Tech Talk for Wednesday November 18th 2020

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Morning Technical Notes for Wednesday November 18th

Lowe’s (LOW), an S&P 100 stock moved below $151.37 completing a modified Head & Shoulders pattern.

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Regeneron (REGN), a NASDAQ 100 stock moved below $533.23 extending an intermediate downtrend.

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Selected Canadian “gassy” stocks are breaking out. Freehold Royalties moved above $4.70 extending an intermediate uptrend. PrairieSky Royalties moved above $9.82.

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Pre-opening Comments for Wednesday November 18th

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

Index futures were virtually unchanged following release of U.S. October Housing Starts report at 8:30 AM EST. Consensus was an increase to 1,460,000 units from 1,415,000 in September. Actual was.an increase to 1,530,000 units.

The Canadian Dollar was virtually unchanged at US76.47 cents following release of Canada’s October Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.2% versus a decline of 0.1% in September. Actual was an increase of 0.4%.

Boeing added $10.95 to $221.00 after receiving FAA approval to resume flights of its 737 Max aircraft. Baird raised its target price on the stock to $306.

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Target gained $4.66 to $167.70 after reporting higher than consensus third quarter earnings.

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TJX companies advanced $1.60 to $62.74 after reporting higher than consensus third quarter sales and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/17/stock-market-outlook-for-november-18-2020/

Note seasonality charts on U.S. Retail Trade and U.S. Industrial Production

Technical Notes for Tuesday November 17th

Royal Bank (RY), a TSX 60 stock moved above $101.71 resuming an intermediate uptrend.

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Toronto Dominion (TD), a TSX 60 stock moved above $66.56 resuming an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 17th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 17th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 17th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

&P 500 Momentum Barometer

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The Barometer eased 2.00 to 84.57 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

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The Barometer eased 1.88 to 68.54 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




3 Responses to “Tech Talk for Wednesday November 18th 2020”

  1. Ron/BC Says:

    The Value ETF:IVE has broken out above the Growth ETF IVW. Presently overbought, but it does appear to be a trend change from Growth to Value.

    https://stockcharts.com/h-sc/ui?s=IVE&p=D&yr=2&mn=0&dy=0&id=p78117878258&a=840053628

    https://stockcharts.com/h-sc/ui?s=IVW&p=D&yr=2&mn=0&dy=0&id=p98747920120&a=840055721

  2. Ana Says:

    Hello everyone,

    Hope everyone is doing well, first with your health, then with your trading!

    Have not been here for a long while. A member of my family has been very ill (not with covid) so I have been a care giver since early last February.

    I will attempt to catch up on posts in the next few days.

    I have only had time for swing trading. I entered a short position yesterday, so hoping that this market goes down. Maybe…

  3. Larry/ON Says:

    DJIA rolled over today IMO. You have a bearish engulfing candlestick. SPX closed close to the low. All negative and just a short-term pull back as we got a little overbought IMO. Running contrary to the rollover today was Cdn Banks (US banks were down too). Overbought but this is their seasonal strong period until they release earnings first week of Dec. The worst of the bunch LB was up the most 4.13% which may be just short covering. LB is a stinker of a bank.

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