

  1. Bman/Van Says:

    Ron, thanks for the post on Tuesday, this will help me better define the opportunity in tech to go along with the gut feeling. Today appears to have the potential for the first portion of roll over / down in the cards.

  2. bruce Says:

    the AAII survey this week shows the bulls at their highest in 7 months……55.8% bullish up 17.9%……the bears dropped 6.6% to 24.9%……finally maybe a reason for a pullback…..

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