Tech Talk for Friday November 27th 2020

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Morning Technical Notes for Friday November 27th

U.S. Dollar ETN (UUP) moved below $24.80 extending an intermediate downtrend. The U.S. Dollar Index is testing support at 91.75.

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Costco (COST), an S&P 100 stock moved above $389.50 to an all-time high extending an intermediate uptrend.

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Pre-opening Comments for Friday November 27th

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

Trading activity on U.S. equity exchanges is expected to be well below average today. U.S. exchanges close at 1:00 PM EST.

Comcast added $0.34 to $52.14 after Benchmark raised its target price from $62 to $65.

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Sage Therapeutics advanced $2.12 to $84.82 after receiving $1.525 billion to jointly develop depression and tumor therapies.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/25/stock-market-outlook-for-november-27-2020/

 

Technical Notes for Yesterday

CGI Group (GIB.A), a TSX 60 stock moved above Cdn$96.25 resuming an intermediate uptrend.

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Copper futures moved above $3.32 to a six year high at US$3.38 per lb. extending a long term uptrend. Base metal stocks and related ETFs (e.g. XBM on the TSX) responded accordingly

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 26th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 26th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 26th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

TSX Momentum Barometer

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The Barometer added 1.40 to 71.16 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 Friday November 27th 2020”

  1. Ron/BC Says:

    With everyone and his dog wildly bullish, perhaps it’s time to look at a bear ETF like HDGE. Cheap as borsch with lots of potential. Perfect for the contrarian!
    Or HIU.to as well.

    https://stockcharts.com/h-sc/ui?s=HDGE&p=D&yr=1&mn=0&dy=0&id=p19654104088&a=843875468

    https://stockcharts.com/h-sc/ui?s=HIU.TO&p=D&yr=2&mn=0&dy=0&id=p61566290365&a=736968896

  2. Ron/BC Says:

    And then there is everyone’s favourite SH. (No it doesn’t have two more letters.) A break above 19.16 would suggest another $2 on the upside for starters.

    https://stockcharts.com/h-sc/ui?s=SH&p=D&yr=1&mn=0&dy=0&id=p09597985267&a=673066316

  3. Ana Says:

    #1. & #3.

    I added my second short position on Friday. My first short position is underwater. So, I might throw in my third position in on Monday or Tuesday.

    https://invst.ly/s-54h

    I am sorry to hear of the loss of your family. So tragic losing so many from one family.

    I hope your children are doing well.

  4. Ron/BC Says:

    Ana
    Thanks for the comments. My kids are doing just fine and aren’t asking me for anything. Maybe I should ask them for something,lol. Perhaps Turkey diner next month from my younger daughter in Victoria.(I’ll buy the turkey) She did have some trouble with her son for some time but I’m amazed how he’s turned it around and lost a ton of weight and works out a lot and hikes and stopped drinking and is working as much as he can with an old school buddy that has a business and is teaching him the trade. Nice to see how consistent he has been for a long time now. You’d never know he’s the same person. But my wife’s family has always had major disasters with one thing or the other. Not many of them left other than some of the younger ones. Who knows why. It defies the odds. I hope the friend you were looking after is doing well now. And good luck on your short positions. A major turn is got to be close at hand.

  5. Ana Says:

    #4. Ron/BC

    Great to hear that you will have Christmas dinner with your daughter. Your grandson’s story is wonderful. Great how some people are able to turn their lives around for the better. What trade is he concentrating on? Fitness is a huge component! As the old saying goes; “healthy body, healthy mind”.

    Thank you for the “good luck” on my short position. I might need it, but hopefully I may have learned a few things over the years.

  6. Ron/BC Says:

    Ana
    Re:#5
    He’s learning all there is about installing flooring of all types. I told him once he is an expert he’ll have his trade to take anywhere without the need of an employer. I know I enjoyed being self employed most of my life and picking and choosing what jobs to take. But at least he’ll have options along the way. A lot of people don’t. Now in his spare time he gets high on his workouts.

    As far as AAPL goes as long as the break isn’t above that downtrendline you might be ok. But it is a Symmetrical Triangle and theory has it a Symmetrical Triangle that forms after a rally (March to July) does tend to breakout on the upside. So the story goes. But you know what you are doing and it isn’t marriage, just a trade. With the last U.S. Election and this Covid-19 issue and all its repercussions the markets could go in any direction. They are not making a lot of sense to me at all.

    https://stockcharts.com/h-sc/ui?s=AAPL&p=D&yr=1&mn=0&dy=0&id=p04065578895&a=847799203

  7. Ana Says:

    #6. Ron/BC

    Thank you for the chart on AAPL. I use it only to confirm what direction I think the $SPX will go.

    Good for your grandson learning about the installation of flooring. A bit hard on the knees, but there is less carpet these days so “kicking in” will not jar his back too much when installing carpet. Must be such a great sense of accomplishment once he has completed the flooring! Flooring really makes a difference to the feel of a room. So wonderful that he has found enjoyment in working out!

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