Tech Talk for Wednesday March 31st 2021

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Pre-opening Comments for Wednesday March 31st

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Investors are waiting for news later today on President Biden’s infrastructure bill with an estimated cost of $2.25 trillion.

The Canadian Dollar was virtually unchanged at US79.33 cents following release of Canada’s January GDP report. Consensus was an increase of 0.5% versus a gain of 0.1% in December. Actual was an increase of 0.7%

Lululemon dropped $5.93 to $311.16 despite reporting higher than consensus fiscal fourth quarter sales and earnings. However, the company also lowered fiscal first quarter guidance.

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BlackBerry dropped $0.76 to US$8.58 after reporting lower than consensus fiscal fourth quarter sales and earnings.

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Walgreens Boots gained $1.47 to $54.45 after reporting higher than consensus fiscal second quarter earnings.

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Apple added $1.83 to $121.73 after UBS raised its target price from Neutral to Buy.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/03/30/stock-market-outlook-for-march-31-2021/

Technical Notes for Tuesday March 30th

Silver Miners ETF (SIL) moved below $38.75 extending an intermediate downtrend.

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First Majestic Silver (AG) moved below US$15.13 extending an intermediate downtrend.

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Junior Gold Miners ETF (GDXJ) moved below $44.00 extending an intermediate downtrend.

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Kirkland Lake Gold (KL), a TSX 60 stock moved below Cdn$40.45 extending an intermediate downtrend.

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Moderna (MRNA), a NASDAQ 100 stock moved below $121.12 setting an intermediate downtrend.

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Splunk (SPLK), a NASDAQ 100 stock moved below $130.82 extending an intermediate downtrend.

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Ilumina ((ILMN), a NASDAQ 100 stock moved below $382.41 setting an intermediate downtrend.

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Corn ETN (CORN) moved below $16.54 completing a double top pattern.

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Lumber futures moved above $996.30 MBtu to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 29th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 30th 2021

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for March 30th 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

S&P 500 Momentum Barometers

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The intermediate Barometer slipped 2.00 to 80.16 yesterday. It remains Extremely Overbought

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The long term Barometer eased 1.60 to 92.79 yesterday. It remains Extremely Overbought.

 

TSX Momentum Barometers

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The intermediate Barometer added 0.48 to 66.03 yesterday. It remains Overbought.

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The long term Barometer was unchanged at 77.99 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




4 Responses to “Tech Talk for Wednesday March 31st 2021”

  1. KC Says:

    Hello Ron/BC,

    Would appreciate your thoughts and TA on NTR.TO please. Looking to buy and hold for seasonaity. I see if broke uptrend line support. Seems to be down 5% after dividend payout.

    Cheers,
    KC

  2. KC Says:

    Hey Vik,

    What are you watching or currently trading for oily stocks ? do you currently hold anything ? I currently own VET and MEG. Not much action there lately. Eric Nuttal seems to think there will be upside to these oilies when we see crude around $70. He thinks there are all trading at low multiples.

    Your thoughts ?

    Cheers,
    KC

  3. Ron/BC Says:

    KC
    NTR.to is testing major price resistance at $69 and would need to clear and hold above that level to suggest a run to the next resistance point at $95. It is also underperforming the Materials ETF XLB as well as the ratio chart above shows.

    https://stockcharts.com/h-sc/ui?s=NTR.TO&p=D&yr=10&mn=0&dy=0&id=p02392924783&a=930808063

    https://stockcharts.com/freecharts/seasonality.php?symbol=NTR.TO

  4. still_learning Says:

    re #1, KC

    I own some NTR. It has had some large up and down days. I think the pullback today is related to yesterday being x-dividend day. I think it will be ok as spring planting proceeds. Might even pop back up tomorrow? …smile.

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