Tech Talk for Wednesday January 20th 2021

Daily Reports Add comments

Morning Technical Notes for Wednesday January 20th

Intuit (INTU), a NASDAQ 100 stock moved above $387.32 to an all-time high extending an intermediate uptrend.

clip_image001[3]

Open Text (OTEX), a TSX 60 stock moved above US$47.13 to an all-time high extending an intermediate uptrend.

clip_image002[3]

Netflix (NFLX), a NASDAQ 100 stock moved above $575.37 to an all-time high extending an intermediate uptrend.

clip_image003[3]

Alphabet (GOOGL), an S&P 100 stock moved above $1,843.83 to an all-time high extending an intermediate uptrend.

clip_image004[3]

 

Pre-opening Comments for Wednesday January 20th

U.S equity index futures were higher this morning. S&P 500 futures were up 19 points in pre-opening trade. Trading was quiet prior to the change in government power at noon today. President elect Biden confirmed this morning that he will release an executive order to rescind a permit to complete construction of the Keystone Xcel Pipeline from Canada to the U.S.

The Canadian Dollar was virtually unchanged at US 78.72 cents prior to releasing economic news this morning. The Bank of Canada is expected to maintain an “easy money” policy when it holds a press conference later this morning. Consensus calls for no change in the Bank of Canada’s Overnight Lending Rate at 0.25% for major Canadian banks. Consensus for Canada’s December Consumer Price Index released at 8:30 AM EST was an increase of 0.1% from November. Actual was a decline of 0.2%.

Netflix advanced $50.23 to $552.00 after reporting higher than consensus growth in subscribers in the fourth quarter. JP Morgan and KeyBank raised their target price on the stock.

clip_image001[1]

Procter & Gamble added $1.38 to $134.98 after reporting higher than consensus fiscal second quarter sales and earnings.

clip_image002[1]

Morgan Stanley advanced $1.78 to $76.77 after reporting higher than consensus fourth quarter earnings.

clip_image003[1]

Halliburton increased $0.46 to $21.00 after Stephen upgraded the stock from Equal Weight to Overweight.

clip_image004[1]

 

EquityClock’s Daily Comment

Following is a link:
http://www.equityclock.com/2021/01/19/stock-market-outlook-for-january-20-2021/

Stocks to Buy ahead of a Biden Presidency

Interesting and timely video discussing seasonality released last night. Following is the link:

https://www.youtube.com/watch?v=czjqtDQyJz0&feature=youtu.be

 

Morning Technical Notes for Tuesday January 19th

Costco (COST), an S&P 100 stock moved below $359.50 setting an intermediate downtrend.

clip_image001

South Africa iShares (EZA) moved above $45.40 extending an intermediate uptrend.

clip_image002

Base Metals ETN (DBB), weighted 1/3 each in copper, zinc and aluminum, moved below $17.18 completing a double top pattern.

clip_image003

Procter & Gamble (PG), a Dow Jones industrial stock moved below $134.20 completing a Head and Shoulders pattern.

clip_image004

NextEra (NEE), an S&P 100 stock moved above $82.95 to an all-time high extending an intermediate uptrend.

clip_image005

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 19th 2021

clip_image007

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 19th 2021

clip_image009

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 19th 2021

clip_image011

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

clip_image012

The intermediate Barometer slipped 1.00 to 73.15 yesterday. It remains intermediate overbought and has started to trend down.

clip_image013

The long term Barometer added 0.60 to 91.18 yesterday. It remains extremely intermediate overbought.

 

TSX Momentum Barometer

clip_image014

The intermediate Barometer slipped 1.91 to 66.99 yesterday. It remains intermediate overbought.

clip_image015

The long term Barometer slipped 0.96 to 78.95 yesterday. It remains intermediate overbought and trending down.

 

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




2 Responses to “Tech Talk for Wednesday January 20th 2021”

  1. Larry/ON Says:

    CAD – Broke through a resistance point it was at this month around 1.2625 making a new multi-year high going back to 2018. I think it lines up with a risk-on trade in equity markets.

    F – Getting some love in the markets and it has its’ own EV product development.

  2. Paul Says:

    Thanks Larry for all your comments. I always enjoy reading the thoughts of the smart people here. You certainly picked out the Semi trade much earlier this year. Overall its been a strong bull market with lots of breakouts will well defined floors.

Entries RSS Comments RSS Log in