Tech Talk for Thursday March 25th 2021

Daily Reports Add comments

Morning Technical Notes for Thursday March 25th

Nike dropped below $129.19 to $127.32 extending an intermediate downtrend after China announced a sales boycott of its products.

clip_image001[3]

Darden Restaurants advanced $3.84 to $137.77 after announcing higher than consensus fiscal third quarter sales and earnings. The company also announced an additional share purchase program and offered positive fiscal fourth quarter sales and earnings guidance.

clip_image002[3]

Rite Aid plunged $4.71 to $18.63 after the company reported lower than consensus sales and earnings.

clip_image003[3]

Baidu (BIDU), a NASDAQ 100 stock moved below $226.78 completing a Head & Shoulders pattern.

clip_image004[3]

Micron (MU), a NASDAQ 100 stock moved below $81.85 completing a double top pattern.

clip_image005[1]

Silver ETN (SLV) moved below $23.05 extending an intermediate downtrenf.

clip_image006[1]

Another forest product stock breakdown! West Fraser Timber moved below Cdn$78.11 setting an intermediate downtrend.

clip_image007[1]

Twitter (TWTR), a NASDAQ 100 stock moved below $61.52 setting an intermediate downtrend.

clip_image008[1]

 

Technical Notes for Wednesday March 24th

U.S. Dollar ETN (UUP) moved above $24.91 extending an intermediate uptrend.

clip_image001

Industrial commodity stocks generally were under technical pressure partially in response to strength in the U.S. Dollar Index. Global X Lithium ETN (LIT) moved below $55.35 extending an intermediate downtrend

clip_image002

More base metal stock breakdowns! HudBay Minerals (HBM) moved below Cdn$7.92 setting an intermediate downtrend.

clip_image003

Forest product stocks and related ETFs on both sides of the border were under technical pressure. Canfor (CFP) moved below Cdn$23.62 completing a double top pattern.

clip_image004

IBM (IBM), a Dow Jones Industrial Average stock moved above $130.50 and $131.80 extending an intermediate uptrend.

clip_image005

Applied Materials (AMAT). a NASDAQ 100 stock moved above $124.26 to an all-time high extending an intermediate uptrend.

clip_image006

Seagen (SGEN), a NASDAQ 100 stock moved below $141.50 extending an intermediate downtrend.

clip_image007

IDEXX Laboratories (IDXX), a NASDAQ 100 stocks moved below $478.20 setting an intermediate downtrend

clip_image008

Match (MTCH), a NASDAQ 100 stock moved below $140.01 setting an intermediate downtrend.

clip_image008[1]

Emerging Markets iShares (EEM), heavily weighted in Far East stocks, moved below $52.25 completing a Head & Shoulders pattern.

clip_image009

Hong Kong iShares (EWH) moved below $26.26 completing a double top pattern.

clip_image010

Pacific ex Japan iShares (EPP) moved below $49.51 completing a double top pattern.

clip_image011

Inter-listed Chinese equities remain under technical pressure. JD.com (JD), a NASDAQ 100 stock moved below support at $79.07 extending an intermediate downtrend.

clip_image012

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 24th 2021

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 24th 2021

clip_image016

Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for March 24th 2021

clip_image018

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

 

Market Buzz

Greg Schell discusses “A Deeper Look At Market Conditions”:

The market continues to struggle here. What was working a month ago is struggling to hold the gains. However, the NASDAQ is still unable to rally to new highs too. Greg explores how some of the breadth indicators are telling us to be careful, and others have yet to break down. It’s a very tricky market, some of these charts will help guide you forward. Following is a link:

https://www.youtube.com/watch?v=OEkLmJPF2hs

 

S&P 500 Momentum Barometers

clip_image001[1]

The intermediate Barometer slipped 0.40 to 70.94 yesterday. It remains Overbought.

clip_image002[1]

The long term Barometer eased 0.40 to 88.98 yesterday. It remains Extremely Overbought.

 

TSX Momentum Barometers

clip_image003[1]

The intermediate Barometer dropped 2.86 to 63.81 yesterday. It remains Overbought.

clip_image004[1]

The long term Barometer was unchanged at 79.05 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




One Response to “Tech Talk for Thursday March 25th 2021”

  1. bruce Says:

    the AAII sentiment figures for week ending March 24 has the bulls rising to 50.9 from 48.9% and the bears dropping to 20.6 from 23.6%…….maybe this will be the trigger…..haven’t seen these figures this extreme for a very long time…….

Entries RSS Comments RSS Log in