Tech Talk for Tuesday November 24th 2020

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Pre-opening Comments for Tuesday November 24th

U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade.

Dollar Tree gained $3.20 to $100.81 after reporting higher than consensus third quarter revenues and earnings.

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Abercrombie & Fitch added $1.79 to $22.68 after reporting higher than consensus third quarter revenues and earnings.

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Wells Fargo advanced $0.84 to $27.14 after Raymond James upgraded the stock from Under Perform to Outperform

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ViacomCBS slipped $0.42 to $34.20 after Deutsche Bank downgraded the stock from Buy to Hold.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/23/stock-market-outlook-for-november-24-2020/

Note seasonality chart on Retail SPDRs

Technical Notes for Yesterday

Silver Miners Equity ETF (SIL) moved below $40.62 extending an intermediate downtrend.

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Notable among U.S silver stock breaking intermediate support was Pan American Silver

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U.S. Gold Bullion ETF (GLD) moved below $173.77 extending an intermediate downtrend.

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Western Digital (WDC), a NASDAQ 100 stock moved above $43.77 extending an intermediate uptrend.

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Home Builders SPDRs (XHB) moved above $58.34 to an all-time high extending an intermediate uptrend.

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Tesla (TSLA), a stock recently added to the S&P 500 Index moved above $502.49 to an all-time high extending an intermediate uptrend.

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Energy services stocks on both sides of the border recorded exceptional gains, particularly Canadian energy service stocks.

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‘Tis ths season for the start of strength in the energy services sector!

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Commodity ETN (GSG) moved above $11.34 extending an intermediate uptrend.

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Strength in commodity prices was lead by crude oil and grains.

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Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 23rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 23rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 23rd 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 their weekly comment. Headline reads, “Constitutional rage, Topping appearance, Dead stimulus, Outperforming value, Floundering gold, Perking oil”. Following is the link:

https://www.enrichedinvesting.com/wp-content/uploads/2020/11/Constitutional-rage-topping-appearance-dead-stimulus-outperforming-value-floundering-gold-perking-oil.pdf

 

S&P 500 Momentum Barometer

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The Barometer added 1.00 to 80.56 yesterday. It remains extremely intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 0.93 to 67.29 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




7 Responses to “Tech Talk for Tuesday November 24th 2020”

  1. Larry/ON Says:

    Cdn Banks continuing to push higher into overbought. MFC is a company within the financials that has quite an interesting chart and not overbought yet. Breaking higher from a very bullish flag.

  2. Ron/BC Says:

    Here is the SPY chart with the IWM:SPY Ratio chart above.(small caps v/s large caps)
    The small caps IWM has been outperforming the large caps for many months now and especially over the last two months. Doesn’t mean it will continue but so far so good.

    https://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=1&mn=0&dy=0&id=p21249001131&a=691023604

  3. Paula Says:

    Ron/BC
    I was thinking that the Toronto market is probably comparable to a small cap, cyclical market like IWM, so I substituted XIU in your chart. Maybe it is just starting to outperform:

    http://schrts.co/RUMawZsN

    Larry,
    Could substitute MFC instead of XIU and it would be similar:

    http://schrts.co/ejbuRyYJ

  4. Paula Says:

    I don’t think my annotations on XIU chart got saved, so trying again:

    http://schrts.co/NjEjDBHQ

  5. Ron/BC Says:

    Paula

    Here is the “SPY” chart again with IWM:SPY & XIU:SPY plus MFC:SPY ratio charts as well.

  6. Ron/BC Says:

    Paula

    Here is the chart for %5 Post.

    https://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=1&mn=0&dy=0&id=p11816382472&a=845595690

  7. Bernie Says:

    For those seeking reliable growing dividend income via a U.S. ETF

    Dividend Growth Up To 18%: These Aristocrats Deliver During The Pandemic:
    https://seekingalpha.com/article/4390782-dividend-growth-up-to-18-aristocrats-deliver-during-pandemic

    Its a different story north of the border. I’ve yet to find a decent dividend growth ETF in Canada. I find it much safer to go the stock route via a basket of large cap dividend growers. Many Canadian companies affected by the pandemic cut, froze, suspended or eliminated their dividends this year. Only one was a large cap, Suncor (SU). I listed 29 lower risk (IMO) large caps here a couple of weeks ago. They’re tallied by sector-industry. One Canadian ETF which has outperformed our market and has shown consistent dividend growth since its inception in late 2011 is BMO Low Volatility Canadian Equity ETF (ZLB). It surprisingly has outperformed all the Canadian dividend focused ETFs in both dividend growth and total return.

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