Tech Talk for Thursday November 19th 2020

Daily Reports Add comments

Morning Technical Notes for Thursday November 19th

Junior Gold Equity ETF (GDXJ) moved below $51.27 extending an intermediate downtrend.

clip_image001[9]

Pre-opening Comments for Thursday November 19th

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade.

Index futures moves slightly lower following release of the November Philly Fed Index and Weekly Jobless Claims report at 8:30 AM EST. Consensus for the Philly Fed Index was a drop to 22.0 from 32.3 in October. Actual was 26.3. Consensus for Weekly Jobless Claims was 707,000 versus 709,000 last week. Actual was 742,000.

L Brands gained $3.93 to $37.54 after reporting higher than consensus third quarter sales and earnings.

clip_image001[5]

Nvidia dropped $8.15 to $529.00 despite reporting higher than consensus third quarter revenues and earnings. The company also offered positive fourth quarter guidance. Mizuho raised its target price from $575 to $605.

clip_image002[5]

Macy’s slipped $0.33 to $8.66 despite reporting better than consensus third quarter revenues and earnings.

clip_image003[5]

Square advanced $8.86 to $192.40 after Mizuho raised its target price from $225 to $300.

clip_image004[5]

Trading in Norbord (OSB $43.46) and West Fraser Timber (WFT $73.11) was halted pending news.

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/18/stock-market-outlook-for-november-19-2020/

Note seasonality charts on Crude Oil Days of Supply and U.S. Housing Starts.

 

Technical Notes for Wednesday November 18th

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

clip_image001

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

clip_image002

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

clip_image003

clip_image004

Target (TGT), an S&P 100 stock moved above $166.73 to an all-time high extending an intermediate uptrend.

clip_image005

Magna International (MG), a TSX 60 stock moved above $80.20 to an all-time high extending an intermediate uptrend.

clip_image006

Franco-Nevada (FNV), a TSX 60 stock moved below US$131.78 extending an intermediate downtrend.

clip_image007

Gold Miners ETF (GDX) moved below $36.01 extending an intermediate downtrend.

clip_image008

Loblaw Companies (L), a TSX 60 stock moved below $64.45 setting an intermediate downtrend

clip_image010

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 18th 2020

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 18th 2020

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 18th 2020

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

Market Buzz

Greg Schnell says,”Book that vacation”. Following is a link:

https://www.youtube.com/watch?v=EX8lx1YO8i8&feature=youtu.be&ab_channel=StockCharts

 

S&P 500 Momentum Barometer

clip_image001[7]

The Barometer slipped 3.21 to 81.36 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

clip_image002[7]

The Barometer dropped 3.78 to 64.79 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




6 Responses to “Tech Talk for Thursday November 19th 2020”

  1. bruce Says:

    the AAII survey this week shows the bulls losing some of their enthusiasm….44.4% down 11.5 and the bears are at 26.4% +1.5…..

  2. Brian Says:

    I sense that nobody is watch copper these days. Sooner or later people are going to notice is on a positive trend and copper issues will soar.

  3. bobj Says:

    Brian
    I have shares in CS low March 18 was 33c now 1.79.

  4. tony Says:

    Brian,

    Only the wise can predict the future, the smart ones ride the wave and the dumb ones will crash with the wave.

    Good for us who are riding it.

  5. Larry/ON Says:

    Pretty limited pullback yesterday and this morning. Strong market.

  6. Bernie Says:

    tony & Brian,

    Yogi Berra’s quotes on the future:
    “It’s tough to make predictions, especially about the future”
    “The future ain’t what it used to be”

Leave a Reply

Entries RSS Comments RSS Log in