Tech Talk for Wednesday January 27th 2021

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Morning Technical Notes for Wednesday January 27th

Starbucks (SBUX), a Dow Jones Industrial Average stock moved below support at $100.02 after releasing lower than consensus U.S. comps.

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Sirius (SIRI), a NASDAQ 100 stock moved above $6.70, $6.72, $7.33 and $7.52 to an all-time high extending an intermediate uptrend.

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Trip.com (TCOM), a NASDAQ 100 stock moved below $31.19 extending an intermediate downtrend.

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American Express (AXP), a Dow Jones Industrial Average stock moved below support at $113.32 despite reporting higher than consensus fourth quarter results.

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FedEx (FDX), an S&P 100 stock moved below $242.42 completing a Head & Shoulders pattern.

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MMM (MMM), an S&P 100 stock moved above $179.62 extending an intermediate uptrend. Response to stronger than expected quarterly report.

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Union Pacific (UNP), an S&P 100 stock moved below support at $197.46

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Industrial SPDRs (XLI) moved below $85.92 completing a double top pattern.

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Wheaton Precious Metals (WPM), a TSX 60 stock moved below US$38.11 extending an intermediate downtrend.

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Base Metals ETN (i/3 each in copper, zinc and aluminum) moved below $17.19 completing a double top pattern.

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TSX Gold iShares (XGD) moved below Cdn$18.73 extending an intermediate downtrend.

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Peleton (PTON), a NASDAQ 100 stock moved below $140.74 completing a double top pattern.

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Pre-opening Comments for Wednesday January 27th

U.S. equity index futures were lower this morning. S&P 500 futures were down 38 points in pre-opening trade.

Index futures were virtually unchanged following release of December Durable Goods Orders at 8:30 AM EST. Consensus was an increase of 0.8% versus an upwardly revised gain of 1.2% in November. Actual was a gain of 0.2%. Excluding transportation orders, consensus was an increase of 0.5% versus a gain of 0.4% in November. Actual was a gain of 0.7%

Investors are waiting for news from the Fed Reserve at 2:00 PM EST. The Fed Fund Rate is expected to be unchanged.

Microsoft gained $10.35 to $243.10 after reporting higher than consensus quarterly revenues and earnings.

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Starbucks dropped $2.69 to $102.00 after reporting lower than consensus same store sales in the U.S.

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Advanced Micro Devices added $1.20 to $96.20 after reporting higher than consensus quarterly revenues and earnings. Also, the company offered positive guidance.

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Boeing dropped $4.06 to $198.00 after reporting a larger than expected quarterly loss.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/01/26/stock-market-outlook-for-january-27-2021/

The Canadian Technician

Greg Schnell asks, “Can Restaurants go further”? Following is a link:

Can Restaurants Go Further? | The Canadian Technician | StockCharts.com

Technical Notes for Tuesday January 26th

Fox (FOXA), a NASDAQ 100 stock moved above $32.18 and $32.51 resuming an intermediate uptrend

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Microsoft (MSFT), a Dow Jones Industrial Average stock moved above $232.25 to an all-time high extending an intermediate uptrend. After the close the company reported higher than consensus quarterly earnings. The stock tacked on an additional $10.35 to $243.18.

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Dollar Tree (DLTR), a NASDAQ 100 stock moved below $105.31 completing a double top pattern.

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Yamana Gold (YRI), a TSX 60 stock moved below $6.38 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 26th 2021

spx jan 27

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 26th 2021

crb jan 27

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 26th 2021

xlk jan 27

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

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The intermediate Barometer dropped 3.61 to 67.54 yesterday. It remains intermediate overbought and has started to trend down.

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The long term Barometer added 0.20 to 91.58 yesterday. It remains extremely overbought.

 

TSX Momentum Barometers

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The intermediate Barometer dropped 5.34 to 60.19 yesterday. It remains intermediate overbought and trending down.

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The long term Barometer slipped 0.49 to 78.16 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




One Response to “Tech Talk for Wednesday January 27th 2021”

  1. Larry/ON Says:

    Semis really sold off yesterday. Industrials negative. Financials negative. I took defensive measures. We won’t know for sure at the start but to me the signs are not good and the SP500 hasn’t been near the 200 day MA for seven months and we are at the top of its’ long term trading channel as RON/BC has pointed out. I’d rather be safe than sorry.

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