Tech Talk for Wednesday February 10th 2021

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Morning Technical Notes for Wednesday February 10th

EAFE (EFA) moved above $75.75 to an all-time high extending an intermediate uptrend.

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Shanghai Composite Index moved above 3637.10 to a six year high extending an intermediate uptrend.

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American International Group (AIG), an S&P 100 stock moved above $42.57 extending an intermediate uptrend.

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Nvidia (NVDA), a NASDAQ 100 stock moved above $587.49 to an all-time high extending an intermediate uptrend.

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Copper Miners ETF (COPX) moved above $34.46 to an all-time high extending an intermediate uptrend.

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Pre-opening Comments for Wednesday February 10th

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade.

Index futures moved slightly higher following release of the January Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.3% versus a gain of 0.4% in December. Actual was an increase of 0.3% . Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.1% in December. Actual was unchanged.

Twitter gained $2.07 to $61.94 after reporting higher than consensus fourth quarter revenues and earnings.

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Cisco slipped $2.63 to $45.87 after the company raised concerns about a computer chip shortage.

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Cameco (CCO Cdn$19.24) is expected to open higher after reporting higher than consensus fourth quarter earnings.

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Mattel advanced $0.39 to $19.25 after reporting higher than consensus fourth quarter revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/02/09/stock-market-outlook-for-february-10-2021/

Technical Notes For Tuesday February 9th

Grain ETN (JJGTF) moved above $29.13 to a 3.5 year high extending an intermediate uptrend.

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SNC Lavalin (SNC), a TSX 60 stock moved above $24.47 and $24.73 completing a base building pattern.

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ManuLife (MFC), a TSX 60 stock moved above $24.73 extending an intermediate uptrend.

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U.S. Regional Banks ETF (KRE) moved above $59.86 extending an intermediate uptrend.

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U.S. Major Banks ETF (KBE) moved above $47.24 extending an intermediate uptrend.

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Emerging Markets ETF (EEM) moved above $56.54 to an all-time high extending an intermediate uptrend.

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U.S. Aerospace & Defense ETF (ITA) moved above $97.46 resuming an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for February 9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Change in Seasonal Rating

Lumber moves from Positive to Neutral to June 15th

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S&P 500 Momentum Barometer

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The intermediate Barometer slipped 0.60 to 72.95 yesterday. It remains intermediate overbought.

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The long term Barometer added 0.20 to 90.78 yesterday. It remains long term overbought.

 

TSX Momentum Barometer

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The intermediate Barometer eased 1.92 to 67.79 yesterday. It remains intermediate overbought.

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The long term Barometer slipped 1.44 to 77.88 yesterday. It remains long term 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 Wednesday February 10th 2021”

  1. FishFat Says:

    Hi dave/ab:
    You are right about the MACD indicator being a lagging indicator. That is a weakness. I use it mostly as an indicator of positive or negative divergence. The point I was making about the MACD wedge pattern is that from my observations (of a limited number of cases) a break-out of a MACD wedge pattern to the upside is bullish for the stock price. And vice-a versa.

    You can see that Enbridge (ENB.to) is breaking-out of it’s MACD wedge pattern today. Assuming that the break-out holds by the market close, I would expect ENB to continue rising. This is not a recommendation to buy. Just an observation I thought was worth sharing.

    https://schrts.co/imCTGkHx

  2. xh Says:

    Thanks FishFat for updating.

    CCO.TO earning is out, up 8% to $20. As I mentioned before, hopefully nuclear energy would be included more as a part of the clean energy solutions to meet increasing energy consumption.

  3. FishFat Says:

    xh re:ENB.to

    Tomorrow is an ex-dividend day for Enbridge so anyone who bought before the end of the day today will receive the next dividend. And this Friday (Feb-12) Enbridge is scheduled to report earnings. They have met or exceeded earnings estimates on six of the last eight quarters. That is a good track record. So I am comfortable with the risk of holding the stock, despite the uncertainty of the upcoming earnings report.

  4. still_learning Says:

    re:#3

    Right you are FishFat, you have to own the stock the day BEFORE ex-dividend day to get the dividend. I used to mistakenly think it was ex-dividend day that you needed to own it, but by ex-dividend day, the ‘ex’ means you are ‘excluded’ from receiving the payout.

  5. FishFat Says:

    re: #4
    Hi still:

    I think most people have made that mistake (hopefully, only once).

    What is that quote: “We learn by experience there is no other way.”

  6. Ron/BC Says:

    Bernie
    Re:ZLB.to from Tuesday’s #2 post

    Here is ZLB.to. Price has been in a tight sideways channel for 3 months now after running up from the March 2020 low. The ratio charts with SPY and XIU.to show ZLB.to to be underperforming both. Price needs to break above 34.50 AND the ratio chart needs to turn back up again. Not a lot of volume on ZLB.to either so not the best for short term traders. Overall not such a bad looking chart as the 20ema is above the 50ema and the 50ema is above the 200ema and price has been rising for many months. Bottom line: Price needs to breakout above that tight one dollar channel to suggest a run up to 35.71 and beyond.

    https://stockcharts.com/h-sc/ui?s=ZLB.TO&p=D&yr=2&mn=0&dy=0&id=p92879727867&a=690646558

  7. Bernie Says:

    Ron/BC,

    Thanks for your chart and take on ZLB. ZLB has under performed the TSX in the past year, it wasn’t a good year for low volatility ETFs in general. I’m not saying its much of a feat to outperform the TSX but ZLB has outperformed XIU and all Canadian dividend ETFs in total return and dividend growth over the long term and on average since its inception in 2011. I’ve taken more notice of ZLB lately because of its nice uptrend this month and because its seasonally is strong this time of year. As you pointed out though it would be prudent to wait until it breaks out of its channel and resistance level before taking a position.

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