Tech Talk for Tuesday February 23rd 2021

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Morning Technical Notes for Tuesday February 23rd

Charter Communications (CHTR), a NASDAQ 100 stock moved below $593.09 extending an intermediate downtrend.

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Intuitive Surgical (ISRG), a NASDAQ 100 stock moved below $735.64 completing a double top pattern.

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Advanced Micro Devices (AMD), a NASDAQ 100 stock moved below $84.61 extending an intermediate downtrend.

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MercadoLibre (MELI), a NASDAQ 100 stock moved below $1,700.00 completing a double top pattern.

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Synopsis (SNPS), a NASDAQ 100 stock moved below intermediate support at $252.10

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Xilinx (XLNX), a NASDAQ 100 stock moved below $129.57 extending an intermediate downtrend.

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Thomson Reuters (TRI), a TSX 60 stock moved above $109.17 following release of quarterly results setting an intermediate uptrend.

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Retail SPDRs (XRT) moved below $75.28 setting an intermediate downtrend.

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Lithium ETN (LIT) moved below $65.13 completing a double top pattern.

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Insurance iShares (IAK) moved above $74.58 extending an intermediate uptrend.

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Splunk (SPLK), a NASDAQ 100 stock moved below $151.91 extending an intermediate downtrend.

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Electronic Arts (EA), a NASDAQ 100 stock moved below $137.76 completing a double top pattern.

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Cognizant (CTSH), a NASDAQ 100 stock moved below $72.53 completing a double top pattern.

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Lululemmon (LULU), a NASDAQ 100 stock moved below $312.90 extending an intermediate downtrend.

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Costco (COST), an S&P 100 stock moved below $348.52 extending an intermediate downtrend.

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Home Depot (HD), a Dow Jones Industrial Average stock moved below $258.73 completing a double top pattern.

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Pre-opening Comments for Tuesday February 23rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade. Investors are waiting for testimony this morning to a Congressional committee by Federal Reserve Chairman Powell.

Bank of Montreal (BMO $101.84) is expected to open higher after reporting higher than consensus fiscal first quarter earnings.

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Bank of Nova Scotia (BNS $72.08) is expected to open higher after reporting higher than consensus fiscal first quarter earnings.

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Home Depot dropped $7.10 to 268.75 despite reporting higher than consensus fourth quarter revenues and earnings and despite increasing its dividend by 10%. The company offered cautious first quarter guidance.

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Macy’s added $0.54 to $15.82 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/2021/02/22/stock-market-outlook-for-february-23-2021/

Technical Notes for Monday February 22nd

Regeneron (REGN), a NASDAQ 100 stock moved below $467.00 extending an intermediate downtrend.

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Healthcare SPDRs (XLV) moved below $114.10 completing a double top pattern.

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Brazil iShares (EWZ) moved below $34.06 extending an intermediate downtrend.

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Bank of America (BAC), an S&P 100 stock moved above $34.37 extending an intermediate uptrend.

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Morgan Stanley (MS), an S&P 100 stock moved above $77.36 to an all-time high extending an intermediate uptrend.

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American Express (AXP), a Dow Jones Industrial Average stock moved above $135.70 to an all-time high extending an intermediate uptrend.

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US Bancorp (USB), an S&P 100 stock moved above $50.93 extending an intermediate uptrend

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General Electric (GE), an S&P 100 company moved above $12.23 extending an intermediate uptrend.

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Dow Holdings (DOW), an S&P 100 stock moved above $61.31 extending an intermediate uptrend.

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Bank of Montreal (BMO), a TSX 60 stock moved above $101.27 to an all-time high extending an intermediate uptrend.

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Fortis (FTS), a TSX 60 stock moved below $50.15 extending an intermediate downtrend.

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Algonquin Power (AQN), a TSX 60 stock moved below intermediate support at $21.11.

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Imperial Oil (IMO), a TSX 60 stock moved above $28.27 extending an intermediate uptrend.

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Suncor (SU), a TSX 60 stock moved above $24.82 extending an intermediate uptrend.

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U.S. Oil Services ETF (OIH) moved above $189.86 extending an intermediate uptrend.

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Loblaw Companies (L), a TSX 60 Index moved below $61.42 extending an intermediate downtrend.

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Utilities SPDRs (XLU) moved below $60.32 setting an intermediate downtrend.

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Exelon (EXC), an S&P 100 stock moved below intermediate support at $40.53.

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Apple (AAPL), a Dow Jones Industrial Average stock moved below intermediate support at 126.19.

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QualComm (QCOM), a NASDAQ 100 stock moved below intermediate support at $141.89.

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Metals & Mining SPDRs (XME) moved above $37.99 to an all-time high extending an intermediate uptrend. The ETF is heavily weighted in the steel industry (48.8%)

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Steel ETF (SLX) moved above $50.80 to an all-time high extending an intermediate uptrend.

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Short term technicals turned negative for the NASDAQ Composite Index: Dropped below its 20 day MA, the three daily momentum indicators rolled over, strength relative to the S&P 500 turned negative. Most of the weakness occurred in Technology stocks in the Index.

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U.S. Insurance iShares (IAK) moved above $70.58 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for February 22nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 22nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 22nd 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 dropped another 3.21 yesterday to 63.73. It remains overbought and trending down.

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The long term Barometer dropped 2.00 yesterday to a three month low at 85.97. It remains extremely intermediate overbought.

 

TSX Momentum Barometers

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The intermediate Barometer slipped another 2.14 yesterday to 59.02. It changed from overbought to neutral on a drop below 60.00 and is trending down.

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The long term Barometer slipped another 0.61 yesterday to 74.63. It remains 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




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