Tech Talk for Wednesday December 9th 2020

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Morning Technical Notes for Wed December 9th

Fastenal (FAST), a NASDAQ 100 stock moved above $49.18 to an all-time high extending an intermediate uptrend.

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TSX Energy iShares (XEG) moved above $6.10 resuming an intermediate uptrend.

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Pre-opening Comments for Wednesday December 9th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US78.26 cents prior to the Bank of Canada’s announcement at 10:00 AM EST on interest rates. Consensus is that rates will remain unchanged.

Apple added $0.19 to $124.57 after Wedbush raised its target price from $150 to $160.

Campbell Soup advanced $1.44 to $49.70 after reporting higher than consensus fiscal first quarter revenues and earnings.

Mastercard (MA $340.79) is expected to open higher after the company raised its dividend by 10%.

Dollarama (DOL $53.39) is expected to open higher after the company announced higher than consensus third quarter revenues and earnings.

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/12/08/stock-market-outlook-for-december-9-2020/

 

Technical Notes for Tuesday December 8th

Home Depot (HD), a Dow Jones Industrial Average stock moved below $260.61 completing a Head & Shoulders pattern.

 

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Intuit (INTU), a NASDAQ 100 stock moved above $377.15 to an all-time high extending an intermediate uptrend.

 

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BMO Equal Weight Canadian Banks ETF (ZEB) moved above $29.06 to an all-time high extending an intermediate uptrend.

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Bausch Health (BHC), a TSX 60 stock moved above $26.35 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 8th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 8th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 8th 2020

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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The Barometer slipped 0.40 to 81.36 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

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The Barometer was unchanged at 73.83 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 December 9th 2020”

  1. Larry/ON Says:

    Cdn Financials – Impressive performance continues on a down market day. Overbought continues overbought. US financials were not as strong. There is a search for value going on and in a market where money has been going too far into some ridiculously overpriced stocks this is a good place to be.

  2. Paula Says:

    Ron/BC,
    I listened to the YT video of Jason Leavitt that you recommended a few days ago. I found it interesting, especially his method of confirming a buy signal on a shorter time frame with one on a longer time frame and how this can avoid getting in too early, Too early being the choppy time period before there is actually a big move. I usually look at the longer time frame and then the shorter one. Over all, his method seems to be waiting for confirmation, whether from a higher time frame or a moving average kiss or cross or some such signal. Also, he emphasized basing the stop on the price chart, not on an indicator. I think his method lends itself to the buy on stop that I mentioned the other day on your AEM trade. This trade might qualify for buy on a retest of the break out, which I think is a method you favour.

    Thanks for the suggesting the video.

  3. Ron/BC Says:

    Paula

    I’ve often used “Buy on a Stop Limit” and of course with the “limit” word in there you may not get filled and just watch price jump up and run away from you. I can live with that as I’m not desperate to get long at any price anyways. I like cash and don’t have a problem with having it around. And there is always another trade around. But as I said price can gap up on the open way above resistance and you won’t get filled. And I always look at the pullback after a rally to see how it tests price support as one can often get filled there. And one can also get filled there and then see price breakdown as well,lol.

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