Tech Talk for Tuesday October 5th 2021

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PRE-OPENING COMMENTS for TUESDAY OCTOBER 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade.

Equity index futures were virtually unchanged following release of the U.S. August Trades Balance report at 8:30 AM EDT. Consensus was a deficit of $70.5 billion versus a deficit of $70.1 billion in July. Actual was a deficit of $73.3 billion

The Canadian Dollar was virtually unchanged at US79.42 cents following release of Canada’s August Trades Balance report at 8:30 AM EDT. Consensus was a surplus of $430 million versus a surplus of $780 million in July. Actual was a surplus of $1.94 billion

Pepsico added $1.80 to $152.00 after reporting higher than consensus third quarter revenues and earnings. The company also raised guidance above consensus.

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Johnson & Johnson gained $0.76 to $159.98 after the company submitted an application to the FDA for approval of a COVID 19 booster shot.

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CGI (GIB US$106.97) is expected to open higher after receiving a $100 million order from the U.S. Defense Intelligence Agency.

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EquityClock’s DAILY COMMENT

Following is a link:

http://www.equityclock.com/2021/10/04/stock-market-outlook-for-october-5-2021/

 

TECHNICAL NOTES released yesterday at

StockTwits.com@EquityClock

Semiconductor ETF $SMH moved below intermediate support at $249.35.

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BMO Emerging Markets ETF $ZEM.CA moved below Cdn$22.68 extending an intermediate downtrend.

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Solar ETF $TAN moved below intermediate support at $77.20

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Lithium ETN $LIT moved below $78.67 completing a double top pattern.

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Taiwan iShares $EWT moved below intermediate support at $59.88

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IBM $IBM a Dow Jones Industrial Average stock moved above intermediate resistance at $143.74.

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Applied Materials $AMAT a NASDAQ 100 stock moved below $125.02 completing a double top pattern

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Lam Research $LRCX a NASDAQ 100 stock moved below $553.33 completing a double top pattern.

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Twitter $TWTR a NASDAQ 100 stock moved below intermediate support at $58.45

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Marvell Technology $MRVL a NASDAQ 100 stock moved below intermediate support at $57.10

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Copart $CPRT a NASDAQ 100 stock moved below $136.24 completing a double top pattern.

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Monster Beverages $MNST moved below $88.35 completing a double top pattern.

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SunLife $SLF.CA a TSX 60 stock moved above $66.45 to an all-time high extending an intermediate uptrend. The company announced an acquisition this morning.

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BlackBerry $BB.CA a TSX 60 stock moved below intermediate support at Cdn$11.98.

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TRADER’S CORNER

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.4 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Oct.4 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Oct.4 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

 

SEASONALITY CHART OF THE DAY from www.EquityClock.com

Materials SPDRs (XLB) have a history of bottoming on a real and relative basis on October 4th for a seasonal trade lasting to January 6th

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On the charts, XLB began to outperform the S&P 500 Index last week. Intermediate support is indicated at $78.34 and $78.37. A move above its 20 day moving average at $81.60 and short term resistance at $82.16 will confirm that favourable seasonal influences have started.

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S&P 500 MOMENTUM BAROMETERS

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The intermediate term Barometer dropped 3.81 to 28.86 yesterday. It remains Oversold.

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The long term Barometer slipped 0.40 to 67.94. It remains Overbought.

 

TSX MOMENTUM BAROMETERS

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The intermediate term Barometer slipped 0.62 to 32.56 yesterday. It remains Oversold and trending down.

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The long term Barometer eased 0.74 to 59.07 yesterday. It remains Neutral and trending down.

 

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




3 Responses to “Tech Talk for Tuesday October 5th 2021”

  1. Larry/ON Says:

    CWB – Making new all-time highs indirectly on the back of higher oil prices. I had this in mind a while ago but was underwater for some time and now it worked out. Nice breakout.
    US Banks – breakouts BAC,JPM – KBE and KRE are up against the June highs. SIVB is one regional that made a nice breakout some time ago.
    Cdn Banks – Lacklustre but they have less beta. It has been a long consolidation on ZEB since June. Maybe we eventually get a nice break higher if we see KBE and KRE decisively make new highs.
    FB – I hope Congress really goes after them

  2. dutchcanuck Says:

    Can banks will have a nice pop when the regulator allows release of excess capital via higher dividends and share buybacks.
    CWB is considered an Oil&Gas pricing sensitive bank with it’s base in Alberta, so it’s reacting to a better environment for both.
    Google is just as bad if not worse than FB. Major Dem donaters.

  3. Paul Says:

    Larry/Dutchcanuck, I also bought CWB last week with the breakout above the Jan 2018 high and the recent retests; has good potential here after a long base and no overhead supply yet. Good luck with the trade. Paul

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