Tech Talk for Thursday February 25th 2021

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Morning Technical Notes for Thursday February 25th

Dollar Tree (DLTR), a NASDAQ 100 stock moved below $99.82 extending an intermediate downtrend.

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Gildan Activewear (GIL), a TSX 60 stock moved above $36.92 extending an intermediate uptrend.

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Citigroup (C), an S&P 100 stock moved above $68.84 extending an intermediate uptrend.

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Pre-opening Comments for Thursday February 25th

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.

Commerce Bank (CM $117.84) is expected to open higher after reporting higher than consensus fiscal first quarter earnings.

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Toronto Dominion Bank (TD $79.40) is expected to open higher after reporting higher than consensus fiscal first quarter earnings.

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Net App (NTAP).a NASDAQ 100 stock dropped $6.27 to $65.30 after reporting less than consensus fiscal third quarter earnings.

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L Brands (LB) gained $2.37 to $54.02 after reporting higher than consensus fourth quarter results.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/02/24/stock-market-outlook-for-february-25-2021/

Note seasonality chart on Crude Oil Days of Supply.

Technical Notes for Wednesday February 24th

Amgen (AMGM), a NASDAQ 100 stock moved below $229.68 setting an intermediate downtrend.

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Raytheon Technologies (RTX), an S&P 100 stock moved above $75.32 extending an intermediate uptrend.

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Verisk Analytics (VRSN), a NASDAQ 100 stock moved below $182.52 and $174.57 setting an intermediate downtrend.

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Check Point (CHKP), a NASDAQ 100 stock moved below $112.58 extending an intermediate downtrend.

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Ford (F), an S&P 100 stock moved above $12.15 to a six year high extending an intermediate uptrend.

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MasterCard (MA), an S&P 100 stock moved above $366.36 to an all-time high extending an intermediate uptrend.

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Chile iShares (ECH) moved above $33.25 extending an intermediate uptrend. Responding to higher copper prices!

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Philadelphia Oil Services Index (OSX) moved above $55.14 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for February 24th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 24th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 24th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Market Buzz

Greg Schnell discusses “Hot and Old Industries”. Following is a link:

https://www.youtube.com/watch?v=SQT3qmzLY_c&feature=youtu.be&ab_channel=StockCharts

Changes in Seasonality Rating

Dow Jones Industrial Average relative to the S&P 500 Index changed from Positive to Negative from February 25th to September 20th.

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Australia All Ordinaries relative to the S&P 500 Index changed from Positive from February 25th to Negative to June 7th

S&P 500 Momentum Barometer

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The intermediate Barometer added 3.01 to $67.54 yesterday. It remains overbought.

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The long term Barometer added 0.20 to 86.17 yesterday. It remains extremely overbought.

TSX Momentum Barometer

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The intermediate Barometer added 3.86 to 57.40 yesterday. It remains Neutral/

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The long term Barometer added $0.48 to 73.43 yesterday. 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




9 Responses to “Tech Talk for Thursday February 25th 2021”

  1. Ron/BC Says:

    Here is a 40 Year chart of the U.S. 10 Year Treasury Yield. There has been a falling channel for this entire time frame. The vertical dashed lines mark the RSI 21 recrossing back above the 30 line. (other indicators will show much the same thing) This indicated the yield beginning its rise in rates again. Rates bottomed last year and have reversed it’s trend back up again along with other inflationary markets. Bottom line: The tide has turned…………..

    https://stockcharts.com/h-sc/ui?s=%24TNX&p=M&st=1975-06-16&id=p42096210420&a=673066484

  2. bobj Says:

    Ron/BC

    thanks’ for the chart, just sold some ZAG and VAB.

  3. Mary Says:

    Ron/BC

    Thanks for the above chart.
    Welcome back to volatility same as Obama’s administration. To trade in this market will be difficult for me unless you are a day trader….careful!

  4. xh Says:

    Ron/BC,

    Sold trq.to this morning since it’s price has reached resistance you mentioned. I thought I should mention here because it was the first stock you charted for me. I have done well with it for 4 month holding (which is really a short holding period for me). Thank you again for your help.

    There are limitations for any kind of strategies (technical analysis, fundamental analysis or…), but they’re great tools. Hopefully, we’ll see more of your charts.

    Of course, I enjoy TTM daily commentary and everyone’s posts here.

  5. Bman/Van Says:

    Also lightened up a couple of positions given the strong runs REI-UN and AC. Thinking tech was already in a correct and potentially spreading to the rest of the market. Hoping this will allow another chance at ENB, REI-UN, AC, BNS/TD (recovery stocks). Be it rates or something else, with momentum slowing down it was going to be challenging to keep the market moving up. Ron do you have a chart showing NASDAQ 12,500 and SAP 3550 as potential reentry spot, if not open to suggestions.

  6. Mary Says:

    Today I could have made money but sold my UVXY too early in the morning. Out of stocks since Monday morning.

    The sun always rises.

  7. Tina Says:

    RON/BC
    Thank you for sharing MU charts. Have been great help. Been out of it but Will buy again.
    Can you share a chart of FCX please?

    xh:

    I came across TRQ.TO chart today is pulling back. But they are involved in arbitration their ONLY material mineral resource property Oyu Tolgoi copper-gold mine is in Mongolia.

    Is it still a buy? Anyone.
    Thanks

  8. Ron/BC Says:

    Bman/Van

    Yes, 12500 is first important price support with $NDX. And yes,3550 is important price support for the $SPX. Both were highs last September and do need to hold to suggest support will hold.

    https://stockcharts.com/h-sc/ui?s=%24NDX&p=D&yr=2&mn=0&dy=0&id=p70664938377&a=827690892

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p63025683894&a=682178007

  9. Ron/BC Says:

    Tina
    FCX is a Copper stock that has had a major run up. Price is a long,long ways from its 200ema (Home base). And there are negative divergences on the RSIs and most any technical indicator.Support is $32.50 and if price pulled back the 50ema would also continue to rise and likely be at price support after a short while. That would be the most likely price point to buy but that’s just a technical viewpoint,nothing more. If prices react like they did last March you can see just how fast they can come down. “caviet emptor”.

    https://stockcharts.com/h-sc/ui?s=FCX&p=D&yr=2&mn=0&dy=0&id=p95898797293&a=673066372

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