Tech Talk for Thursday January 7th 2021

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Morning Technical Notes for Thursday January 7th

Long term Treasury Bond ETF (TLT) moved below $152.00 completing a double top pattern.

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Base Metals ETN (DBB) moved above $17.95 extending an intermediate uptrend.

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Wells Fargo, an S&P 100 stock moved above $33.60 extending an intermediate uptrend.

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Pre-opening Comments for Thursday January 7th

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the November U.S. Trade Deficit was an increase to $65.50 billion from $63.10 billion in October. Actual was $68.1 billion. Consensus for Weekly Jobless Claims was 800,000 versus 787,000 last week. Actual was.787,000.

The Canadian Dollar was virtually unchanged at US 78.65 cents following release of Canada’s November Trade Deficit at 8:30 AM EST. Consensus was $3.50 billion versus $3.76 billion in October. Actual was$3.34 billion

Walgreens Boots added $1.72 to $44.75 after the company raised its fiscal first quarter guidance above consensus.

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Bed Bath & Beyond dropped $2.65 to $18.38 after the company lowered its fiscal third quarter guidance below consensus.

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McDonalds added $2.26 to $213.18 after Oppenheimer upgraded the stock to Buy.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/01/06/stock-market-outlook-for-january-7-2021/

Technical Notes for Wednesday January 6th

NXP Semiconductors (NXPI), a NASDAQ 100 stock moved above $166.87 to an all-time high extending an intermediate uptrend.

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NetEase (NTES), a NASDAQ 100 stock moved above $103.30 to an all-time high extending an intermediate uptrend.

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Applied Materials (AMAT), a NASDAQ 100 stock moved above $90.61 to an all-time high extending an intermediate uptrend.

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Gilead (GILD), a NASDAQ 100 stock moved above $158.05 completing a double bottom pattern.

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Skyworks Solutions (SWKS) a NASDAQ 100 stock moved above $158.05 to an all-time high extending an intermediate uptrend.

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20 year + Treasury Bond iShares (TLT) moved below $154.31 extending an intermediate downtrend.

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U.S. REIT iShares (IYR) moved below $82.37 completing a double top pattern. Responding to higher U.S. interest rates!

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Dow Holdings (DOW), an S&P 100 stock moved above $57.46 to an all-time high extending an intermediate uptrend.

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Coca Cola (KO), a Dow Jones Industrial Average stock moved below $51.08 completing a double top pattern.

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MetLife (MET), an S&P 100 stock moved above $48.89 extending an intermediate uptrend.

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Schlumberger (SLB), an S&P 100 stock moved above $23.89 extending an intermediate uptrend.

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Industrial SPDRs (XLI) moved above $89.78 to an all-time high extending an intermediate uptrend.

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Union Pacific (UNP), an S&P 100 stock moved above $209.96 to an all-time high extending an intermediate uptrend.

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General Electric (GE), an S&P 100 stock moved above $11.48 extending an intermediate uptrend.

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Pharmaceutical ETF (PPH) moved above $67.21 to an all-time high extending an intermediate uptrend.

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TSX Financials iShares (XFN) moved above $38.98 extending an intermediate uptrend.

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BMO Equal Weight Canadian Banks ETF (ZEB) moved above $29.29 to an all-time high.

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BMO Equal Weight Canadian Oil Equity ETF (ZEO) moved above $31.94 resuming an intermediate uptrend.

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Manulife Financial (MFC), a TSX 60 stock moved above $23.32 extending an intermediate uptrend.

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Power Corp (POW), a TSX 60 stock moved above $29.88 extending an intermediate uptrend.

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SunLife Financial (SLF), a TSX 60 stock moved above $59.96 extending an intermediate uptrend.

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Telus (T), a TSX 60 stock moved above $26.43 to an all-time high extending an intermediate uptrend.

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Canadian Tire (CTC.A), a TSX 60 stock moved above $171.40 to an all-time high extending an intermediate uptrend.

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Marijuana ETF (HMMJ) moved above $9.12 extending a reverse Head & Shoulders pattern.

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U.S. Natural Gas Equity ETF (FCG) moved above $10.02 resuming an intermediate uptrend.

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Nutrien (NTR), a TSX 60 stock moved above $64.98 extending an intermediate uptrend.

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Seasonal influences for Nutrien (NTR) are positive on a real and relative basis to the end of February

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Are You Watching These Stocks Run?

Greg Schnell’s focuses on stocks impacted by the Georgia runoff Senate elections. Following is a link:

Are You Watching These Stocks Run? | The Canadian Technician | StockCharts.com

Changes in Seasonality Ratings

(Projections during the next two month on a relative basis)

S&P 500: Positive to Neutral

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Dow Jones Industrial Average: Positive to Neutral

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S&P 500 Momentum Barometer

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The Barometer added 5.01 to 82.36 yesterday. It changed from intermediate overbought to extremely intermediate overbought on a recovery above 80.00.

TSX Momentum Barometer

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The Barometer added 1.32 to 77.99 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 Thursday January 7th 2021”

  1. Larry/ON Says:

    Yesterday’s shocking event was a perfect example of why not to engage in knee-jerk reactions with your portfolio. The market sold off late day and here we are bouncing right back up. The long run is actually positive because all of this uncertainty with Trump has been completely flushed out and is over. IMO Trump is completely discredited and won’t be coming back.

  2. Mary Says:

    Larry/ON

    Trump and Covid-19 has been very good for the market and real estate. Not so sure of the future….

  3. Larry/ON Says:

    Hi Mary
    Au-Contraire – If you go to Macrotrends they have a chart plotting SP500 performance for the past three presidents for comparison. The winner for first term is Barack Obama and performance for Obama was very good in the second term as well.

  4. Larry/ON Says:

    I’m really impressed with today’s performance with the mega tech names which have been the historic leaders the last couple of years. Be advised that it has been noticed that when I post too much enthusiasm it is indicative of a reliable sell signal.

  5. Paula Says:

    Larry/ON

    Re #3. Thanks for those stats. Good to know.

    Re#4. Yes, I have noticed that your enthusiasm is usually a contrarian indicator LOL.

  6. Mary Says:

    Larry/ON
    Last year I read and then posted S&P 3800. I also read DOW 30K – 31K, both todays high. Most recently I read S&P going to 5000, wonder if there will be a pullback then up or markets keep going.

    RE: #3….remember markets had hit bottom when Barack Obama took office, so achieving a higher % was easier from a lower number. Just need to get rid of Covid-19 now.

  7. Larry/ON Says:

    Re 6 . Mary – Yes. I have to agree with you that Obama did start at a low point.
    I’m just throwing out what Tom Lee on CNBC prognosticated but he is looking short-term at a SP500 high of 3900 followed by a correction down to 3500 wiping out all the gains since early Nov.

    Things are really frothy and go go stocks are really going and I can’t help but join the party a little hoping I can sell to someone at a higher price. Look at TSLA today. Anything to do with alternative energy and blockchain is gapping up. It’s crazy and it has to end somewhere. I get tips from my 18 year old son who is in first year business at Western U. These first year business students are all trading high flying stocks.

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