Tech Talk for Wednesday November 25th 2020

Daily Reports Add comments

Morning Technical Notes for Wednesday November 25th

Canadian forest product stocks continue moving higher. West Fraser Timber moved above $75.06 extending an intermediate uptrend.

clip_image001[1]

Pre-opening Comments for Wednesday November 25th

U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. October Durable Goods Orders were expected to increase 1.0% versus a gain of 1.9% in September. Actual was an increase of 1.3%. Excluding Transportation Orders, consensus for October Durable Goods Orders are expected to increase 0.8% versus a gain of 0.8% in September. Actual was an increase of 1.3%. Second estimate of third quarter U.S. real annualized GDP released at 8:30 AM EST was an increase to 33.2% from the previous estimate of 33.1%. Actual was unchanged at 33.1%. Consensus for Weekly Initial Jobless Claims was a decrease to 730,000 from 748,000 last week. Actual was 778,000.

HP Inc added $1.20 to $22.95 after reporting higher than consensus fiscal fourth quarter earnings. The company also raised its dividend and offered positive fiscal first quarter guidance.

clip_image001[7]

Gap Stores dropped $3.07 to $23.80 after reporting lower than consensus third quarter earnings.

clip_image002[7]

American Eagle Outfitters slipped $0.54 to $17.25 after reporting lower than consensus third quarter earnings.

clip_image003[5]

Couche Tard (ATD.B Cdn$43.05) is expected to open higher after reporting higher than consensus quarterly earnings.

clip_image004[5]

 

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/24/stock-market-outlook-for-november-25-2020/

Note seasonality chart on the Case/Shiller 20 city home price index

 

Technical Notes for Yesterday

Dow Jones Industrial Average moved above 30,000 for the first time in history extending an intermediate uptrend.

clip_image001

South Korea iShares (EWY) moved above $76.33 to an all-time high extending an intermediate uptrend. Look for the KOSPI to move shortly to an all-time high above 2,607.10. Far East equity indices and related ETFs continue to outperform North American equity indices.

clip_image002

WTI Crude Oil moved above US$43.78 extending an intermediate uptrend.

clip_image003

Energy SPDRs (XLE) moved above $38.89 extending an intermediate uptrend.

clip_image004

Oil & Gas Exploration SPDRs (XOP) moved above $57.50 extending an intermediate uptrend.

clip_image005

Oil Services ETF (OIH) moved above $173.86 extending an intermediate uptrend.

clip_image006

Gasoline ETN (UGA) moved above $21.58 extending an intermediate uptrend.

clip_image007

Rio Tinto (RIO), world’s largest base metal producer moved above $66.55 to an all-time high extending an intermediate uptrend.

clip_image008

BHP Group (BHP), one of the world’s largest base metal producers moved above $57.21 to an all-time high extending an intermediate uptrend.

clip_image009

Teck Corp (TECK.B), a TSX 60 stock moved above $20.55 extending an intermediate uptrend

clip_image010

Cameco (CCO.TO CCJ), a TSX 60 stock moved above Cdn$13.47 and US$10.32 setting an intermediate uptrend.

clip_image011

Fertilizer stocks such as Nutrien (NTR) and Mosaic (MOS) are moving strongly higher. Mosaic moved above previous resistance at $20.20, $21.98 and $22.90 extending an intermediate uptrend.

clip_image012

Raytheon Technologies (RTX), an S&P 100 stock moved above $73.84 extending an intermediate uptrend.

clip_image013

Bank of American (BAC), an S&P 100 stock moved above $28.81 resuming an intermediate uptrend.

clip_image014

Dollar Tree (DLTR), a NASDAQ 100 stock moved above $106.64 extending an intermediate uptrend. The company reported higher than consensus third quarter sales and earnings.

clip_image015

Constellation Software (CSU), a TSX 60 stock moved above $1,635.77 to an all-time high extending an intermediate uptrend.

clip_image016

National Bank (NA), a TSX 60 stock moved above $72.47 to an all-time high extending an intermediate uptrend.

clip_image017

Canadian Forest Product stocks continue to outperform the TSX Composite. Canfor (CFP) moved above $19.06 to a 24 month high. ‘Tis the season!

clip_image018

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 24th 2020

clip_image020

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 24th 2020

clip_image022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 24th 2020

clip_image024

Green: Increase from previous day

Red: Decrease from previous day

 

Seasonality in Gold

Gold’s best period of seasonal strength is from mid-December to the end of February. Following is a link to a recent study:

GLD: Buy The Dip In Gold (NYSEARCA:GLD) | Seeking Alpha

 

S&P 500 Momentum Barometer

clip_image001[5]

The Barometer was unchanged yesterday at 80.56. It remains extremely intermediate overbought

 

TSX Momentum Barometer

clip_image002[5]

The Barometer added 2.34 to 69.63 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 25th 2020”

  1. Larry/ON Says:

    GLD – Wow that was quite the train wreck. Trying to recover now off the 200 day MA. Looks like an interesting bet at this point for a reversal.

  2. Bman/Vancouver Says:

    Thinking till Jan 20th its a losing trade and mid-Dec seasonal rally will not happen. For the moment its all about greed and no one is willing to put money into a safe haven/hedge. Could be testing $1,600 before the bleeding stops.

  3. dutchcanuck Says:

    Last day for tax loss selling this year is Dec. 29.
    Prime candidates are the OIl$Gas stocks as they are down the most for the year.
    Make a wish list and pick your spots in the year end rummage sale.

    While speed charting this weekend I found so many positive stock charts, so many breakouts.
    Have not seen that many since 1987. Santa Claus rally, followed by a early 2021 meltup?

    Pay your money and take your chances. Odds are on your side.

Entries RSS Comments RSS Log in