Tech Talk for Friday January 15th 2021

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Morning Technical Notes for January 15th

Consumer Staples iShares (XLP) moved below $65.56 completing a double top pattern.

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Verisk Analytics (VRSK), a NASDAQ 100 stock moved below $191.06 completing a double top pattern.

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Blackberry (BB), a former TSX 60 stock moved above Cdn$12.54 and US$9.69 to a 28 month high extending an intermediate uptrend.

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Pre-opening Comments for Friday January 15th

U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade. Investors were not impressed by President elect Biden for the U.S. government to spend an extra $1.9 trillion and to raise corporate and personal tax rates.

Equity Index futures were virtually unchanged following release of U.S. economic news at 8:30 AM EST. Consensus for the December Producer Price Index was an increase of 0.4% versus a gain of 0.1% in November. Actual was an increase of 0.3%. Consensus for the January Empire Manufacturing Survey was an increase to 6.00 from 4.90 in December. Actual was a drop to 3.50 . Consensus for December Retail Sales was a slip of 0.2% versus a revised decline of 1.4% in November. Actual was a drop of 0.7%. Excluding auto sales, consensus for December Retail Sales was a slip of 0.1% versus a revised decline of 1.3% in November. Actual was a decline of 1.4%

JP Morgan added $0.64 to $141.81 after reporting higher than consensus fourth quarter earnings.

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Lululemon gained $1.27 to $349.00 despite a target price increase by Wedbush from $370 to $340.

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PayPal advanced $1.69 to $243.75 after Mizuho raised its target price from $290 to $350.

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Delta Airlines slipped $0.24 to $41.23 despite a target increase by Stifel Nicolaus from $39 to $49.

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Wells Fargo slipped $0.90 to $33.81 despite reporting higher than consensus fourth quarter earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/01/14/stock-market-outlook-for-january-15-2021/

Note seasonality chart on the Travel and Tourism industry.

 

Next Tech Talk report . . .

. . . will be released on Monday Jan 18th despite the U.S. holiday when U.S. equity markets are closed.

 

Technical Notes for Thursday January 14th

China large cap iShares (FXI) moved above $48.71 extending an intermediate uptrend after China’s December trade data beat consensus.

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Brazil iShares (EWZ) moved above $38.22 extending an intermediate uptrend.

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U.S. Aerospace & Defense iShares (ITA) moved above $96.85 and $97.36 resuming an intermediate uptrend.

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U.S. Oil & Gas Exploration iShares (XOP) moved above $70.60 resuming an intermediate uptrend.

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S&P Financial SPDRs (KBE) moved above $46.36 to a three year high extending an intermediate uptrend.

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Berkshire Hathaway (BRK.B), an S&P 100 stock moved above $234.99 to an all-time high extending an intermediate uptrend.

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Cintas (CTAS), a NASDAQ 100 stock moved below $334.13 setting an intermediate downtrend.

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Qualcomm (QCOM), a NASDAQ 100 stock moved above $161.07 to an all-time high extending an intermediate uptrend.

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Simon Properties (SPG), an S&P 100 stock moved above $92.89 extending an intermediate uptrend.

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Chevron (CVX), an S&P 100 stock moved above $95.82 extending an intermediate uptrend.

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American International Group (AIG), an S&P 100 stock moved above $41.24 extending an intermediate uptrend.

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MetLife (MET), an S&P 100 stock moved above $51.27 to an all-time high extending an intermediate uptrend.

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Visa (V), a Dow Jones Industrial Average stock moved below $203.80 completing a modified double top pattern.

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T-Mobile (TMUS), a NASDAQ 100 stock moved below $107.56 completing a modified double top pattern.

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Pembina Pipelines (PPL), a TSX 60 stock moved above $34.60 and $34.71 extending an intermediate uptrend.

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Open Text (OTEX), a TSX 60 stock moved above $46.50 resuming an intermediate uptrend.

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Suncor (SU), a TSX 60 stock moved above $24.40 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 14th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 14th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 14th 2021

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

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The intermediate Barometer slipped 3.41 to 75.95 yesterday. It remains intermediate overbought.

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The long term Barometer eased 0.20 to 89.98 yesterday. It remains extremely long term overbought.

 

TSX Momentum Barometers

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The intermediate Barometer added 0.31 to 66.03 yesterday. It remains intermediate overbought.

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The long term Barometer added 0.38 to 79.43 yesterday. It remains long term overbought and is trending lower.

 

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




6 Responses to “Tech Talk for Friday January 15th 2021”

  1. Tina Says:

    Hi!
    Was wandering how does price react if it is too far from pivot point R2 on a chart? If it is outside UBB price pulls back but what if it is far from R2.
    Thanks!
    A newbie

  2. tony Says:

    Hi Tina,

    Would love to help but unable to.

    Price is king and it can break supports or resistance at anytine without looking at r1 r2 s1 or s2
    look at when it breaks above the pivot point to buy and a break below the PP to sell.

    I use MACD for a buy or sell signal Ron/BC uses the RSI 21. After comparison you’ll see they turn bullish and bearish about the same time.

  3. FishFat Says:

    The rally in the Canadian Dollar ($CAD) has slowed with the formation of a consolidation pattern. Negative divergence since mid-Dec 2020 on multiply indicators suggests the likelihood of pullback.
    https://stockcharts.com/h-sc/ui?s=%24CAD&p=D&st=2020-07-01&en=2021-01-15&id=p55812496357&listNum=85&a=874851062

  4. Ron/BC Says:

    FishFat

    I agree. And look at the Seasonality Chart for February and March. Doesn’t get much worse. Time to throw the CD$ back under the bus……….

    https://stockcharts.com/freecharts/seasonality.php?symbol=%24CDW

  5. FishFat Says:

    Ron/BC
    That seasonality chart is an eyeopener. Thanks for the added info.

    A weird thing on my post is the chart that comes up with the link is wildly different than the chart I prepared and posted. I will try posting my original chart again. It better illustrates the negative divergence. This re-chart hopefully has no Bollinger bands or crazy colours dubbed over it.
    https://schrts.co/BTcPCkPX

  6. Tina Says:

    Thanks for replying Tony.
    If Biden goes ahead with canceling Pipeline, FishFat and Ron/BC’s charts will be confirmed.

    Do you and RON use MACD and RSI on DAILY chart for buy/sell signal?
    Thanks

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