Tech Talk for Friday March 26th 2021

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Pre-opening Comments for Friday March 26th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

Index futures were virtually unchanged following release of U.S. economic news at 8:30 AM EDT. Consensus for February Personal Income was a drop of 7.0% versus a revised gain of 10.1% in January. Actual was a drop of 7.1%. Consensus for February Personal Spending was a drop of 0.7% versus a revised gain of 3.4% in January. Actual was a drop of 1.0%.

U.S. bank stocks moved higher on news from the Federal Reserve that restrictions for dividend increases and share buy backs expire for most banks on June 30th. Exceptions are banks that fail their stress tests. They will be allowed to increase dividends and share buy backs after September 30th. JP Morgan gained $1.40 to $153.95.

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L Brands gained $3.57 to $63.00 after the company raised first quarter sales and earnings guidance.

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Darden Restaurants added $1.10 to $146.00 after Deutsche Bank and KeyBanc raised their target price on the stock.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/03/25/stock-market-outlook-for-march-26-2021/

The Canadian Technician

Greg Schnell comments on “Stuck in the canal”. Following is a link:
Stuck In The Canal | The Canadian Technician | StockCharts.com

 

Technical Notes for Thursday March 25th

Nike, a Dow Jones Industrial Average stock dropped below $129.19 extending an intermediate downtrend after China announced a sales boycott of its products.

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Darden Restaurants, an S&P 100 stock advanced $10.97 to $144.90 after announcing higher than consensus fiscal third quarter sales and earnings. The company also announced an additional share repurchase program and offered positive fiscal fourth quarter sales and earnings guidance.

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Linde (LIN), an S&P 100 stock moved above $273.40 to an all-time high extending an intermediate uptrend.

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Rite Aid (RAD) plunged $4.71 to 18.53 after the company reported lower than consensus sales and earnings.

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

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

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

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Intuit (INTU), a NASDAQ 100 stock moved below $367.78 setting an intermediate downtrend.

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Zoom (ZM), a NASDAQ 100 stock moved below $309.00 extending an intermediate downtrend.

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O’Reilly Automotive (ORLY), a NASDAQ 100 stock moved above $496.61 to an all-time high extending an intermediate uptrend.

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

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

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 25th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for March 25th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 25th 2021

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Green: Increase from previous day

Red: Decrease from previous day

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

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 Friday March 26th 2021”

  1. Ron/BC Says:

    The tanker that was blocking the Suez Canal has been refloated again if that means anything to anyone with a related position.

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